“The bear market started January 5,” the chairman of the University of Akron Endowment told Bloomberg Radio on Monday, referring to a day after the S&P 500 hit an intraday record.
Last week, a trio of Hong Kong-listed stocks injected a dose of fear into Chinese markets when they unexpectedly shed billions of dollars off their market caps in a matter of hours. Yet according to Dennis Gartman of "The Gartman Letter," China's bull market is still intact.
The deal was cited as one of several things that helped drive gold futures to the highest level in two weeks. Futures for June jumped 2.4 percent to 1,203.20 an ounce. Gold stocks also rallied, with Freeport-McMoran up 5 percent and Newmont Mining up almost 3 percent.
The Fed's latest meeting comes amid plunging oil prices, which are likely to impact the US's closely-watched inflation figures looking ahead.
"It's all about the manner we move," Kilburg said on Thursday's episode of "Futures Now." "Three percent to 3.25, that's not a big deal. But if we get there in a week or two weeks, that ferocious manner will really make people rethink their equity portfolio and their equity allocations."
Dennis Gartman says that stocks are likely on an upward trend. The market will go a good deal higher. But he was very short of gold, long on stocks and crude oil.
Gold prices continued to plummet Monday on concern that Cyprus will have to sell excess reserves of the precious metal to raise about USD 522 million to help finance that country`s USD 13 billion international bailout, Dennis Gartman, editor of The Gartman Letter, told CNBC.
Heard the talk that oil could spike up to $200 as soon as August? Us too.
Asian stocks have lost most of their gains of the year and May will likely end as the worst month for equity markets in more than three years, but some strategists tell CNBC this is an "amazing" time to accumulate stocks.
MF Global's attempts to juice returns with leveraged bets on European debt were an understandable response to years of profit-sapping ultra-low interest rates, rival brokers say.
Gold slumps from record as traders cover other losses