interloping blockers
market vibes
March 24…)
As the last week of the 1st quarter of the year draws to a close, the benefit of hindsight is approaching as quickly as Eliot’s cruelest month. Bull markets in gold and silver have faded like a good pair of jeans. A war so called has flitted by the eye with such merciful brevity and micro mortality the only residual scars on the markets are a 5% dip in stocks and a 5% yield in Treasuries. The media’s obsession with political prices has sidled over to gasoline from eggs. Real estate is still massively offered in Florida and the Middle East is shuffling the deck for another round of liar’s poker.
More than anything in the moment this Tuesday morning bears a sense of weary fatigue. Two 8 sigma 40% moves in silver and oil, closing the Strait of Hormuz, a flaccid oil spike and the end of Israel and Iran as we have known them for the last 50 years will someday make sense together… 50 years from now. NATO is dead. OPEC is dead. Drilling for oil in Alaska again. Drilling for oil in Venezuela. Peak oil supply and peak oil demand are both alive and well.
in the markets
Gold fell 23% high to low in the month of March and held its 200 D MA on high volume yesterday. I won’t plant a flag on the low yet but these are the signs a long wants to see. More on that in the vibe and a checkdown on the long bond….
