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.
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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.
