North American Metals Up As Investors Evolve Preferences

Coverage of Wednesday’s above-average volume North American trading session that began at 3:30pm EDT continues. Today’s over-indexed decline (bears dominate) occurred as a result of heightened global market volatility due to the recent debut of REIT risk and CSX Corporation’s announcement that the Transport Congress had not been granted a meeting.

Traders are experiencing elevated volatility throughout most markets and are taking necessary steps to make sure they can close their shorts. The increased volatility has caused a pullback in risky assets, but liquidity has become better as governments strengthen currency and check US Treasury yields by raising rates to curb risks arising from bond buying, overhang by less central banks and aggressive capital inflows. Commodities are not immune from current market conditions.

The broad-based decline continues through the session. S&P/TSX Composite (FEET): down nearly 400 points; C$1,061.13 (-2.6%)

SPX (SPX): down near 400 points (-1.8%)

NASDAQ (QQQ): down 700 points (-4.1%)

DM (DM): down 560 points (-4.7%)

INDEX JUNIORS (XFN): down more than 3%

DM: down more than 3%

North American Indexes: USA indices down more than 3%

S&P 500: down nearly 4%

S&P/TSX composite: down nearly 3%

c : Currency correlation indicator calculated using futures contracts

² : Flow indicator calculated using currency futures contracts

3: Stock Market Levels Used for Equities

S&P 500: 2,891.27 = -2.1%

Nasdaq: 7,885.28 = -4.1%

c : S&P 500 Sector Factor

NY Stock Exchange: B1 / F1

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