evening wrap
market vibes
April 23…)
“Like an island of misfit toys…” Peter Brand, Moneyball.
The markets in NY were about as uncorrelated as ever I’ve seen them. Gold down another $100, silver up $0.70. Bonds all over the chart, stocks up, stocks down. Bitcoin up. Dollar up.
The press said that whatever they said Trump said, he didn’t say it. Bessent did say, “We are going to fix a broken world.” Napoleon once said, “Put your iron fist in a velvet glove.” Newmont reported Q1 adjusted EPS $1.25, consensus 91c. Boom. The mines are making le beaucoup.
In oil today, this:
About 8 AM, WTI broke lower as selling in Brent reacted to the news above. It is uncanny how life often conforms to technical analysis rather than technical analysis chasing the events of the hour. The market spent 4 sessions trying to probe the lower end of the breakdown void from the April 2 KSA announcement that OPEC would be raising production in May.
Wrapping up stocks with a dose of caution, gold with a tempered measure of tolerance, silver had an outstanding day considering all pimples and warts on the board, and bitcoin sneaking into an uptrend without so much as a fare-thee-well. here we go.
