The Squeeze
S&P 500 bulls went on to extend and defend gains following the fireworks reaction to CPI (as if inflation were banished by one 0% MoM reading), and bonds overall bought reasonably well into the idea. Treasuries though seem more reserved about the essence of the underlying bullish bets – Fed pivot isn‘t coming, and the central bank isn‘t backing off tightening. Odds are today‘s PPI shows quite some inflation fight ahead still (how sticky it would turn out, is underappreciated) – what an understatement in this decade of inflation, generally higher rates, and rising real assets.
To feel the daily pulse, let‘s move right into the charts (all courtesy of www.stockcharts.com) – today‘s full scale article features good 6 ones with more thoughts for premium subscribers.
Crude Oil
Crude oil is catching a bid but still noticeably lagging behind oil stocks. Clearing $95 convincingly would technically change the outlook to bullish, but I remain cautious on account of stiff seasonality headwinds till late Oct, and SPR drawdowns before the midterms.
Copper
Copper keeps showing strength, and the same goes for other base metals. Slowly grinding higher until the focus turns to the monetary policy.
Bitcoin and Ethereum
Cryptos are giving the short-term nod to the risk-on rally, no top immediately ahead yet.
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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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