Morning Note: Folks Like Company

Asian equities put in another positive performance overnight, with 13 of the 16 markets we track closing higher. Europe’s following suit this morning, with 16 of the 19 bourses we follow in the green thus far. U.S. major averages, on the other hand, are all over the place: Dow up 77 points (0.27%), S&P 500 down 0.65%, Nasdaq down 1.93%, Russell 2000 up 0.11%.

The VIX (SP500 implied volatility) is down 2.17%. VXN (Nasdaq vol) is up 2.81%.

Oil futures are up 1.94%, gold’s up 0.88%, silver’s up 0.56%, copper futures are down 0.52% and the ag complex is up 0.40%.

The 10-year treasury is flat (yield flat), as is the dollar, +0.02%.

Let by Eurozone equities, banks, Verizon, industrials and energy, our core allocation is up 0.36% as I type. Tech, emerging market equities and healthcare are drags.

Keeping it brief this morning, I’ll leave you with this from Leon Levy’s exceptional book The Mind of Wall Street to ponder:

“MOST PEOPLE ARE extremely uncomfortable when investing in unconventional ways. Although economic theorists offer an idealized image of investors as rational beings who calmly assess opportunities, the typical investor I’ve met is idiosyncratic, superstitious, and, perhaps most important, prey to fears of the unknown. In short, he or she likes company. But the unconventional is what often creates opportunity. Investing probably is not played best as a group sport.”

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