No More, Markets Said
S&P 500 moved up in two bursts – on underwhelming manufacturing PMI and on Powell. No more hikes – yields moved sharply lower on both short and long end, implying the end of the tightening campaign even if inflation is demonstrating sticky characteristics. Former leaders again kicked in on the rates relief – tech, communications and discretionaries – and market breadth was synonymous with risk taking.
Certainly also the BoJ is to be less feared – and the premarket yen upswing vs. the dollar is another expression of the yields differential now narrowed. Even though Powell can surprise and hike in Dec (unlikely), markets decided that‘s it, and with the exception of geopolitical turmoil, stocks are now in risk-on mode, especially should they remain in the high 4,280s with ease (they will).
To give you a taster, here is my summarizing commentary from our intraday channel, fitting here as well:
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Let‘s move right into the charts (all courtesy of www.stockcharts.com) – today‘s full scale article contains 4 of them.
Credit Markets
Yields couldn‘t muster to go up on FOMC – even without more Mideast escalation, these are likely to trend down from here, maybe up to 4.30% on the 10y eventually.
Gold, Silver and Miners
Precious metals aren‘t ready to rise sharply yet, but the correction has reached an important milestone. Greater appreciation has to wait for when the dollar turns south – it would be easier now given the rates differential not growing.
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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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