S&P 500 flushed at the open only to come back, led by MSFT, AAPL and SOXX – yet again delivering fine intraday gains. What‘s more interesting than that though, is the retreat in yields following the strong 10y Treasury auction that I‘ve mentioned in the tweet I llinked to.
That casts further light on the clear CPI and FOMC predictions I made for clients, going beyond yesterday‘s free precious metals and silver section.
Today, I‘ll recap them and enrich them with Thursday PPI views, for clients.
Let‘s move right into the charts (all courtesy of www.stockcharts.com).
Gold, Silver, and Miners
There is the technical bear flag, but I think today‘s macro events will override purely technical expectations (no need to feature the silver 4hr chart either as the metal isn‘t hugging the downward sloping support line exactly). Far from out of the woods and subject to Fed turbulence, the levels mentioned in the caption serve as larger „points of control“.
More By This Author:
Economy or Inflation ChoiceStanding No Chance
Why Yields Can’t Rise
Comments
Log in or sign up to join the conversation.