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Daily ES bearish upper hand

Commentaries & Views

S&P 500 was complacent yesterday given VIX only at 18, but the key turn happened in tech, in the waning NDX market breadth. No rush to the exit door yet, but the rotation into value and cyclicals was barely there, and more than debt limit bill vote is to blame.

CDS have made up their mind – there wouldn't be a default, they  are declining. And Treasury bringing up fresh supply to the bond market means there would be less liquidity to prop up assets paper and real – the dollar is going to like that.

Couple that with my prognosis for today's data, and the result is more confirmation of Jun 25bp hike. Deleveraging and derisking is the theme today.

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Let's move right into the charts (all courtesy of – today's full scale article contains 4 of them.

Gold, Silver and Miners

Gold and silver correction clearly isn't over, but $1,930 and (not $23.15 but) $22.40 at worst, should hold.

Crude Oil

Crude oil woes are back, with vengeance – targets given in the chart. Similarly copper is set for $3.55 rendezvous, for exactly the same reasons.

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Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.