Morning Note

Asian equities were mixed overnight, with 9 of the 17 markets we track closing in the red. Europe’s mostly red this morning; 13 of the 19 markets we track there are trading lower. U.S. equities are bouncing around a bit with the Dow down .28%, the S&P 500 about the same and the Nasdaq flat as I type.

The VIX (SP500 volatility) is down 3%, VXN (Nasdaq vol), however, is up 1.9%. Other asset class volatility indices point to increased price swings to come virtually across the board.

Across our core commodity positions this morning, silver’s up 1.6%, base metals are up 1%, gold’s up .8% and ag’s down .5%.

The dollar’s trading notably lower nearly across the board, while sovereign bonds are rallying (yields lower) nearly across the globe.

If one were to snapshot the state of global general conditions based on what they’re seeing this morning (don’t… I’m just sayin), one would say it’s just really messy out there!

Now, if one were to assess the state of global general conditions based on macro trends, trends in credit spreads and volatility (worth doing), one would say, well, it’s just really messy out there!

Lots coming your way this week herein. Stay tuned…

Have a nice day,


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