Almost, Almost Disinflationary PPI

S&P 500 couldn‘t break below Wednesday‘s CPI lows in spite of it being reasonable to expect hot PPI in light of prior hot 2024 PPIs. That sudden turn (CPI is lagging while PPI is leading inflation data) made it possible to capitalize on intraday opportunities only as S&P 500 delivered a swing whipsaw, yet with Nasdaq outperforming heavily (alongside communications and discretionaries), which tips the scales to go semiconductors, NVDA way (higher) in the days ahead.

S&P 500 is more cautious here, for now the heaviest of buying has been in Nasdaq, and gold with silver cut really short their correction, and stopped responding to higher nominal yields or the dollar (again). While stocks keep gyrating in 100+ pts ranges and only Nasdaq started to show signs of life, it‘s up to the real assets as discussed broadly in the Apr 02 article to deliver most reliable gains, for reasons explained therein.


Gold, Silver and Miners

(Click on image to enlarge)

S&P 500 and Nasdaq

Precious metals are primed to keep their yesterday‘s gains intact, even if USD continues spiking, and regardless of yields having taken a breather following good and well received 30y auction yesterday or IRNA statement.

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