Good morning traders!
Looking weaker into the open, EURUSD lower, gold down, S&P futures testing yesterdays lows.
Morning call from T3 Live
Stock Selloff Picks Up Steam; Traders Do the Safety Dance
Hey, we tried to give you bulls a shot.
So much for the turnaround Tuesday idea. That thing died on the vine. Stocks are selling across the globe, futures are down sharply here in the U.S., and everywhere, it seems, risk is suddenly so last week.
Dennis Gartman captures the mood in his Gartman Letter this morning:
Risk is ‘off’ and the yen and the U.S. dollar are ‘on’ as the world…and we mean everywhere around the world…is rushing away from risk toward safety when and where it can be found. Gold is being thrown overboard; equities are being thrown overboard; commodities are being thrown overboard; panic is in the air and the margin clerks reign supreme.
We know the margin clerks are active; they certainly paid a visit to Green Mountain’s Robert Stiller, who was deposed as chairman yesterday after news of his margin call, one that forced him to sell five million Green Mountain shares. They let him stay on the board; he did start the company, after all.
The euro’s line in the sand, $1.30, has been erased, lately at $1.2968, and whether by the tides or a foot is irrelevant, it’s gone. Gold, silver, aluminum, copper are all down; corn, cotton, wheat, all down.