Raging PMs

S&P 500 maintained overnight posture, and bonds held up really fine into the close while the dollar isn‘t showing too many signs of bullish life. The Powell speech is likely to be shaken off as I don‘t think he would tighten the screws more so than Williams and Bullard did, i.e. that markets won‘t be truly shocked.

What matters more, is recovering from „sell the (good GDP) news“ as stated before the data with the still hot PCE one. Premarket S&P 500 gains are gone, and now it‘ll be up to getting Powell out of the way. Positive seasosnality is still there, but as per the earlier shared update, dust has to settle first in this largely neutral week where we make the bottom before launching higher in the final 2-3 weeks of Dec. The daily levels given yesterday, are still valid today.

The real action is though in precious metals and commodities where even the greatly vulnerable (to upcoming declines in economic activity, i.e. recession) crude oil is seeing solid gains. Silver, copper and gold are predictably scoring and extending gains, with miners in the tow (i.e. no red flags) on the inflation data. So sorry for all those who followed permabears‘ siren songs about imminent drops that just can‘t and won‘t materialize to a meaningful degree. Real assets, similar to 1970s, are undergoing a secular shift, and the recognition as measured e.g. in relation to the stock market, isn‘t yet there. So much more price appreciation to come – and we needn‘t wait truly long for that! (Chart courtesy of www.stockcharts.com).

gold, silver and miners

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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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2 thoughts on “Raging PMs”

    Recently, John Kilduf came on CNBC and said the WORST that Oil would do is $60. But the more likely scenario is running up to 85,then into the 90's and extending that to triple digits
    BY the End of the Year ! If this happens-Triple Digits- How much of an effect would that have on Oil stocks ? I have DVN

    Fred Goetzke

    1. Hello Fred,
      I see the likelihood of such a dive low, and not just thanks to OPEC+ see WTIC keeping in the $80+ level as most likely. As I just tweeted on demand destruction with limited supply, I see oil stocks to still do relatively well compared to other sectors. Last Friday's sectoral picks (in the chart) still apply.
      Have a great day!

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