Overnight US market extended losses with the Dow recovering from almost 600pts down to close 253pts lower, the S&P500 dipped below 3800 at 3785 (recent lows: 3636) and the Nasdaq closed 1.33% lower at 11,028 after briefly dipping below 11k. Apple and Tesla were -1.8% and -1.76% lower as was Amazon -2.49%, Meta -1.64%, Alphabet -2.57%.
Crude Oil WTI fell to $105.8 dragging down oil stocks, XLE returned back all the gains from earlier in the week to close -2.11% lower. Gold breached $1807 , did its short spike to $1820 and then scaled back to $1805 , hideous losses at GDX and GDX both contracting -3.73% , silver no less the Global X Silver Miners -3.5%. Lets see if Andrew Forrest's tilt for Regis can give some improved sentiment to our Aussie gold miners this morning. Copper back close to the lows at the start of the week. And BTC is now below $19k at $18,913 (recent lows: $17630).
And with market performance stats like this below, is it just something to just shrug off and not give much weight? Or is it a reflection of a spectacle reversion of the most overextended market in its history? And that we are not over yet. The wisdom call of Jeremy Grantham reverberates now , he had seen it before numerous times before. Reading his bearish call then was one thing, acting in advance upon it is another.
S&P was down 21.01% in 1970 H1, we are currently down 21.22% H1... so, according to Bloomberg data, this would be worst since 1962... 60 years ago
Nasdaq Composite is down 30% to start the year - that is the worst start to a year ever, worse than the H1 2002 collapse.
