S&P 500 made a very shallow premarket correction, 2y yield refused retreating, but it were cyclicals and semiconductors that pulled the 500-strong index up yesterday, completing the bullish turn on suppressed NFPs and dovish Powell. The weak dollar rebound hasn‘t been an issue, and neither is the yen carry trade unwinding fears. USDJPY is tellingly having trouble to cling on any intervention gains as the JGB yield „normalization prospects“ currently stand no chance to Treasury yields.

Gold, Silver and Miners

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Gold is still moving in a flag pattern that has more time to play out – but we caught yesterday‘s rip. The low volume is a warning, and silver is of course looking way more constructive. Gold is still digesting the sharp run from $2,030s, and has potential to correct some more still – the bullish flag pattern remains intact and must be respected in short-term trades. Once that bottom arrives, we will have a truly easy trading and investing time in the metals again.

Crude Oil

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Crude oil isn‘t a buy here either, but energy stocks and materials would have better time. Sellers have the initiative, and I haven‘t seen buyers step in convincingly.

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