Bottoming Before FOMC?
S&P 500 turned up, opening with a bullish gap, but that wasn‘t any surprise for clients. What is a show of short-term resilience, is no steep upswing in yields complemented by decline in stocks, upon BoJ yield curve control adjustment. Also the USDJPY move in yen‘s favor was completely erased, indicating that rumors of abandoning yield curve control (the up to 1% band) were premature, as Mark Twain would say.
Meanwhile, stock positioning for tomorrow‘s FOMC continues, and this meek rally doesn‘t inspire general confidence for tomorrow – full details below in the chart section consisting of both daily and intraday perspectives.
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Let‘s move right into the charts (all courtesy of www.stockcharts.com) – today‘s full scale article contains 5 of them.
Also, Russell 2000 isn‘t really rebounding – how can there be a significant upleg starting with smallcaps not participating?
Gold, Silver and Miners
Silver upswing doesn‘t mean all clear for precious metals – I look for the current correction (Monday was its start) to continue for a while longer as the long end of the curve shifts back to rising towards and above 5% – the real economy isn‘t yet showing enough cracks to justify calling for end of goldilocks right now.
Copper made its fine move to $3.68 as I called for Sunday, and will now consolidate in the low to mid $3.60s again.
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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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