go fly

market vibes

May 23…)

“Brevity is to soul of wit.” Shakes

Bonds are extending yesterday’s strong reversal higher this morning. The dollar is weaker. Gold is up, platinum is up, oil and silver are unchanged. Trump is doing his thing, Harvard is reeling, and the Earth is turning, albeit atilt on a shrugging Atlas.

The data offering is as sparse as it has been all week:

Platinum is up again on rising OI and rising volume. All systems, “Go fly.”

Bitcoin futures are steady on the highs with rising open interest and volume. A market that clings to its highs implies unfilled buying below.

COMEX June gold is back to its point of control at $3,325 on rising open interest and relatively good volume. We’ve seen this movie before in the mid-$2000s. It’s a pretty good one.

S&Ps are stuck at their highs on low volume and an enigmatic necrosis plaguing open interest. The longs won’t sell them, and the shorts won’t cover. I suppose the market will sort it out in good time.

The long bond is doing a good impression of Eastwood in Gran Torino, “Get off my lawn.”

July WTI crude oil is chopping around $61 on every little “nyet” and Lavrov comment. Rattling is a better word. This is the kind of micro-balance that precedes dangerous voids. Got a hunch??

In other markets, silver is in its usual Friday option expiration anesthesia, pending the hammer to get under SLV sub-$29/share. CME yen, euro, and CHF currencies are nicely bid. Copper is tracking silver.

my vibe

Pardon my brevity but I have written a few Memorial Day notes for the long weekend, which I’ll post a little later. It should be a snoozer today.

Summer all of a sudden!

good luck today…

JJ

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