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There is no lack of action in the market these days. Last week, the market swooned and took commodities with it as fears of the novel coronavirus spread across the globe. Oil is back in the low $50 range, with some estimates pegging demand destruction in China at some 3 million barrels per day while this virtual shut-in lasts. Copper shed 25 cents in a heartbeat, one of the biggest downward moves in recent memory. Gold rallied nicely, but the equities aren’t overreacting to gold price moves in either direction so I get the sense that there still isn’t any herd-like behaviour in the sector. The last two days has been a different story, with the indexes and materials sectors having a good day after many bad ones. What will tomorrow bring? I have no idea. I was stopped out of a lot of things on the swoon, as I am keeping stops tight on most things, so now I’m waiting to see volatility to mellow out a bit and perhaps see some trends reassert themselves.
