been there done that
market vibes
October 1 …)
“In Philadelphia it’s worth fifty bucks.” Pawn broker to Louis Winthorpe 111
Bostic and Cook at 11:00 EDT, Veeps duke it out at 9 EDT on CBS.
In the news
Michael Dell sold 1.2 billion of his stock for the 2nd time in September. I read recently that Bezos sold 8 billion. Huang, Zuck, Dimon among the group of recent insiders selling. BRK hired banks for its 2nd Yen bond sale this year, not a carry trade according to people ITK, direct local investment (Yen bullish?).
G -10 liquidity conditions due to a surge in M1 are “breaching highs seen only twice before in 50 years. Stimulus in China and rate cuts in the US are bolstering an already very positive backdrop for risk assets.” (Bloomberg daybreak)
MSM has rebranded the power of nature in Western North Carolina to a climate change event. Trump donated $25 million of his own money and went there. Eastcoast dockworkers shut down the ports.
The 56th meeting of the Joint Ministerial Monitoring Committee (JMMC) is scheduled for October 2, 2024. I would not be surprised if they decided to proceed with a planned increase of 180k bpd on schedule.
In the markets
The Euro is 57% of DXY and it looks heavy this morning so it is likely DXY will trade up or stop going down. FX pretty much has both feet nailed to the floor.
I don’t see much difference between usd and eur from the perspective of profligacy and debt. Both currencies are a terrible store of value issued by politicians with zero respect for the future. I think if the euro goes sharply lower it’s just as bullish for gold.
NYMEX WTI, gasoline and heating oil are a bit lower. The front spread made new lows yesterday, Dec Red clinging to its lows yet to break $0. 89. Nov/Dec chart below daily data.
Looking a little deep at long term trends…
