Bonds tanked at the opening and commodities, especially oil and copper, surged. No surprises here. Markets volatility subsided.
By mid-day the market lost considerable momentum.
Bonds strengthened considerably.
Commodities weakened with oil and major commodity indices going down.
Volatility jumped, a sign of concern.
It looks like the markets do not believe in the good news. They seem to be expecting economic weakness.
Very interesting. Does this mean that the past increase in commodities has created enough damage to the economy that we now have to wait for things to play out?
Time will tell, of course.
George Dagnino, PhD
Editor, The Peter Dag Portfolio. Since 1977
2009 Market Timer of the Year by Timer Digest
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