Trend Still Up
Powell delivered, and didn‘t trip the bulls – S&P 500 merely tried to shake out the weak hands, but you were ready through my habitual live coverage on Twitter, as to what to expect. The premarket consolidation is neither unexpected nor concerning – and market breadth data will catch up, even if only after the consumer confidence data Friday.
Inflationary forces are building up, meaning that inflation would return in 2H 2023, and together with deglobalization and friendshoring, this would underpin commodities. The era of cheap labor, cheap commodities and cheap goods, is definitely over. Likewise the secular trend in bonds is for rates to rise (the decade of high inflation and high rates – the commodities and precious metals supercycle), even if these have to retreat somewhat still as the soft landing narrative gives way to the recession one.
In place of a longer introductory part today, let‘s rush into the charts while commenting on related markets there – and of course, my Twitter feed is open 24/7!
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Let‘s move right into the charts (all courtesy of www.stockcharts.com).
Gold, Silver and Miners
This is a buying opportunity, not a selling one. This dip will be bought, and the current blues won‘t last for weeks without end. Silver especially is getting ahead of itself in declining – the $22 support would hold.
Bitcoin and Ethereum
Cryptos are another reason why I‘m not looking for any dramatic setback soon.
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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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