Waterloo
market vibes
May 16…)
“Someone's got it in for me
They're planting stories in the press
Whoever it is I wish they'd cut it out quick
But when they will I can only guess
They say I shot a man named Gray
And took his wife to Italy
She inherited a million bucks
And when she died it came to me
I can't help it if I'm lucky” Idiot Wind, Dylan 1975
Data releases today include the BLS import and export price indexes which in light of the new tariffs came in a bit hotter than expected.
The U-Mich1 year inflation expectations at 10:00 AM EDT are expected to be unchanged from last month at 6.5% Here’s the U Mich 1 year inflation survey metrics ans chart.
In the news
An Instagram post by James Comey blew through social media like an idiot wind yesterday. Some called it free speech, some called it “fire in a theater,” others claimed it was high treason. In the UK, he’d be in prison for life by now. In KSA, they’d cut his head off. In Ukraine, it’s off to the front for you, old boy. It’s good to be an American.
In other news, Trump’s rolling thunder probably wrapped up yesterday, and although there are no details on his return, he’s probably stateside already. The cache of cash he brings home is a sizeable haul, specifically billions in trade deals, too many to list, and trillions in future commitments… and a shiny new jet!
Sorry to be so late with a note this morning; out late and slept late! So enough news, which is anything but what we call it. Let’s get going.
In the markets
On the 8th of May, June gold settled at $3422. In the next 8 sessions, Comex gold transacted over 2 million lots as prices fell $300/toz. Open interest did not change by more than a few hundred lots and remains this morning unchanged from May 8.
Whenever a market is moving directionally and open interest does not change, one side of it is not participating. What this means is the buying yesterday was either done entirely in another venue (London) or swapped off the Comex at settlement, a facility about which I have no clue whether or not that is even possible.
More gold, oil and stocks straight ahead… Here we go…
