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“Anytime anybody tells me the trend is such and such, I go the opposite direction. I hate the idea of trends.” – Clint Eastwood
Prices are being slashed across the investment spectrum this black Friday morning as concerns over the new COVID variant detected in South Africa has investors reigning in risk. It’s important to stress that very little is known at this point about this latest strain, including whether it can evade vaccines or how severe it is relative to other mutations. Therefore, it’s hard to make any informed investment decisions at this point. Historically speaking, chasing a rally or selling into a sharp decline (especially on a very illiquid trading day) rarely ends up being profitable, but that isn’t stopping a lot of people this morning.
Read today’s Morning Lineup for a recap of all the major market news and events from around the world, including the latest US and international COVID trends.
While inflation concerns have shown no signs of abating in November, crude oil prices have been weak and broken some key support levels. Today’s decline of over 5% puts WTI on pace for its worst day since July, and in the process, it has traded below its summer high, which was a level that acted as support earlier this week. This latest break of support follows the break of the trend line that was broken earlier this month, where the subsequent bounce failed right as WTI traded back towards its trend line.
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