CPI, Disinflation And Stocks
S&P 500 recovered from the shallow premarket correction fast after the opening bell, and it‘s been the broadening market leadership not relying on Magnificent 7 that secured another bright day for clients both swing (that‘s daily publications) and intraday as the island continuation theme is coming to fruition with breakout and more gains accompanied by relevant sectoral picks for investors introduced in yesterday‘s extensive analysis.
The Treasury auction hasn‘t been disastrous either, and actually, the 10y Treasury one was bought yesterday in stocks. Anyway, these have been as much a driver in recent weeks as the economic data themselves.
Gold, Silver, and Miners
Precious metals are slowly searching for a bottom – I wouldn‘t yet totally trust the GDX rebound on low volume – the time window for hits lasts usually till FOMC, so it would be wiser to first watch the bid if it emerges right then tomorrow.
Crude oil
Crude oil staged again a weak rebound on low volume, and the chart isn‘t really bullish – I can‘t say more than that it‘s a bottom searching one, without a clear bid, which puts the Dec lows still in danger of at least a retest.
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