The “nuclear” Hurricane Irma is grinding its way into extinction, and already the teeth-gnashing and chest-grabbing about what an apocalyptic storm it would be is fading just as fast. Damage estimates look to be about four times as big as reality. Not to say that it wasn’t a nasty storm, but the markets are rallying on the NQ up 43 points (as of this moment):
And, naturally, the ES, which itself is up about 12 right now. It isn’t at lifetime highs (small solace for a bear), but it’s quite clear that the market LOVES natural disasters.
Perhaps more germane to the market movement is that North Korea hasn’t launched any missiles, which apparently is reason enough to celebrate. The US dollar, pummelled recently due to such worries, has leaped higher…
…which has caused the excitable commodity gold to reverse course. I had told my PLUS readers on Wednesday I thought it was time to short the miners (although I had an absurdly tight stop).
Key support for gold is around the $1307 area (let’s call it $1300, just for a psychologically-satisfying number).
Anyway, I’m already bracing myself for a not-that-good of a day, but we’ll see where all the dust settles in the end. Good luck to you!
