mashed no gravy.
market vibes
Manufacturing and home sales data at 8:30 and 10 AM today. These numbers are beginning to remind me of checking the cafeteria menus walking into high school every morning. The service of them is eerily similar as well. Mashed, no gravy. Plop …
In the news
The Assassination still dominates as the head of SS sends a message to the nation and it’s elected reps, “I don’t report to you.” Kamala has the delegates and the money to be the nominee, according to the press. It’s not a honeymoon but the bridal registry is filling up. In the conspiracy corner posts, on X say Biden stepped down because he’s dead. Of course that’s not news. The fake Biden head mask narrative was toddler in 2019. In lesser news, there is no lesser news. Mashed no gravy, I’m afraid.
The gravy thickens in gold.
December open interest rose to 292k lots on moderate volume yesterday. August OI fell to 210k as the formidable army of gold OI marches forward in time.
Unexpectedly aggregate OI went up by 11k lots indicating responsive buying circa $2400. The spread has tightened a couple of dollars since the 18th of July, rising from a low of -49.50 to -47.20 yesterday. This might be random, or it might be a divergence.
One thing is plain. In previous rolls longs and shorts liquidated early and eagerly. So far in terms of net exposure both metrics have gone up. Or otherwise said, no one has gotten out.
