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Market Update
Markets had a huge sell off today due to more disappointing earnings data and worries of a slowing global economy. Markets all over the board closed with major losses and two exceptions again were the US Dollar and the VIX index.
There is concern that QE3 didn’t do anything to boost the US economy and that should make tomorrow’s FOMC meeting very interesting since their “debt-fighting strategy” would only work if the economy would continue to grow.
Not only the equity markets had a nose dive today, but commodities were very sensitive and sold off even more and even precious metals followed the trend.
We have reached a crossroad right now, that if markets go down even further there is potential for a bigger sell-off in the next weeks and targets will be lowered, but sentiment could also turn around and we could see a bullish market in the near future.
Apple wasn’t able to turn the markets today and speculation that Bernanke wants to step down after the election didn’t increase confidence either. At this moment we are very bullish about precious metals and giving a strong buy signal at these prices.
Have a look at the following links:
- Bernanke QE3 Stocks Miss Greenspan Irrational Exuberance
- Moody’s Cuts Ratings on Catalonia, Four Other Spanish Regions
- German Finance Minister Schäuble Warns Worst Is Yet to Come
- The Bundesbank’s plan to find and melt down Germany’s gold
2012-10-23 22:03:16
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