Wild moves in equities
The equity market is all over the place today. GME is just incredible with shares opening just below $100 (from $65 on Friday) then all the way to $159 but now back to $103.
There's a broad slump now though in stock markets with the S&P 500 down 37 points to 3803. The 3800 level briefly broke and bonds continue to be bid.
AUD/USD is at the lows of the week as a broad US dollar bid materializes in a stronger 'risk off' tone.
I think some market participants are reading the madness in meme stocks as a sign of an overzealous market and heading to the sidelines.
I agree that the market is insane but I think price action ultimately dominates in a market like this and higher prices are going to create higher prices so long as the Fed is zeroed out.
