An absolute killer day on the markets and some investors might have thought to celebrate the 25th anniversary of Black Monday with a nice sell off 🙂
Jokes aside, the US markets had a major down correction, which was based on multiple missed earnings and failed aid for Spain at the EU summit.
This market correction can also be seen as a major profit taking and the precious metals had a major down correction due to Spain talking down any bailout hopes. Oil, Base Metals and other commodities all were down with around -2%.
It must be said that Gold and Silver has reached its technical support levels and its a good buying opportunity. The direction of precious metal will depend a lot on how the next week will develop.
One of the hardest hit markets was the Nasdaq again with a loss of -2.19%.
The two major gainers of the day were the US Dollar (+0.34%) and the VIX index (+12.11%).
This weekend we might get some more news out of Europe, but we expect Spain to hold back on their bailout request, but Monday will be an interesting day and should give some momentum for the next days.
Here are some links for this weekend: