Another Bumpy Day
Markets are predictably pointing significantly lower this morning before the open.
Every major index is looking down at least 1%. Even the metals are coughing up some of their recent gains. Gold is roughly flat but the other are all pointing down. They are desperately trying to keep oil above $50 a barrel. Its tough for the major oil exporting countries to balance their books and keep major social programs in place at $50 a barrel oil, but sub $50 oil it gets impossible for most governments that rely on this revenue.
Interesting and turbulent times lay ahead. Pay off your debt if you have any. As asset prices across the board are starting to puke as they get sold off to pay off leveraged bets, the dollar is going to counter-intuitively rise and rise until it is worthless.
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Looks like things are about to get crazy!!!
I was talking with a financial adviser on Tuesday and he said the market was going to jump today because of all the pent up demand from the markets being closed yesterday. Seems like we're not seeing that demand come into play. I would like to see cheap oil again though! :)
Financial advisers don't make money when you have your money in cash. They want you 100% invested all the time.
So glad I have that gold pile!