la vida loca
market vibes
july 31…)
in the news
The Spanish government has apparently abolished its borders and immigration enforcement. Officials estimate 50,000 migrants have swarmed into a city of 80,000. This X-post and thread offer some insight why this is happening. Unfortunately if you are Spanish, owning gold and silver is not a safe haven in a situation like this… unless the metal is melted into bullets.
The BOJ held its call rate at 1.00%. Scott Bessent opined “The yen looks undervalued” yesterday. Lol…I love a dry wit.
According to Vanda via Barchart on X, retail selling hit a record high on Wednesday. I am reminded of the press highlighting an influential note from Citadel on Tuesday messaging a bearish likelihood of an FOMC hike. I wonder what Citadel was doing on Wednesday. Buying or selling?
in the markets
NDX futures are trying to push higher for whatever reasons, few of them good. The Korean Crash is over. Retail is out and the earth still turns so there is that. However, the Yen is holding its gains, long bonds are down very hard. Short dated rates are higher. I think apart from uncertainty, high interest rates are the arch enemy of stocks. Why on earth Wall Street wants them is curious. More on that in the vibe.
