Market wrap: US markets continued their four-week grind lower overnight, closing 1 - 2% down. An early rally faded during a day when the World Bank declared the global economy will shrink for the first time since World War II.
Banking indexes and REITs bucked the downtrend, but gold miners were sold off as the price of gold slumped more than 2.5% to $918. Oil continued to rise, nearing $49 early in the session and recently trading up 3.5% at $47.19. Aside from lead, base metals retreated.
Our futures were recently 15 points lower at 3134.
LNC was the trade of the day yesterday. Sold 1/3 of my original position, holding the rest to see what the day brings. Still waiting for an entry signal for WDC. Nursing 3rd degree burns from AMP.
