Today’s reversals in the financial markets were really the types of moves that don’t come around too often. Exhibit 1 is gold. After rallying more than 2.5% from Tuesday’s close, gold hit a 52-week high only to reverse lower throughout the trading day. As we type this, it’s now down over 1% from Tuesday’s close. Going all the way back to 1980, there have only been six other days where gold rallied more than 1% to a 52-week high only to finish the day down over 1%.
The swing in crude oil was even larger. Earlier in the day, WTI was up over 4% relative to Tuesday’s close. Do you know where it finished? Down over 4%! All in all, WTI traded in a range of 9.9%. How’s that for a volatile session? Start a two-week free trial to Bespoke Institutional to access our Chart of the Day, full coverage of earnings season, and so much more.