Is The Selling Madness About Over?

Technology and Value

tech, NYFANG and value

Tech recovery left much to be desired, and the long upper knot isn‘t appetizing. Obviously much depends upon the next TLT and inflation expectations moves, but NYFANG seems to be readying a temporary respite next. Given how value performed yesterday, that would be overly positive for the S&P 500 as the index needs to be firing on both cylinders to make real progress.

Gold, Silver and Miners

gold, HUI and TLT

Gold and miners keep trading in harmony, and a new precious metals upswing is in the making. See how little a TLT uptick coincided with that turn.

gold, silver and copper to 10-year Treasuries yield

Silver daily downswing might not appear to confirm the bullish assessment, but I think that‘s a daily occurrence only.

Crude Oil

crude oil

Crude oil dipped a bit too far yesterday but doesn‘t appear to be breaking down. I look for more backing and filling before the upswing resumes.

Summary

S&P 500 bulls are getting to (and should) flex some muscles, and not muddle through in the 4,130 range for too long. The weak retail sales aren‘t exactly a positive catalyst but at least it puts to rest the misguided notions of the Fed springing to action.

Gold, silver and miners are well positioned for the upswing resumption, and much of the downside indeed appears to be in already.

Crude oil meandering goes on, but without bearish overtones – the chart remains bullish.

Bitcoin has started to timidly repair the damage inflicted while Ethereum is back to growth already. The leading crypto‘s position still remains murky at the moment.

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