Friday, June 2, 2023 11:46 AM EDT
Intraday consolidation followed by more upside is the theme of today.
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S&P 500 strongly rallied after a precipitous drop to 3,500s on CPI data coming in predictably above expectations. I looked for high inflation data, and especially high core CPI data, and these played into the hawkish Fed expectations.
Latest Comments
The Horns Of The Fed Dilemma
Thanks Susan.
Riding The Bullish Revival
Thank you very much Michele, I am happy that you're enjoying my writings! Have a nice rest of the day!
No Qualms, No Prisoners
Thank you very much for the appreciation, I'm glad you're enjoying it!
Fabled September Storms
Thank you very much Adam, I'm glad you enjoyed it!
Making The Fed Blink
Thank you very much - glad you enjoyed it!
Stocks And Gold – Hot And Hotter
A very prescient title...
European session update: we got some more SPX and XLK buying to top the daily reversal off. At the top of the recent consolidation range, new ATHs are once again in sight. As for metals, needless to say they extended gains... who would have throught but the bulls who did their homework...
The Tax Plan To Slay The Stock Bull?
Gold ignores the stocks and commodities upswing? How come that even silver is down today, and more so than the yellow metal? Seems odd and weak, especially since USD is tanking as I had been calling for. GDX and copper say - don't worry:
(you can see the chart within my status updates, just posted)
Have a great weekend!
The Curious Staircase Rally In Stocks
Today's HYG session is a really weak one, and HYG:SHY ratio isn't naturally saving the day --> looks like a case of short-term non-confirmation in the making. Meanwhile, $TLT recovered daily losses much to XLK's liking --> SPX rally's internals are unchanged. The eye catching performance is seen in GDX - keeping the precious metals upswing alive.
In advance, have a nice weekend!
Will April Showers Bring May Flowers?
That's right, some industries and companies are affected by various sources of seasonality apart from weather. Combining these with strong technical and fundamental analytical approach can selectively improve one's results. Knowing where the indices, sectors are going and why is the first step, taking care of the company risk and considering seasonality effects comes then.
On The Verge Of Stocks Pullback
Another daily SPX sideways move, this time accompanied by wavering HYG. How long before the bears pluck up some courage, and start selling? Not that I do expect them to get really far, but still - the Fed minutes were (predictably) a non-event... Note also the dollar turning up, and compare that to the TLT yields.