Markets had a rough morning and have bounced back nicely, looking to end the day relatively flat. This creates a doji type candle on the daily which is a classic sign of indecision. Take what you want from that signal, it’s just a signal, and with the markets lately, it doesn’t mean much.
Markets gave back some of their gains to start the week on renewed Coronavirus fears. Apple Inc (NASDAQ:AAPL) came out and said they’d miss revenues from the supply chain disruptions. They’ll likely be the first of many.
With markets down, gold pushed past its recent highs as did bonds. No real surprise there as I pointed out that I expected this to happen.
The biggest losers on the day are financials (XLF) down over 1% as well as energy (XLE)down 1.3%. That’s sort of surprising given that Natural Gas finally got a dead cat bounce for over 7% on the day. It likely means that the global growth and manufacturing picture hasn’t improved.
Tech still leads the way somehow. While I keep expecting it to be the first casualty, it’s held up so far. We’ll see what the coming days hold.
