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Hot Core PCE

S&P 500 made a good run higher, but thus far the prospects of sideways consolidation are not changed – some sectors and stocks would do better than others, and META vs. MSFT with GOOG market reaction is a good initial hint at selection. With sticky inflation, BoJ not yet pressured to normalize policy (inflation data lately were below expectations there) and the dollar topping out on fading Mideast geopolitical concerns, the table is set for real asset plays, XLB and XLE to benefit, accompanied by manufacturing recovery plays such as XLI, and of course the leaders of the stock market rotation, XLF.

Yields though haven‘t topped, and inflation prospects are turning ever more over time (I wrote lately give it two quarters to get acknowledged as) sticky inflation way – suffice to compare yesterday‘s meek advance GDP reading to much hotter core PCE prices QoQ, with the latter being more indicative of where to expect today‘s core PCE to be.

This is how I summed it up following yesterday‘s data release, and today in the European morning.

S&P 500 and Nasdaq

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Let‘s move right into the charts (all courtesy of www.stockcharts.com) – today‘s full scale article contains 3 more of them, with commentaries.

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Gold, Silver and Miners

S&P 500 and Nasdaq

Gold is attempting to cut its bullish flag pattern short, and has miners‘ support to do so.Tentative optimism is in place, and slow scaling into long positions possible already here.

Crude Oil

S&P 500 and Nasdaq

Oil confirmed it was turning up, and can rise even in the absence of Mideast teeting on the brink of major war. Oil stocks are waking up, and today‘s earning are unlikely to lead to CVX and XOM disappointing.

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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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