Reply
S&P 500 futures are soft this morning, flirting with their first drop through the 10-DMA in three weeks and breaking the dashed red trend line from Aug 16. continued for members… … continue reading →
Tag Archives: silver
OPEC+ is expected to increase production by another 400,000 bpd in today’s meeting, another dagger in the heart of the stubborn oil/gas rally. Of course, at this juncture, CL can backtest its SMA200 without even making a lower low. So, perhaps a pullback will finally be allowed. Given how important rising oil/gas prices have been … continue reading →
Futures are continuing their meltup in the pre-market on a 4% bounce in crude oil and the usual overnight slump in VIX. continued for members… … continue reading →
COVID deaths continue to mount and the return to work pushes further into the future, a negative backdrop for equities at a time when they’re losing momentum from the reflation factors. Futures are off mildly after bouncing off their overnight lows. continued for members… … continue reading →
The correction is gathering steam, with ES off 40 points earlier this morning before getting a bounce. From a technical standpoint the culprit is VIX, which broke out of the falling channel which has guided stocks higher since March 2020. Our downside targets remain unchanged. continued for members… … continue reading →
July retail sales fell 1.1% versus -0.3% consensus, reflecting the impact of stimulus payments, Amazon’s Prime Day change, and the general apprehension surrounding the delta variant. Yesterday’s bad news faded under heavy algo action, with VIX going into meltdown mode……the instant SPX reached its SMA10. The bears will get another shot today. continued for members… … continue reading →
Annual CPI remained at 5.4%, the highest in 30 years. And, that alarming number masks plenty of data which the BLS methodology simply ignores. Shelter, for instance, registered a 2.8% YoY increase per BLS’ survey-based calculation. Yet observed apartment rents increased at 9.2% in just the first six months of 2021. And, housing prices have … continue reading →
The Fed detests gold and silver because, like higher interest rates, they are a stark reminder of the soaring inflation the Fed hopes we’ll ignore. Interest rates can be manipulated lower by buying up every bond in sight. The Fed has been doing this to the tune of $120 billion per month. Gold and silver, … continue reading →
Under ordinary circumstances, a 2.3% MoM bump in Durable Goods orders would be very welcome – especially on the heels of last month’s -1.3% print. When inflation is a growing concern due to the Fed’s largesse, however, it complicates things. For instance, might it cause the Fed to take its foot off the gas? Not … continue reading →
ES came within 9 points of our next downside target before getting a nice bounce motivated primarily by USDJPY, which was working flat out to save the NKD from a scary, and long overdue dive to its SMA200. This bounce will be quite important to the bulls, who are no doubt hoping to avoid a … continue reading →