Local market was hit hard from the start and stayed down with no real sentiment after US market overnight bashing and news of issues with UK vaccine. It was a solid turnover day and all stocks great and small were bashed. All sectors were in the red with energy and banks leading the falls. OPEC is back weighing on oil price to kill off US Shale. US continues to move towards pseudo nationalism by default as handouts keep rising as the economy crumbles. Markets is waiting for the next US Fed update for more money printing while the velocity of money proves that the trickle down economics remains a fail strategy. US government is arguing over how much to handout to keep the economy going till the election…$1t or $3t…bring out the money printers!!! Got enough Gold? May be not!!! Bonds are moving higher as equities roll over and volatility indices spike.
US market had an old fashioned clean out of leveraged punters last night...big and small. DOW down 630 or -2.3% with NASDAQ leading falls at -4.1% and Russell is the best at -2.0%. US$, Bonds and Gold were higher overnight while most commodities and currencies were lower. US sectors were in the red with tech and energy leading the bleeding. Risk off as exuberance was getting bashed. Tesla was -21% in a day as index inclusion didn’t play out while leverage punters were down 60-80% overnight. NASDAQ down 10% in 3 days…correction territory again!
Remain nimble, contrarian and cautiously pragmatic with elevated global macro risks!!! Buckle up...it’s going to get bumpy!!!
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