Jesse's Cafe Americain writes:
"The metals and stocks were hit hard today in advance of a weak Philly Fed number and higher than expected unemployment claims. Both results are directly attributable to Hurricane Sandy, in the manner of a no-brainer. One of the more densely populated regions of the US was brought to a virtual standstill for almost two weeks along with $40+ billion dollars of storm damage.
"I suspect the selling is winding down as those who have profits take them this year to avoid higher taxes next year. I think it is overdone now. So far this has been fairly 'cool-headed' selling in stocks and shown by the VIX.
"The smackdown in the metals today had all the appearances of a well-calculated bear raid timed with a dump in stocks off a predictably weak economic number. This is also known as 'a trading idea.' ..."
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