Another Bought Dip
S&P 500 was pulled lower overnight on poor AAPL, AMZN guidance even though current earnings didn‘t disappoint much – odds were any S&P 500 setback would be bought. The premarket downswing brought stocks once again almost to the initial low point (just four points above the waiting buy order) only to see them recover close to unchanged. Forward guidance was shaken off – the effect upon earnings has indeed to wait till early 2023.
Market breadth has been improving, cyclicals and smallcaps are leading, which is consistent with my thesis that the U.S. is still best placed to weather the storm. The Q4 rally can proceed, core PCE isn‘t to rattle stocks, and I‘m dealing with namely precious metals and crude oil perspectives (more sensitive right now to Fed tightening prospects) in the chart section.
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Gold, Silver and Miners
Precious metals are still struggling even when dollar and yields retreat, knowing full well the Fed didn‘t back off – their time hasn‘t yet come. Silver can be counted on to move together with copper higher, but low stockpiles aren‘t yet biting enough. Just some more focus on inflation and not on inflation fighting, is required.
Crude Oil
Crude oil is being led by oil stocks, and WTIC can think about taking at least on $95 before the year is over.
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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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