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Futures Down, Burdens Up

Thursday, August 12, 2010, 9:35 AM
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Confirming and continuing yesterday's newly formed intermarket correlations, gold and the dollar are both up this morning, while an overnight stock futures rally fizzled this morning, pointing to another down day for stocks.  The much-anticipated 3 a.m. futures rally never materialized.

The odd cross-current here is that the Asian stock markets fell less than a percent last night, while the European bourses are either flat or green.  Normally, if the US markets go down by -2.5% (as they did yesterday), you can expect Tokyo to follow along by sending the NIKKEI down even more, and for Europe to swoon in sympathy.  This didn't happen.

In the media, this provided some welcome fodder for calming news stories:

 

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