CPI Early Clues
Yesterday‘s S&P 500 downswing didn‘t last even though the sellers came back strongly before the day was over. Bonds though have recovered, 10y yield is sitting at 4% – the interest rate sensitive sectors (and prior leaders mentioned in the stock market chart) didn‘t take the cue, and are doing so only now premarket. EURUSD is up, yields still at bay, gold and silver retracing some of yesterday‘s decline while oil and natgas are little changed – looks to me as a pause in the risk-off positioning (positioning for hotter than expected CPI, hotter than 3.3% or even what I see as a bit likelier, 3.4%). In short, market seem to ready themselves to buck what the figure would do with Fed tightening odds for Sep already.
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Let‘s move right into the charts (all courtesy of www.stockcharts.com) – today‘s full scale article contains 3 of them.
Gold, Silver and Miners
Gold is getting at an interesting level, and even if there is no confirmation yet of an upswing making it through CPI, odds are that any initial downswing would be bought – and the same for silver. Both metals ignored retreating yields of late, and the selling pressure seems to be losing volume (conviction) – local bottom is at hand.
Crude oil indeed continues with the running correction – and the next consolidation would be $83 – today may bring a little initial retreat in energy if stocks and select other assets do what premarket price action is hinting at – never to underestimate.
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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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