evening wrap

market vibes

November 6 … ) 

But Mouse, you are not alone,
In proving foresight may be vain:
The best-laid schemes of mice and men
Go oft awry,
And leave us nothing but grief and pain,
For promised joy!

In the markets  

Today was a glamorous day for wall Street. NDX futures (chart below) still have wood to chop getting to a new ATH but they made good start. S & Ps and the New Dow made all-time highs. Volumes were relatively light probably because concentration of market cap among a few big stocks is so high.  

None of these super-cap issues are being bought with cash, I think. It’s all on the cuff. And the public have no clue what BlackRock is doing with their savings. But when they find out … there will be congressional hearings.  

Metals took it on the chin. Gold fell $85 and silver $1.60 on the lows. I think sellers cashed out their XAU swaps to buy the Mags. Silver just got caught in the rip tide and being a forgotten metal… easy to throw out with the bath water. Volumes were high. For a month strong USD has been a source of strength for gold. Today a strong USD was the primary reason gold went down.

Comex copper (next chart) fell like stone. US inventories come from Japan and Lat AM and almost all LME copper is located in Asia where USD FX pairs were hammered day. Hold that thought when you see the next chart. 

Lets’s do the P N L of the Trump trades on a napkin next.