Morning Note: Windy Out There!

Asian equities traded mostly positive overnight, with 11 of the 26 markets we track closing in the green. Europe is beginning the day in opposite fashion vs yesterday (all but 2 bourses were down), with all but one of the 19 bourses we track trading nicely higher. U.S. major averages are a bit mixed this morning: Dow up 96 points (0.32%), S&P 500 up 0.14%, Nasdaq down 0.11%, Russell 2000 up 0.39%.

The VIX (SP500 implied volatility) is down 2.73%. VXN (Nasdaq vol) is down 1.76%.

Oil futures are up 0.55%, gold’s up 0.02%, sliver’s up 0.62%, copper futures are up 0.15% and the ag complex is up 0.90%.

The 10-year treasury is up (yield down) and the dollar is off 0.14% so far this morning.

Led by financials, base metals, industrials, ag commodities and banks, our core portfolio is up 0.23% to start the morning. Our only positions in the red thus far are energy, healthcare, and tech.

Keeping it brief this morning — our main weekly message is on deck (this one’s an important read) — I’ll leave with these words of perpetual investing wisdom from retired hedge fund manager Colm O’Shea:

“People get all excited about the price movement, but they completely misunderstand that there’s a bigger picture in which the price movements happen. Price movements only have meaning in the context of the fundamental landscape. To use a sailing analogy, the wind matters, but the tide matters too. If you don’t know what the tide is, and you plan everything just based on the wind, you are going to end up crashing into the rocks.” 

It’s very windy out there folks!

Have a great day!


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