S&P500 lost most since 1987(8.79%). It's great that I cleared all my position last Friday. The reason of the slump is the 700b bailout bill was rejected at congress by 228-205 margin.
BDI drops another 242(6.5%) to 3504. DRYS, DSX and GNK drop by 16%, 9% and 13.6%. What a bloody day. Some say BDI may drop to 3000 level.
GLD up 3.4% but GDX down 5%. So, next time when bet on gold should go with GLD or DGP. GDX is still affected by market condition. SLV drops 1.5% is a surprise. I may load some SLV tomorrow. Found following comments about SLV at google finance discussion:
"gold/silver ratio is widening because
silver has industrial commodity exposure while gold does not. With a
bleak picture of global economy industrial commodities are expected to
further decline while gold will hold value better"
That's what I thought too to explain today's GLD-SLV discrepency.
Tomorrow consumer confidence index due. Consensus is 55. It was 56.9 on August.
