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Commentary for 9/24/2018

Altavest Commentary for 09/24/2018

China called off planned trade talks and a round of tariffs from both the U.S. and China went into effect. Asian markets settled mostly lower. The Nikkei 225 and the Shanghai Composite were both closed for a holiday.
The German September IFO business climate survey fell, but was still stronger than expected. European equities finished lower. The DAX dropped -0.64%. Yields on 10-yr. Bunds moved back above 0.5% to close at 0.511%.
There were no major economic reports released today.
Yields on 10-Year Notes crept slightly higher to 3.083%. The US$ Index waivered early, but finished steady. December gold added +0.3% to $1,204.40. November Crude 2-month high, closing up +1.8% to $72.08.
Trade was at the fore as equities began the day lower. Early pressure was on large-cap technology, but spilled over into other sectors. Both the Nasdaq 100 and the Russell 2000 tested technical support at the 50-day moving averages. As tech rebounded, other markets came off their lows, but remained in the red. Volume was on the light side. Tech strength grew throughout the day, but markets closed widely mixed.

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