ghost markets
market vibes
ADP employment this morning came in +104,000 vs +76 expected. GDP was strong at 3% and inflation data was mixed to dovish. DOE petroleum data at 10:30.
Microsoft and Meta report earnings after the close today, Apple and Amazon on Thursday.
In the news
So far the Kamchatka Tsuami looks about as stormy as the S&P.
In oil news, Trump imposed a 25% tarrif on India and “a penalty related to its purchases of Russian military equipment and Russian energy .”
Putin stepped up attacks in Ukraine. “Despite Trump's threats of tariffs, experts believe Russia is unlikely to change its approach to the conflict, especially given its economic ties with China and India. (Tension between Trump and the BRICs is palpable, imo).
Ghislaine Maxwell wants clemency for testimony. A Hunter Biden, Jasmine Crockett ticket for 2028 is making the rounds on cable.
In the Markets
December gold has been effectively unchanged since Monday’s settlement. Open interest is the only metric moving, and its correlation with the rally and sell-off last week is lot-for-lot complete. Silver trades heavy. PGMs seem to have taken the baton.
Next up, a technical deconstruction of the rally in oil, pondering what happened in Stocks in April. Will the dollar rally? Will bitcoin fail? And trading the ghosts of last year’s markets in the vibe.
