Stocks Tumble On Ugly Jobs Data, Russian Retaliation
UPDATE: WTI breaks back over $110
After the initial knee-jerk reaction to the dismal jobs data, stocks began to fade and bonds continued to rally as traders realized the Taper is coming no matter what (sentiment, deficits, technicals, and international resentment) and growth is weaker than expected. However the big slamdown occurred this morning when Putin confirmed Russia will help Syria if there is an external strike (cough USA cough). As the chart below shows, this week has been all about "war" and continues to be so... Gold, Crude Oil, and Bonds remain well bid and the USD is sinking (as JPY carry unwinds en masse).
Note that this morning's ramp had taken the S&P 500 all the way back up to pre-Kerry speech levels from last week...
and gold, silver, and oil are surging...
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