let go or be dragged
market vibes
“It’s like an escalator. You don’t go up if you don’t get on.” Patrick Beverly
In the news
Inflation in France sinks to a 5-year low. Consumer prices rose 0.4% from a year ago in January. Meanwhile, Australia hiked rates 0.15 bps to 3.85% from 3.6%, and of course there is the BOJ. Kevin Warsh has been making the rounds marking his territory with forewarnings that a new regime transferring power from the Fed to the Treasury is coming soon.
In oil… Columbia’s president will be at the White House today. Trump says there will be meetings with Iran on Friday. The BLS said yesterday they were not going to release NFP data on Friday due to the shutdown. And just like that… all quiet is in Minnie.
in the the markets
Gold prices are developing higher. A friendlier narrative is beginning to soothe the jilted and reward the diamond hands. We have a 1-bar DMI false positive (one red bar) with a high-volume isolated low. Three positive indicators at the bottom of a spectacular flush. I would get off the right-hand side of the ladder and stay off.
Silver reminds me of a “Wanted Dead or Alive” gangster that escaped from a max-security prison and he’s been caught. It doesn’t matter that the crooks are running the jail (just jokin’); silver has been shooting up the town and he’s back behind bars. I doubt he’ll stay there for long.
