In tonight’s update, Vince covers:
1) A wild day of trading ends with record-breaking losses on Wall Street with much higher than average volume. The Dow Jones Industrial Average dropped 1175 .21 points, the S&P 500 fell 113.19 points while the Nasdaq closed lower by 273.42 points and the Russell 2000 finished lower by 56.18 points.
2) Crude oil Futures sold off with equities finishing lower by 2% while bonds traded higher. TLT (20+ Year Treasury Bond ETF) gained .13 or almost 1 percent. Despite the huge drop in stocks Gold Futures closed only modestly higher ending the day up a little over or 0.35 percent. This was most likely due to a second straight day of gains for the U.S. dollar.
3) Whenever there are signs of panic like we witnessed today there is always a high probability that it will continue and start to impact other markets as well. It will be important to keep an eye on the stock index futures tonight along with trading in Japan, Hong Kong and Australia.
Record Breaking Day – Market Update February 5th, 2018