Stocks keep doing great, in line with expectations - but taking a momentary rest. Strong euphoria on infrastructure bill anticipation, hold on to your hats, and I mean it both ways - protection. Precious metals doing reasonably good, and GDX leading, copper strongly up, yields not so. Solid intraday miners outperformance. Patience is still key in this market though.

Hope you had a nice Easter weekend!

Stocks are turning higher from the liquidity push early in the session, and it's the defensives that are getting the shorter end of the stick at the moment - yes, that includes tech. Value keeps the high ground, and gold miners are attempting some intraday resilience in spite of the metals' plunge.

So far so (not good but) great in stocks while gold is merely gently peeking higher. Miners are still bidding their time even as inflation trades all around are running hot today on unconvincing TLT performance.

If I don't post another update, enjoy your weekend everyone!

The morning retreat in stocks has quite receded - would it turn into a bear trap? XLK at least stabilized on the day and VTV is at work erasing earlier losses. Value can be counted upon to be the coming upleg driver once again. Further positive sign is HYG having reversed higher as well.

Treasury yields turned higher on the day, and the miners to gold ratio still looks bearish. Gold has been though remarkably resilient, and silver erased quite some intraday losses. Oil and copper continue being worrying. Precious metals mixed, but time appears working to the bulls' benefit (weeks ahead view).

Today dealt us a turn in gold, silver and miners, and it's not a bullish one. The only responsible course of action is to recognize that downswing as having put a stop to the Mar 08 bottom recovery. There is quite some room to go down on the weekly chart - see my status update in the feed, posted this moment.

Midway to the US session update: stocks keep doing great, bullish signs persisting, and the gold upswing continues in consolidation mode. Bond markets have calmed down today, and commodities keep treading water with the exception of copper. So far so (very) good today!

Stocks recovered from early session lows amid positive HYG and sectoral action. Gold and GDX remain largely in tune with each other, while oil went for yesterday's lows only to rebound next. Things appear calming down for today, and the gold upswing remains quite alive, increasing chances we saw the bottom. Copper is also supportive. Chart attached within my status.

Have a nice weekend!

The storm in the tea cup mentioned above, did indeed unfold, and thus far misses the tea cup only (especially when you look at oil). Yet earlier in yesterday's session (see those intraday updates popping up lately on my site), I was able to sidestep the damage to the short-term bullish case as the markets went on to doubt the Fed.

In today's analysis, I'll assess the damage, and also feature oil by popular request. Gold is resilient, and I like its continued decoupling from rising nominal yields, and see yesterday's hit to the miners as partially equity markets driven. The bull market in both the metals and stocks remains alive.

Smashing reaction to the Fed indeed - and across the board. I hope you've benefited from my calls on the stock market and also from the reluctance to throw the metals overboard. No need to write off the upswing, we're progressing nicely, and I stand by my call that we might very well have seen the bottom on Mar 08.

Enjoy your profits!

Fed day is here, and stocks are modestly lower. Is this the result of weakening bond markets? HYG, LQD, TLT... Talking Treasuries, why isn't gold and silver declining? Are the bulls just hanging out for an unlikely (yeah, I think so) surprise?

We have more divergence between the stock market and corporate bonds. Which would pull the other - or is it an entirely wrong way of looking at the markets?

Look at the big picture - stocks are still the place to invest in! Those relying on 60-40 allocation rules are likely to do badly in these times, when more active trade and money management is required.

Enjoy the daily articles, updates, and thank you!