Need any more proof that the Europeans are driving the bus as far as stock markets go?
For the 4th day in a row we have had a selloff first thing, courtesy of European traders still at work, followed by a recovery during the rest of the day. The 3 days prior to that the Europeans bought heavily to start our trading day and the rest of the day the market was slightly down.
Today stocks did not quite make it back, finishing down 0.13%. Bonds, gas, oil and gold were all down in sympathy with oil and gold down most at -0.7%.
This is vacation time for many Wall St. types and that means low volume and usually uninspired trading until Labor Day. But, news can change that. It is also the traditional European vacation month (many take the month off) so that just reinforces the monotony.
The old saw goes, “Never sell a dull market short.” We’ll see.