Morning Note: With the End of Uncertainty

Asian equities, save for Vietnam’s, took a bath overnight, with all but 1 of the 16 markets we track closing in the red. Europe, on the other hand, is showing a little strength this morning, with 10 of the 19 bourses we follow trading higher. U.S. major averages look more like Asia did last night so far this morning: Dow down 179 points (-0.67%), S&P 500 down -0.90%, Nasdaq down -1.57%, Russell 2000 down -1.07%.

The VIX (SP500 implied volatility) is up 1.12% at 38.01 (that’s yikes!! level). VXN is up 2.67% at an equally yikes!! 41.08.

Oil futures are down -1.41%, gold’s up 0.89%, silver’s up 1.11%, copper futures are down -0.38% and the ag complex is up 0.13%.

The 10-year treasury is flat and the dollar is down -0.17%.

Led by silver, gold, banks, Verizon and ag commodities, our core portfolio (-0.11%) is holding up very nicely relative to the stock indices this morning. Tech, Asia-Pacific equities, energy, emerging market equities and utilities being the main drags.

I found myself thinking about the present-day investor/trader’s unwavering, yet, based on my personal experience over 3+ decades (not to mention my studies of a century of Fed [founded 1913] history), undeserved faith in the Fed as I pondered the following line yesterday evening:

“With the end of uncertainty came the uncertainty of the end.” 

–Victor Frankl 

Next up our weekly macro update…

Have a great day!
Marty

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