Market Summary: The long & short of it. Stock markets ripped higher on Thursday, propelled by the “Resumption of Trade Talks”. The S&P 500 extending it gains from yesterday to close at 2976 and a gain of 1.30%. The New York Composite followed suit with to close at 12,917 and a gain of 0.95%.
Both indexes are breaking out of the range-bound territory where they were stuck all of August.
As predicted, precious metals unwind after the recent surge in prices.
As we mentioned yesterday, our research and our indicators warned of an imminent decline in the precious metals. Indeed both Gold and Silver got hammered at the open yesterday and both finished well down at $1.517 (-2.30%) and $18.64 (-4.40%) respectively.
Crude Oil held steady and closed at $56 a barrel, while Bitcoin finished at $10,560, showing a minuscule gain of 0.05%.
Treasuries were also hammered today with the yield on the 10-year surging +7.26% to close at 1.565%. The price and the yield trade inversely for treasuries.
The fear gauge i.e. The VIX got hammered again today dropping to 16.27 for a loss of -6.12%