fat tuesday
market vibes
February 17…)
In the news
ADP reported jobs rose 10.25 thousand last week.
A record number of investors say companies are spending far too much, according to Bank of America Corp.’s latest fund manager survey. Ya think? “[Capital expenditure] is too hot right now,” B of A’s analysis opined…. If stocks are falling because “they” are overspending, what will stocks do if they cut spending?
There’s an awful lot of negative ink on USD FX and Treasuries, mostly from BBG and the establishment media. Treasuries are actually in the midst of a cheerful rally but the press wants you to know China is selling them. I’m surprised they have any left! Other fixed income news on X worthy of a glance.
The invisible shutdown enters its 4th day. Meanwhile in China…
In the markets
Gold is turning lower this morning after a 3rd day of low-volume indecisive development. Stochs have turned lower and directional movement (red bars) is turning down as well. The little increase in open interest is probably length coming out of silver into gold.
The point of control or the most actively traded price since the January 30 crash is $5076.00. This is a little problematic for gold price because $5076.00 is where most of the silver refugees have located their longs in gold. So far the compression profile is reasonable and the next most actively traded price is $4930.00. If prices sustain this level for a day or two the POC will move down to $4900.00.
Most of the trading has been in and out so OI has been stuck at very low levels. I don’t see any safe entries long or short here.
There is very little change in silver. With so many conflicting narratives and policies… the March deliveries… the market is waiting for prices to validate a dominant theme.
HODL and wait.
Copper is defensive…
