S&P 500 saw upswing rejected, making it remain in a tight range – but the sellers aren‘t in control. Nasdaq had one of its days of outperformance, with select names sending signals as to what to expect from NVDA earnings, already now.

Junk corporate bonds have turned before TLT and TLH did, and that‘s quite an achievement given the bearish impact of Bostic and Mester speakers (and today, we get full five more of them, and it‘ll create more intraday volatility). The only fly in the ointment had thus been wobbling financials thanks to Jamie Dimon talking little willingness to buy back JPM stock at current prices, which is analogical to recent Druckenmiller statements on NVDA short-term overvaluation (discussed in our intraday channel). Who benefits? Go figure.

Still, yesterday was good enough for capturing more intraday gains.

Copper

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Copper that I mention frequently alongside precious metals or in article introductions, keeps pushing higher, and the latest upper knots aren‘t medium-term concerning in the least. The fact that we don‘t get a consolidation between $4.90 and $5, is pretty telling – and uranium as well is bullish.

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