Josh Brown over at Reformed Broker owns the trademark on today. Or, at the very least, he owns the trademark on the best way to describe what transpired… an amazing face ripper of a rally in the last hour of trading today across all the ‘risk on’ assets. Stock indices, commodity currencies, and industrial metals all skyrocketed higher.
The following are moves from 1:45 CST to 3:15 CST. That’s a near 7% move in S&P futures in just 90 minutes….wow!
| The 90 minute face ripper… | |||||
| Market |
1:45 |
3:15 |
Points |
% Move |
|
| S&P 500 |
1097 |
1171 |
+74 |
6.75% |
|
| Crude Oil |
77.71 |
80.65 |
+2.94 |
3.78% |
|
| Copper |
3.904 |
4.043 |
+139 |
3.56% |
|
| Aussie $ |
1.0022 |
1.0281 |
+259 |
2.58% |
|
| Gold |
1760.4 |
1741.2 |
-19.20 |
-1.09% |
|
This market is not for the faint of heart nor amateurs trying to catch a falling knife or sell into a rally. This is the time you need professional managers managing your risk. They may lose. They may place bets on the wrong side of the market, but their mission is to protect against catastrophic losses (-70%, -80%, -150% plus).
We’ll see whether they can continue this pace tomorrow, or if things settle down a bit. Our eyes would welcome a brief respite, as they’ve been continuously glued to the quote screens since 5pm Sunday night.