evening wrap, may 14

market vibes

“Don’t think React.”

If you’re just pouring your first coffee of the day and wondering if anything happened in NY for a change, the answer is yes, but not a roaring hell yes. Gold came in soft and slipped quietly under $3200 with barely a fare thee well. Once there, gold traded in a narrow range for a few hours and made new lows as the afternoon tiptoed towards 4:00 PM EDT. The stock market opened unchanged, traded unchanged, and closed unchanged, and depending on your preferred expression of risk, with nuanced micro-variations between the three major indexes.

The dollar recovered nicely, passing the baton to Asia on its highs. There was a lot of Trump news from Qatar, and all of it was dollar bullish, financially bullish (banks & credit), and bullish for trade.

next up stocks on top of the world, gold under pressure, a whipsaw like you read about in books in oil, and bonds going into the abyss… and more in the vibe… here we go.