S&P 500 made a good run higher, but thus far the prospects of sideways consolidation are not changed – some sectors and stocks would do better than others, and META vs. MSFT with GOOG market reaction is a good initial hint at selection. With sticky inflation, BoJ not yet pressured to normalize policy (inflation data lately were below expectations there) and the dollar topping out on fading Mideast geopolitical concerns, the table is set for real asset plays, XLB and XLE to benefit, accompanied by manufacturing recovery plays such as XLI, and of course the leaders of the stock market rotation, XLF.
Yields though haven't topped, and inflation prospects are turning ever more over time (I wrote lately give it two quarters to get acknowledged as) sticky inflation way – suffice to compare yesterday's meek advance GDP reading to much hotter core PCE prices QoQ, with the latter being more indicative of where to expect today's core PCE to be.
This is how I summed it up following yesterday's data release, and today in the European morning.
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Let's move right into the charts (all courtesy of www.stockcharts.com) – today's full scale article contains 3 more of them, with commentaries.
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Gold,Silver and Miners
Gold is attempting to cut its bullish flag pattern short, and has miners' support to do so.Tentative optimism is in place, and slow scaling into long positions possible already here.
Crude Oil
Oil confirmed it was turning up, and can rise even in the absence of Mideast teeting on the brink of major war. Oil stocks are waking up, and today's earning are unlikely to lead to CVX and XOM disappointing.
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