Daily ES bearish upper hand
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
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.
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Let's move right into the charts (all courtesy of www.stockcharts.com) – 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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