The Closing Look

On Thursday, stocks opened lower but closed near their highs after several major global central banks concluded their latest meetings. The Bank of Japan (BOJ), Bank of England (BOE) and The Swiss National Bank (SNB) did not announce any changes to monetary policy and that spooked investors and sparked a rally into so-called “safe-heaven” asset classes. Japan’s Nikkei plunged 485 points and the Yen soared after the BOJ ended its meeting. Initially, gold soared before reversing by the end of the day after becoming very extended. The USD was higher but gave back the gains in the afternoon.

Gary’s Thoughts: Good reversal on market…bad reversal on gold. Tomorrow another day. Markets remain in a nauseating box.