Log in to today’s North American session Market wrap for November 14
A bloody overnight and early morning session quickly got met with a V-shape reversal in US indices today.
This sharp volatility saw Gold and other metals suffer large outflows, with gold declining sharply and experiencing significant selling pressure.
Today’s and this week’s all-market action strongly resembled a global portfolio rewiring, similar to what often happens at the beginning of new quarters (even though Q4 is still far from finished).
The Nasdaq led the decline overnight, with futures trading seeing sharp drops, before dip-buyers corrected the entire move.
This rapid V-shape recovery wasn’t fueled by many catalysts, but the same could be said about the selloff.
The Dow, which had performed very well earlier this week, did not get as much traction in the subsequent tech-led recovery. However, this tech comeback wasn’t global, with Cryptos again seeing bloodshed as participants engaged in broad risk-deleveraging.
The lack of data clarity from the BLS is still creating palpable anxiety in markets, which should persist until more information gets released.
The cloud should begin to dissipate throughout the coming days and weeks.
Actually the BLS just announced that the September NFP report (normally published in early October) will be reported on Thursday, November 20.