The Dow is starting to accelerate to the downside, but the Nasdaq and S&P are little changed. The mood could not be different in Europe, land of the cuck and dagger, where the DAX is leading the fray lower by 1.45%. The Eurostoxx 50 is off by 1.34%, representative of the entire continent.
Over here, we’re enjoying another, rather tumultuous, decline in the dollar — off by 0.87% v the euro.
Cryptocurrencies are all the rage — higher by ~15% — totally normal for a store of value.
Commodities, as you would expect with the dollar lower, are higher: gold is +0.7% and WTI +0.85%.
Goldman is off by 2.5%, as the company turned in its worst trading quarter during Blankfein’s reign of terror. Some people are starting to believe GS has a talent problem, like PG. Maybe they’re not ‘worldly enough?’
Total trading revenue, which also includes equities, fell 17 percent for the three-month period, to $3.05 billion. That missed analysts’ $3.13 billion estimate. In fixed-income trading, the bank cited “significantly lower” revenue from trading in interest rates, commodities, credit products and currencies. Stock trading rose 8 percent to $1.89 billion, surpassing analysts’ $1.71 billion prediction.
The market looks dreadful today, with just 30% of stocks higher. The only respite seems to be in gold and other commodity related sectors. Banks and homebuilders seem to be bearing the brunt of today’s weak tape.
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First em, then euro, then the us.
FAANG life.
Fly can I please have a call with you. Crypto currencies are not just about store of value – youre missing the boat here. They enable monetization of open source software for the first time in history. Network participants share in the value they create. They create network effects on steroids, this is why the market is so crazy. Crypto will be a multi trillion dollar asset class in the next decade.