Tuesday, February 23, 2016

Everybody, Limbo!

Stocks and oil slumped, while gold and silver held their own as the market took another pause to reflect on the possibility of a Trump presidency, housing prices which seem to be reaching an affordability limit and a two-week wait until the next FOMC meeting.

For the Trmpster, Las Vegas is a second home to him, so it's only fitting that he's expected to win Tuesday's caucuses in Nevada handily.

The S&P/Case-Shiller index for December, 2015, showed gains in prices for median homes increasing month-over-month and year-over-year.

Stocks appeared to be charting their own course, with stocks falling into the red early and staying near the lows of the day for much of the session. After ramping from losses two weeks ago, the current mini-rally has run out of steam, and there doesn't seem to be much on the bid to push prices higher in the near term.

The price of crude fell by more than 4 1/2% as recent talks of a production freeze by Russia, Saudi Arabia, Iraq and Iran (depending upon which source you wish to believe) turned out to be - like the cease-fire in Syria - all bluster and no bite.

Midweek, stocks are looking at a slight bias to the positive, as Tuesday's losses failed to overcome Monday's winners. Markets are ostensibly entering a late-winter limbo phase, as volatility and geopolitical tensions have leveled off.

S&P 500: 1,921.27, -24.23 (1.25%)
Dow: 16,431.78, -188.88 (1.14%)
NASDAQ: 4,503.58, -67.02 (1.47%)

Crude Oil 31.85 -4.61% Gold 1,227.50 +1.44% EUR/USD 1.1018 -0.07% 10-Yr Bond 1.7450 -1.19% Corn 362.25 -1.43% Copper 2.10 -0.76% Silver 15.31 +0.80% Natural Gas 1.83 -1.61% Russell 2000 1,012.15 -0.94% VIX 20.98 +8.26% BATS 1000 20,682.61 0.00% GBP/USD 1.4021 -0.92% USD/JPY 112.0950 -0.76%

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