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Is That A Ray of Sunshine?
Markets have been extremely (with a capital E) volatile this morning. Here's where we're at...
European markets have recently backed off from earlier rebound highs today.
U.S. futures are fading rapidly from their earlier highs also.
The DJIA futures posted a +204 print about 90 minutes ago. They were quoted at about +90 a few minutes ago.
By the way, that is still much better than the -294 that I saw at about 22:15 hours ET last night.
And I think Jim Cramer may have gotten this one right: watch gold. It was up over $70 overnight and/or early this morning. It has now softened to only +$33.00 or so.
Finally, spreads are stabilizing in Euro-land and the Euro is climbing against the Dollar. It is likely too early to look for the "Dollar Carry Risk Trade" to significantly come into play, but it's a hopeful sign.
And really finally: note the yield on U.S. 10-year treasuries which I saw as low as 2.28% and has now climbed back to 2.39%. That's a huge move for bonds and implies and dramatic lessening of the "flight to safety" action.
Looks like a bit of sunshine peaking out from behind the storm clouds.
Have a good one...
Curtis Bergquist
Options Manager: Daily Decision-PRO
S&P 500 - Last 12 Month
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