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Consolidating Commodities

S&P 500 attempt to erase the opening downside fizzled out, and credit markets turned risk-off, with TLT having trouble to keep intraday gains to top it off. The decline was broad-based, and tech didn‘t really outperform. As the volume picked up, the bulls will have a hard time erasing yesterday‘s move – I‘m not looking for such a result to be achieved today. Still, we can see a modest upswing attempt worthy of being examined for its durability. Bond markets and individual sectoral performance would provide the clues.

Crude oil didn‘t take kindly to the Strategic Petroleum Reserve release announcement – over 1mln barrels a day, that‘s a lot. Still, I see the $100 support mentioned earlier as likely to hold – and in the current environment, for the price of oil to continue trending higher, albeit with a fresh headwind now. Talking headwinds, miners‘ decline foretells a weak day in gold and silver – that‘s today, for the upleg is far from over. Copper lived up to the expectations of a steady rise coupled with limited and only temporary downside – while it may close on a weak note today to shake out the weak hands, such an outcome isn‘t guaranteed in the least. Commodities are consolidating recent gains, and that concerns agrifoods as well. Finally, cryptos are reflecting the risk-off turn, but are off the intraday lows – let‘s see how far the retracement attempt in risk-on assets reaches today.

There won’t be a regular analysis featuring charts or Twitter activities for a good part of next week either, but I’m keeping a close eye on the markets and will issue a sound commentary whenever required by the markets on my watch.

Thank you for your patience, and have a great weekend.

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Thank you,

Monica Kingsley
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All essays, research and information represent analyses and opinions of Monica Kingsley that are based on available and latest data. Despite careful research and best efforts, it may prove wrong and be subject to change with or without notice. Monica Kingsley does not guarantee the accuracy or thoroughness of the data or information reported. Her content serves educational purposes and should not be relied upon as advice or construed as providing recommendations of any kind. Futures, stocks and options are financial instruments not suitable for every investor. Please be advised that you invest at your own risk. Monica Kingsley is not a Registered Securities Advisor. By reading her writings, you agree that she will not be held responsible or liable for any decisions you make. Investing, trading and speculating in financial markets may involve high risk of loss. Monica Kingsley may have a short or long position in any securities, including those mentioned in her writings, and may make additional purchases and/or sales of those securities without notice.

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