Mar
Gains Evaporate, but Hope Remains
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Auto sales were solid on the day and they helped raised the spirit of the broad markets. However, by the end of the day the gains had evaporated and headed into the close basically flat on the day.
Gold and precious metals were the big movers on the day gaining 1.7%. Oil was up 1.2% to $79.70 and the base metals were up 1.3% to make up for not joining the upside yesterday. The commodities were noticeably absent from the move higher in yesterday’s market.
The dollar was lower again on the day back to 80.45 on the dollar index. The euro made a small move higher back above $1.36. The Sterling held near the $1.49 level dropping the last two weeks. Currency remains in flux as Greece remains a question mark and the UK remains frustrated with the current economy. Volatility is back in play for the currency.
Global markets continued higher as Germany, Australia, Brazil and India led the way. This is still a reaction to the US markets improving versus confidence the global data is improving. Uncertainty remains a challenge for investors and thus the volatility remains in play.
The videos and table have been updated.
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