evening wrap
market vibes
September 30…)
Today was a typically lifeless trading day in most markets except nickel, leaping above all moving averages on light volume.
And tin making highs for the month and the quarter in typically thin conditions. Both metals are primarily produced in the same region of southeast Asia but I found nothing on Bloomberg or X to indicate why they’re both independently so strong. Possibly China and inhospitable liquidity as AUM gets crammed into Chinese everything or a quarterly issue. Someone with the skinny will tell us soon. The charts look great.
Haste makes waste.
It looks like someone had a fat finger in copper (ht BW), so I’d toss out any technical implication of a reversal in trend. It happened on the 6 PM opening for the evening Globex session. Judging from the tick chart the error was covered slowly and painfully. Stay off the right hand side tonight!
Gold and silver were moderately lower on light volume in quiet trading. It is notable that gold settled at monthly and quarterly highs following 5 consecutive all-time highs in the final 10 sessions of September. What surprises me about gold is there are more bears writing about it than Bears on Soldier Field.
The risk for gold in the near term is the dollar and hot data this week. Everyone is over their skis for the next 50 cut andPowell sounded pretty sanguine about Jobs and the economy today. Bowman keeps foot stamping about her vote on the 18th. More Fed speak as the week unfolds.
in other markets…
