Markets didn't seem to know what to make of the major bin Laden headline story. And, financial headline writers struggled to find the right connection to mark the day's news. In the end there isn't any "just right" headline. The image above is from our son who lives next to Ground Zero and perhaps it reflects things best -- somber reflection and rebirth.
There are more shoes to drop from the bin Laden news; perhaps none of it good. We'll just have to wait and see but clearly it's a significant day for Americans.
Markets opened patriotically higher but then sank throughout the day on long-term thinking and pondering "what's next" events. Commodity prices were weaker overall led by declines in precious metals with silver leading the way lower due to increased COMEX margin requirements. This is the kind of volatility you can expect when any market goes parabolic. Gold was lower in tandem with silver but not so severely; oil prices remained sideways; the dollar continues to slide after an early rally; and, BRICs and EMs are battling inflation fears.
Economic data was just okay and earnings results were unremarkable.
Volume remained ultra-light which continues the current pattern. Monday sell-offs lately have seen large swings higher on following days. Breadth per the WSJ was negative.
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