Big Picture View
S&P 500 erased intraday downside before the closing bell, and we‘re looking at another lackluster week of sideways to higher price action. The modest rally is getting old in the tooth, but not yet ready for a heavy plunge marking a major buying opportunity. True, credit markets are sorely lagging behind, but the modest risk-on turn (compared to the risk-off high point on Friday), was enough to lift both value and tech. The upswing attempt would probably hesitantly continue later today even if cryptos are a bit wary.
Meanwhile, an odd move was to be seen in precious metals as both gold and silver declined while miners went up. Oil declined but the volume appears drying up as well. Finally, the copper weakness is at odds with better performance across commodities. All in all, we‘re likely to see another broad-based upswing in real assets today and throughout the week as the Strategic Petroleum Reserve release and other headlines give way to realization that this is not the time for precious metals, commodities and similar raw material input (such as fertilizer) prices in various currencies to retreat.
Summing up, lazy day in stocks but a livelier one of a bullish persuasion in real assets, is ahead for today.
There won’t be a regular analysis featuring charts or Twitter activities for most of this 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.
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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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