Waiting for NVDA
Stocks struggled even though yields barely changed yesterday – financials were responsible even though market breadth was a mixed picture. The dollar though turned sharply lower, and keeps a lid on pretty much everything apart from the precious metals (the turn to bullish is here as I told you last week would happen).
With the upcoming data – flash manufacturing and services PMIs – stocks won‘t get enough acceleration hopes fuel, but it wouldn‘t yet disprove the soft landing thesis either. Therefore when assessing the big picture, I would listen to the shrinkiing liquidity demonstrated by crypto downswing and USD upswing, coupled with the tired NVDA upswing that I‘m discussing in the stock market section. If a more meaningful reprieve than the intraday SPY ups and downs is to come, it could follow after Powell‘s pronouncements only.
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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
Precious metals upswing is proceeding right on cue – I‘d look though for silver to first digest today‘s sharp premarket gains, which would be necessary if 10y yield returns closer to 4.34%. Big picture, yields should be retreating a little before Jackson Hole, helping metals to build a stronger base.
Crude oil confirmed it wasn‘t yet returning to rosy upswing days by any means – and the setback continues as the second figure given yesterday, $78.50, gets a breakdown attempt. I‘m looking at it to succeed, but this isn‘t the end of the crude oil run.
Copper would probably underperform silver if we compare today‘s prices with Friday‘s ones. $3.72 has good odds of holding, and $3.65 of not being approached at all this week.
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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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