evening wrap, august 13

market vibes

“Just a spoonful of sugar helps the medicine go down In a most delightful way.” Mary Poppins

Minimal differences in direction or news attended a quiet day of trading today. The market finally conceded CPI was, in fact, inflationary, but decided to ignore it in favor of a certain FOMC cut. The Dow went up, and NDX spent most of the session in the red, although neither were notable moves. Gold traded where it opened, circa $3,400, and silver was up $0.50/toz all day.

Copper slipped 2 handles, but so far, the pattern of higher highs and higher lows is still intact. The DOE reported a mixed bag of petroleum adjustments today, indicating a marginal imbalance in supply is managable.

There is a lot of crypto news: Besent’s stablecoin solution. Altcoin strategies abound. Crypto market cap hit a new ATH this week, and August Bitcoin futures posted the highest close for a Bitcoin futures contract in history today. However, IBIT stalled in front of $70/share.

Let’s begin with Stocks.