Morning Note: The Crowd

Asian equities traded mostly lower overnight, with 10 of the 16 markets we track closing in the red. Europe’s bleeding literally across the board; every one of the 19 equity indices we track is trading lower this morning. U.S. equities are mixed: Dow up 43 points (0.16%), S&P 500 literally flat, Nasdaq down -0.26%, Russell 2000 down -0.19%.

The VIX (SP500 volatility) is down -0.41% to 22.04, VXN (Nasdaq vol) is down -0.26% to 30.50.

Oil futures are down -0.43%, gold’s are down $18 (-0.94%), silver’s off -3.62%, copper’s up 1.92% and the ag complex mostly red this morning.

The 10-year treasury is trading up (yield down) and the dollar is off 0.22%.

Our core portfolio’s trading lower this morning by -0.23%. Industrials, energy, Verizon, financials and materials are in the green, while (per the above) all things foreign equity and commodities (save for base metals) are in the red. 

Keeping this morning’s note brief (next up, macro update), I’ll leave you with this form Gustave Lebon’s timeless classic The Crowd to ponder:

“…the turning by means of suggestion and contagion of feelings and ideas in an identical direction, the tendency to immediately transform the suggested ideas into acts; these, we see, are the principal characteristics of the individual forming part of a crowd.”

“In a crowd every sentiment and act is contagious, and contagious to such a degree that an individual readily sacrifices his personal interest to the collective interest. This is an aptitude very contrary to his nature, and of which a man is scarcely capable, except when he makes part of a crowd.”

Have a great day!


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