caesar's wife
market vibes
March 10…)
In the news
“Caesar’s wife must be above suspicion.” 62 BC
I have Maria in my ear ticking off a new list of DOGE porn. Trump cuts off Columbia U for not stopping anti-Israeli protestations and pro-Gaza bias. Carney raises the liberal’s tattered flag. From the cheap seats, a good choice for a tough fight. TD Bank says the US stock market has gone from exuberance to despair.
JGBs yield the most since 2008.
Bloomberg says, “US LNG capacity is set to expand 60% in the first half of Trump’s term.” Trump to hold a roundtable Tech-CEO council at 2:30 EDT; sure to be a Q&A after with Tik Tok, AI, Bitcoin reserve on tap.
In the markets
S&Ps are not bouncing, yet. Vertical momentum remains in force. OI is rising, meaning no one has liquidated their futures positions, and volume, although high, is not climactic, yet. The breadth and length of the distribution top is intimidating
We do have inflation data this week, which may influence the FOMC next week, giving them some cover to at least imply cuts if not actually cutting. . Of course, any return test of the 200 D MA will be sold even if CPI comes in soft, in my opinion.
COST (PE 56) joined WMT in a void of selling on Friday after an earnings miss. Both companies were considered equity exposure to Biden’s immigration policies, I think.
March S&Ps daily data chart below.
The Euro ( chart below) is developing horizontally above the 200 D MA. If the Fed cuts, or CPI and PPI are measurably dovish, Eur/USD goes higher, and the longs will be solidly in control. A weak USD is negative for stocks. Watch Yen.
Up next, Bonds, WTI, natty, crypto and gold this morning and some eerie similarities between better winners and good losers. You’ll get it… lol. Here we go.
