Markets started 2017 in a volatile way. After a strong ‘risk on’ sentiment, the intraday trend reversed sharply.

Stock indexes were close to all-time highs as the trading day started. Soon after the bell, they lost one percent, only to close the day in green.

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Crude oil played an important role in the intraday reversal. As soon as crude hit $55, it fell sharply to close the day at $52.52, an intraday peak to bottom change of more than 5 pct! We wrote about the importance of this price level of crude oil in this post Energy Stocks Will Be Very Bullish In 2017 If This Happens.

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The intraday reversal was clearly visible in the fear driven assets: Treasuries and precious metals.

Treasuries went higher as soon as crude started falling.

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The same accounts to gold and silver.

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