friday wrap
mrket vibes
February 14…)
Reporter: “Y'know some are sayin' that it really was the cops who shot those men.”
Bugs Moran: “You must be new to this town, mister. Only Al Capone kills like that”….February 14, 1929
The feature of the day was the overnight rally in silver beginning in Asia and peaking in early NY at $34.24 + ca $1.34 / toz. Gold traded $29.64.10 just $4 from its all time high. However all metals were sold in concert and heavily on today.
From the Comex opening to the opening of equities at 9:30 silver fell $1.40 and gold fell $50 dollars and then… all metals remained on their lows in quiet trading for the rest session.
Platium was sold in London an hour before Comex and the selling continued all day.
Selling in copper started a few hours earlier.
So who dunnit? The dollar was weak again so we can’t blame the dollar. Stocks were a bit higher and docile. Bonds were a little higher and docile. Oil was a little lower and docile. Bitcoin was a little higher and dolcile.
The DOW E minis took a day off. Open interest was unchanged every day since Tuesday.
Buyers in bonds retook cotrol of the range disregarding the hottest CPI and PPI in some time.
April WTI came in soft from Asia and London closed on the lows in quiet trading.
March April traded 0.00 and settled at 0.02, the lowest since December 2020. Products were a few ticks lower but steady. Cracks traded at or slightly above recent highs. refiners are going to have good earnings in Q1…Longer dated spreads were steady.
Wheat rallied on a Drone hit in Chernobyl. The rest of the grains are chopping around on their winter highs.
Crypto did nothing.
my vibe
It was a week to remember and too much too remember. Data was hot Powell was not. Bonds went up anyway. The dollar went down and metals went down finally but the goose stepping selling had a fishy sniff. At any rate, metals picked a good day to have a pity party and the SLV sorts definitely caught a break …or made one? You decide. Theoption sellers still had to create ca 2 million shares, but they escaped the $29.50 strike and another 3.4 million.
I think the reason stock indexes are so dead and so unable to auction lower in the face of all this really unbullish news is… 50% of AUM has been put in a handful of stocks that a handful of operators control. The herd can die, the sacred cows will be the last to go, if they go at all. It feels like the HMS RISK is sinking, bow first.
DOGE is going to audit the IRS. RFK Jr. is going after the vaccine scammers.
ending the week with a bow and arrow … and a smile
Bon weekend!
JJ
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