Morning Note: “Obvious Things”

Asian stocks were mixed overnight, with 9 of the 16 markets we track closing lower. Same for Europe this morning, with 9 of the 19 bourses we follow currently in red. U.S. major averages, save for the Nasdaq, are giving a little back so far this session; Dow down 176 points (0.58%), S&P 500 down 0.27%, Nasdaq up 0.13%, Russell 2000 down 0.53%.

The VIX (SP500 implied volatility) is up 1.02%. VXN (Nasdaq vol) is up 0.73%.

Oil futures are up 1.56%, gold’s up 0.14%, silver’s up 0.49%, copper futures are up 0.20% and the ag complex is down 0.71%.

The 10-year treasury is up (yield down) and the dollar is off 0.21%.

Led by silver, consumer staples, gold, the yen and Eurozone equities — yet dragged by energy, banks, AT&T, emerging market equities and ag commodities — our core portfolio is down 0.36% as I type.

Up shortly is our main weekly message… 

In the meantime, Sherlock Holmes has me thinking about the present elephant in the room; the ginormous debt bubble I continue to write about herein:

“The world is full of obvious things which nobody by any chance ever observes.”

All of us here at PWA wish you and yours a Happy Thanksgiving!

Take care,


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