liah birds
market vibes
October 24 … )
"Love is the most important thing in the world, but baseball is pretty good, too." Yogi Berra.
Employment data, S&P PMI and home sales. With 30-year bonds ripping the roof off, I doubt last month’s data will carry much weight.
In the news
Tesla beat the bears again, rising $28 this morning on good earnings. WSJ says the IMF rates the US economy #1 in the world. Yankees Dodgers Game 1 in LA at 8PM.
In markets today
Palladium trades higher after the US asked G7 allies to consider sanctions on Russian palladium and titanium according Ole Hansen on X this morning. I’ve been burned so many times buying palladium I feel like an alky with an open bottle of whisky. Damn that chart looks good.
The noncommercial short in NYMEX futures was enormous for 2 years but it has fallen by half since August.
Net noncommercial short positioning is in blue (chart below) and still very big.
In other markets The dollar is weaker, bonds are higher, and stocks are higher on good earnings and Tesla’s beat. Bitcoin is up 1000. Oil is dead.
Next up copper, gold and a deep dive into SLV call gamma. Oh boy…
