Friday September 27, 2024)
In a second unexpected international news development on Friday Zelensky and Trump met to discuss ending the war in Ukraine. I pray this works.
Following up on the SLV options discussed in the wrap last night, about 7 million shares expired worthless at the close but another 44 million shares struck at an average of $30 are still there going into Q end and October. Who knows what the future holds in store for us?
Metals eased from the get-go today. Gold was down $14 at 5 PM, silver down $0.40 copper down 5 cents. Volumes were light as usual. China has the football. lLet’s see how far they can run with it.
Stocks opened on the highs and went down all day for the second day in a row. Both indexes continued lower in the post and ended on the low of the day at 5 PM. BBG posted this blast around 14:30: *CHINA URGES LOCAL COMPANIES TO STAY AWAY FROM NVIDIA’S AI CHIPS. I wonder if the US market got the China memo yesterday.
In FX today, Yen and CHF finished on the highs. If I were thinking of parking some money for a couple of years away from the dollar, my top choices are Yen and CHF. DXY made new lows for the month. I heard a rumor Janet Yahoo was in cahoots with Mlle. LaGarde to steady the buck.
Apart from the Yen’s responsive rally to a regime change, the only markets to rally and close at the highs were bitcoin, crude and the VIX. There must be some underlying correlation there. What it is I can only guess.
Mining shares had a bad day. Barrick fell 3.7%, Alamos fell 2.3%, Pan American fell 4% and the better performers GDX and NEM fell 1.6%. So ends another lusterless week. If the Quad Witch was any indication for Q end, bring your knitting to work.
Pray for peace.
JJ
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Peace doesn't pay. <Sarcasm>