Nasdaq 2,357.69 -174.72 (6.90%). Semiconductors showed some relative strength.
This may be first index to bounce.
SP500 1,119.46 -79.92 (6.66%). Huge volume. Straight down to October 2008 monthly levels.
30-yrBond 3.66% -0.16. Even after Standard & Poor's downgraded USA debt, money moved into bonds pushing rates lower. Apparently there is nowhere else to put liquid money (other than gold). Higher interest rates would immediately implode the USA economy and make government refinancing costs unbearable.
Indices continued to sell off into the close. The longs are trapped and the knife-catching dip buyers pulled their bids.
Dollar up. Gold much higher. Silver up. Platinum slightly down. Copper and oil lower.
GLD 167.11 +5.36 (3.32%). Ramped higher and held onto gains during the day. Gold contract closed at 1717.50 up 54.10. Targeting 1900. Could be going parabolic. Jim Sinclair's gold target of 1650 is gone, and 1764 is on the way. Round number targets of 1900 and 2000 are in play.
SLV 37.97 +0.65 (1.74%). Gave up some of the gains during the day. Gold is dragging this along. The parabolic move earlier this year with the sharp sell-down (and margin increases) has caused real damage to the "juice" that had been in silver.
PTM 20.02 -0.04 (0.2%)
XLE 62.28 -5.79 (8.51%)
XLF 12.157 -1.273 (9.48%)
VXX 34.78 +4.47 (14.75%)
EDZ 29.03 +5.68 (+24.33%). DIREXION DAILY EMERGING MARKETS BEAR 3X SHARES. Has had a huge move. After hours started small position at 29.25 to sell in the morning.
IYR 49.05 -4.56 (8.51%). iShares Dow Jones US Real Estate. 52 week range 48.95 - 63.00.
MDW 2.05 -0.11 (5.09%). Nine months of outperformance, yet caught in the selling.
SLW 33.24 -0.91 (2.66%)
BAC 6.51 -1.66 (20.32%)
C 27.95 -5.49 (16.42%)
F 9.93 -0.91 (8.39%)
GM 24.57 -1.74 (6.61%)
BRAQ 14.71 -1.32 (8.23%). GLOBAL X BRAZIL CONSUMER ETF.
EWZ 57.00 -5.83 (9.28%). ISHARES MSCI BRAZIL INDEX FUND.
Telecom dividends are looking interesting:
BCE 35.95 -0.98 (2.65%). Bell Canada. 5.70% dividend. Let it go lower to 33s.
CNSL 16.77 -0.74 (4.23%). 8.80% dividend.
T 27.70 -1.23 (4.25%). AT&T. 5.90% dividend.
VZ 33.12 -1.93 (5.51%). 5.60% dividend.
South African miners (using Rand currency) showed relative strength:
GBG 1.87 +0.00. 52 week range 1.67 - 3.32.
GFI 14.65 -0.15 (1.01%)
HMY 13.05 -0.09 (0.68%)
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