Morning Note: Too Easy to Forget

Asian equities leaned lower overnight, with 10 of the 16 markets we track closing in the red. Constructive Brexit headlines can’t overcome a notable spike in Covid-19 cases across Europe, with all 19 bourses we track currently trading lower. Stalling stimulus talks and higher Covid numbers has the dollar rising and U.S. stocks falling so far this morning: Dow down -652 points (-2.35%), S&P 500 down -1.98%, Nasdaq down -1.51%, Russell 2000 down -2.64%.

The VIX (SP500 implied volatility) is up a big 13.90%. VXN (Nasdaq vol) is up 10.61%.

Oil futures are down -3.06%, gold’s up 0.17%, silver’s down -0.83%, copper futures are down -1.03% and the ag complex is down -1.07%.

The 10-year treasury is up big (yield down big) and the dollar is up 0.30%.

Our core portfolio, with gold being the only winner so far this morning, is down 1.25%. The big losers are energy, Eurozone equities, industrials, financials and banks.

The following from Leon Levy in his essential book The Mind of Wall Street so resonates with me these days (no predictions, mind you, just thinking about that thin ice I keep talking about): 

“I might warn a Young Turk incessantly about the horrors of a crash or bad market, but I will not likely make an impression on one who hasn’t lived through the experience. If societies can forget and then repeat the horrors of war, they can certainly forget the temporary ruination of a stock market crash.”

Have a great day!



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