Look Out Below

S&P 500 easily gave up Wednesday‘s gains, and bonds continued declining – the bear market wasn‘t over, I told you we were starting a fresh downleg. Tech is leading in the plunge, and value had trouble keeping opening gains. While not everything is doom and gloom (hello, resource stocks, consumer staples and utilities), the 500-strong index obviously has to go down quite some more. Will be an easy ride given that 50bp hike is baked in the cake for the May FOMC. Not that it would hurt inflation badly (or so the hope it would goes), but the highly leveraged markets are feeling the pinch already – yields are still rising like there‘s no tomorrow, and HYG holding up somewhat better is of little consolation.

That‘s a sharp contrast to precious metals – silver down, gold recovering most of the intraday decline, and miners still up – what a recipe for upswing continuation this week. Copper is holding up nicely, no volatility to speak of, and will shine in due course. The resting period is though over for crude oil (and the marvellous natural gas) – energy is going higher. Meanwhile, cryptos continue being under pressure. The real assets run continues anywhere you look – from agrifoods to uranium to…

As valid as the above analysis is for the regular session, it’s also confirmed in today’s light volume session. Enjoy!

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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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