Bears have once again taken up control of the market, more forcefully today after small break on Monday. Monday US stock market was closed over Martin Luther King holiday, and bulls were able to stage some recovery around the world in low volume environment.
However, selloffs since last night has once again brought back fear across the market and it is now clear that recent selloffs, hardly over.
Indian benchmark stock index Nifty is down close to 1.8% so far today, while Shanghai is relatively better performer with 1.4% drop so far.
Australian stock market has now fallen to lowest level since 2012, at a time when world was struggling Euro Zone sovereign debt crisis. It is down another 1.3% today.
Nikkei has now officially moved to bear market as the index is down more than 20% from its peak. Nikkei is down close to 45 today. S&P 500 future is already pointing at 1.5% loss.
Continued rout in crude oil prices are taking toll on nerves of investors. After reaching around $30/barrel last night, Brent dropped sharply along with WTI and now hovering around $28/barrel.
Yen has been the biggest beneficiary of this ongoing rout up 0.75% today. Euro has also been benefitting from short squeeze due to risk aversion, up 0.4% against Dollar.


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