evening wrap, september 24
market vibes
“A hungry dog hunts best. A hungrier dog hunts even better.” ” Norm Augustine
In the news
Trump’s UN remarks took on an incendiary life as the morning cycle developed. Zelenskyy, building on Trump’s pejoratives for Putin, praised the president for calling Russia a paper tiger. The Kremlin responded, “Russia is in no way a tiger. It’s more associated with a bear. And there is no such thing as a paper bear.”
Concurrently, Rubio held a meeting with Lavrov, in the highest-level encounter since Alaska last month. I think the shift from detente to escalation is unmistakable if Russia doesn’t negotiate. However, it’s up to Europe to put blood and treasure on the battlefield. Trump’s words at the UN were no less harsh for Putin than they were for Europe. It’s time to bait the hooks and fish.
Markets in NY today... weren’t on the menu. Gold went down. Oil went up. The dollar went up and stocks went down. However, vol control did a fair job of staunching the sell flows in stocks. We’ve got a lot to cover tonight. Let’s get to it.
In the markets tonight
Gold is in a tentative position. Stocks are down for a second day and well correlated with gold. WTI is through the 200 DMA on decidely improving technical development. Bitcoin has an unusal divergence and copper is ripping the roof off, literally … plus … translating market speak in the vibe.
