Stocks slumped and then rallied hard into the close.
This was the usual Monday short squeeze where they jam up the specs who took short positions in the market as a safeguard over the weekend.
Gold and silver were slammed, but they both bounced, with silver showing an impressive rise for a decent gain.
I wonder if Bessent and his oligarch buddies are running low on ammo like Hegseth is.
VIX came in hot with slumping stocks this morning, and then collapsed back down into the afternoon.
The Dollar popped at the open of NY trading, and then fell sharply into the close.
The market here is largely smoke and mirrors. Be careful.
Bitcoin managed to hold a decent bounce. Good for them. Enjoy it while it lasts.
A little economic data on jobs from ADP will be coming out tomorrow morning.
Wednesday is the more important release when we get some inflation data. Alas, it's already a bit dated because it will not take into account the inflationary effects of the Iran war.
I keep playing scenarios on the outcome of this global adventurism, and they always seem to come out from very bad to disastrous.
As I have said, the US decision to participate in Netanyahu's war will be viewed in retrospect with the Germany invasion of Russia in Operation Barbarossa.
The way things are going if we are able to have unimpeded midterm elections, not by any means a sure thing, then the GOP will probably lose their Congressional majority and the Democrats will be able to make some headway in reining in this imperial presidency.
Even better, if the Democrats can displace Schumer and Jefferies from their leadership we might see some more meaningful reform. But that does not seem likely at the moment.
Have a pleasant evening.
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