Friends

It was definitely a risk off trading session. Stocks down, metals down, crypto down. It’s possible that the collapse happening in bitcoin and other cryptocurrencies is bleeding into the stock market as leverage is unwound. Bitcoin has basically been cut in half now from last October’s highs and highly volatile silver is down over 30% from its recent highs just days ago. Google had good earnings but scared investors with their upcoming spending plans. We get a look at Amazon’s earnings today after the close.

As for today, by the close the Dow Jones Industrial Average was down 592 points to finish the day at 48,908. The S&P 500 was down 84 points to close at 6,798. The Nasdaq Composite Index was down 363 points to close at 22,540. Gold was down $119 to trade at $4,831 per ounce, while oil was down $1.87 to trade at $63.27 per barrel WTI.

We expected volatility to pick up, and it has. Until these sideshows settle down it might be difficult for the stock market to quiet down. Stay buckled in. We’ll see how things finish out for the week tomorrow.

Have a nice evening everyone.