evening wrap

market vibes

March 19… )

Once upon a midnight dreary, while I pondered, weak and weary,
Over many a quaint and curious volume of forgotten lore. E. A. Poe

The headline from the FOMC was a slowdown in QT. Powell didn’t seem to have a lot of conviction about the future. “Some” inflation is definitely coming from tariffs, but how much? A shrug. “We’re working on it.” As for rates, he said the Fed can cut or not. “We’ll see.” Stocks? “We don’t talk about appropriate levels for markets.” As usual, gold is a “don’t ask, don’t tell” rule in these pressers. The ancient relic spoke for itself.

Comex April gold daily data, chart below.

May Comex copper accelerated up on light volume, closing on the high tick of the day in all fractal samples except year over year. Margin calls tonight. These nominal prices will soon impose higher initial and vaiation margins.

Next up Bonds for no good reason, just to keep tabs, a 10 day compression profile of May WTI illustrating a very friendly range. (I once saw Michael Toby make $200k in a $2 dollar range in gold in a single day in the 90s.) A few lines and 2 charts on USD FX, and finally, Bitcoin gets a B+ for effort… and some vibes on the FOMC and JFK. Here we go.