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Forex and Bond traders watch from the sidelines as stocks have a mini-crash
A huge selloff in stocks overnight with the Dow down more than 300 points the S&P 500 close to 2%. The reason for the sell off is at the moment difficult to pin down. Europe gave the US a weak lead but that doesn’t usually matter. Some traders say it was the uptick in wages with the 0.7% rise in the employment cost index others the Argentinian default yesterday. Currency and government bond markets didn’t move so finding the cause is all the more difficult. We’ll throw in the chart of the long term S&P 500 again and let you be the judge on whether Alan Greenspan was right when he said yesterday that the market ... (full story)