Margin calls around the world are what I'm watching.
That's what it looks like.
The DOW is down some 1000 points as we speak. Commodities are getting hit. Gold, however, has retained the $2400 level. That's holding pretty well. Silver is right above $27. Interesting to see if that recovers at all, but look, it's a 5% drop either way you cut it.
So definitely embarrassed territory for the time being.
Copper is below $4 a pound. I'm looking to see if it can recover the $4 mark. Moving forward, the way that I kind of see things playing out is the market absolutely wants an interest rate cut. It wants an aggressive one. It'll absolutely get it in September, I believe.
And now folks are wondering if Jerome should have pulled the trigger early here last week.
Canada is closed today. That's probably a good thing for the portfolio. But again, it's a short-term move.
Don't lose sight of the fact that we're still close to record highs in the overall indices and commodity prices are still close to record highs as it relates to gold.
Should be an interesting week. I hope everyone has a great one out there.
Take care y'all.