Monica Kingsley
Monicakingsley
S&P 500, precious metals and Bitcoin all rose on high unemployment claims – driven by rate cut prospects rather than inflation fears. They see the slowly deteriorating economic data from PMI, GDP and job market (hiring and firing) together with stubborn and waking up inflation. This though has the important distinction that the leading PPI is to reflect the economic slow down by less likely coming in hot, unlike CPI and (shelter heavy) core CPI.
The technical development is that following marginally higher high with indecision, stocks rose through 5,215 resistance on the rate cuts (still just 50% odds for Sep, but salivation for Jul is palpable), and decisively – best played in intraday terms. Equities though couldn‘t have beaten the great silver move called.
This is how I summed up today‘s data and market reaction anticipation in our channel yesterday.
Gold, Silver and Miners
Silver had a stellar day yesterday, and odds are that this isn‘t over – fresh upswing taking on $29.50 is to follow next week. Be ready though for almost traditional dipping nearer main events such as inflation data or FOMC – historical experience.
Crude Oil
There was meek oil follow-through to the upside, but I don‘t think this is anyhow wildly bullish, and more price deterioration ultimately awaits next week.
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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