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.