- At noon the DJI was off 100 points or .7%. NAS off .50%
- Metals strong across the board (gold, silver, platinum, palladium, aluminum all higher today)
- Almost everything in AG is green today - a bit unusual.
- Looks like most EM currencies are taking a hit today - with one exception the Brazilian Real which is having a great year and is higher. (Brazilian stocks are off today.)
- Oil off slightly - but Brent still near $45. Who woulda thunk two months ago?
The one thing that keeps me cautious on oil is that the manager of PRNEX (which I own) has more than once conjectured in recent fund reports that he believes oil and commodities are in the early-to-mid stages of a multi-year bear market. And I respect most of what comes out of TRP. That said, the fund was up something like 15% YTD last time I checked.
Not a word yet in the media or here about Sell in May. What goes? I've never followed the axiom (and don't intend to this year) though I'll admit it would have been helpful to do so more often than not over the past decade. And I suspect the SIM psychology - if nothing else - will have some negative impact on the markets - hopefully short-lived. Remains to be seen.
