Wednesday, December 10, 2008

Market Action: It's All Over The Place

Market action is all over the place this morning continuing the feeling by many that there is very little consistency to the markets.

10 year Treasury yields opened up over 3% and are now in negative territory.

Crude oil was up over 5% but now that too is in negative territory.

Gold is up almost 4% but it is running into resistance levels at $800. Gold has carved out a range between $750 and $800.

Equities are up and holding onto their gains but even here the action is inconsistent as small and mid -caps stocks far outpace large caps.

Foreign developed and emerging markets are strong.

Large intra -day price swings favor the short term trader, but does little for the trend follower who requires a little less volatility. Hang in there as this too will pass.

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