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Bring on Those Cuts

S&P 500 refused to decline below Monday‘s lows – as rate cut odds went up much again, it took a while to recover from poor JOLTS. As Powell opened the door lately (to rate cuts) on unexpected weakness iin the labor market if it materializes, we‘re getting there slowly, and Friday is non-farms payrolls and revisions day.

With the corporate profitability quarterly data negative lately, the data proofs of weakening economy generate less traction in equities (cyclicals and smallcaps) and instead a greater dive in yields as market participants pile into Treasuries whenever stagflation or recession (justifiably) spooks them.

Today will be an eventful day with non-farm employment change as that‘s SME barometer – and I‘m also looking for a decent move in oil, not just equities.

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Let‘s move right into the charts (all courtesy of www.stockcharts.com) – today‘s full scale article contains 4 more of them, with commentaries.

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Gold, Silver and Miners

S&P 500 and Nasdaq

The dive in yields continues, and isn‘t yet providing much support to precious metals, to the safe haven element of their function. The more rate cuts approach, the nearer they are to an upside turnaround, and we haven‘t seen that for a week already. The price difference between London and Shanghai remains the same, $5 in silver, which also should provide a floor as much as inconclusive Indian elections coupled with record imports in the prior quarter compared to the whole last year in India. Strongest buyers appear to be now in wait and see mode.

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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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