China gave oil a massive blow
Those are not good days… US stocks retreated, Treasuries as well, as markets go to a risk-off mode. S&P drops for a 3rd time in 4 days.
Data showed Chinese growth is slowing, which triggered commodity sell-offs through much of Asia. Oil bears take notice!
Because active managers play such a small part of the market today we see a retreat, but not a downright sell off. Tiny speculators are there as usual. This is what chief market strategist at Jones Trading Institutional Services Michael O’ Rourke was heard saying. We sure can believe him, right?
Watch out for Yellen, Draghi and Kuroda this week! They’re gonna give the markets some guidance as to where we’re heading at with monetary policy.