Just one trading day into the new year and I am wondering if my main concern about inflation returning could already be starting to be felt in the markets. Gold up sharply but the “star” of the show overnight was the S&P. It scored a new all-time high in early trading and then virtually collapsed with one of the biggest one-day reversals seen for some time. Mind you I don’t think we will know the full story for some time yet, but I am taking this as a warning. Overnight trading did a lot of damage to the picture on Wall Street.
The Brains Trust - 2021, page-12
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