Yesterday confirmed the risk-on turn in S&P 500 and beyond as Powell didn‘t spook the markets in the end. So, not even a temporary setback, let alone crash that many others had been calling for. Face ripper rallies stretching from stocks, bonds, over to precious metals, base metals and even oil (so contingent upon what‘s going on in China) ensued.
Following the Williams and Bullard duo, don‘t underestimate this key Powell pronouncement. Markets are running with that. The Q4 rally got a new lease on life, and the pace of gains (digesting this fresh momentum) are to determine not only the 4,065 support that held overnight, but also the next hurdle of 4,130 – with all that I would be guiding you on thereafter.
This sharp increase in volume doesn‘t hint at more than a tactical pullback at best – with risk-on bonds firmly confirming the rally, and the dollar again losing altitude. Some recap of the fresh daily levels – don‘t be disappointed if we don‘t make it to 4,130 today, the progress already has been excellent, and no market goes up in a straight line. Volume confirms. Finally, what‘s not to love about precious metals, or the whole portfolio? Copper going hand in hand with silver, miners on fire too, and oil…
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Let‘s move right into the key chart (courtesy of www.stockcharts.com).
Precious metals and miners cast the best light on the current phase of the monetary policy cycle. Bright days are arriving, and silver will lead. Potentially to $27 before Apr 2023 is over.
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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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