S&P 500 celebrated the “only” 7.1% CPI YoY news, but it was really just the real assets who kept their gains while stocks fell back to where they started from in what appears the correct big picture view of being on the lookout to get short as betting it all on a strong Santa Claus rally has the appeal of picking up pennies in front of a steamroller without more USD retreat juice.
I really liked the precious metals performance with miners increasingly confirming the upswing, with both metals doing increasingly well. Let alone copper and oil…
Q3 2022 hedge fund letters, conferences and more
Where does that land us in stocks today? The weak follow through has me on toes, this inability to defend 4,070. I doubt we would overcome my long ago touted 4,130 obstacle later today as Powell dutifully delivers a no surprise statement. Conference is a volatility wildcard.
As usual, I‘ll be covering the FOMC live on Twitter for you.
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S&P 500 and Nasdaq Outlook
In short, the bulls don‘t look to be done, but time (especially if you open the weekly chart), isn‘t on their side.
Gold, Silver and Miners
Great run in silver that‘s nowhere over, and my conservative April 2023 $27 target has me itching to upgrade it over the nearest months by at least 10%. As a side note, COMEX stockpile is at 33mln oz only (typical short squeeze territory)...
Crude Oil
Crude oil has duly turned as per the caption – and similarly to the positive natgas views published lately on Twitter (fine U.S. weather driver), sees black gold trying to turn a corner after a fake breakdown.
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Monica Kingsley
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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.
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