zero edge
market vibes
May 20…)
“One of these days…”
Just one US economic release today, Philly Fed at 8:30 which printed the lowest since 2020 on April 25th and ticked up 1% to -41.9 this morning.
In the news
“China imported the most platinum in a year last month, as its relative stability enhanced its attractiveness over surging and volatile gold.” BBG via Yahoo
And… China imported the most gold in nearly a year last month. Total gold imports reached 127.5 metric tons, an 11-month high, according to customs data released Tuesday. This represents a 73% jump from a month earlier. The central bank eased restrictions on bullion inflows in response to strong demand from institutional and retail investors, according to Bloomberg.
Six FOMC speakers on the wires again today, Bostic twice, again working a 12-hour day! A few op-eds echo Bostic's comments yesterday that “a less aggressive approach to rate cuts than markets are currently pricing” is likely.
It feels a lot to me like last July when stocks were making all-time highs and the market was obsessing about a cut it didn’t need. We definitely don’t need one now.
The S&P is actually worth more than it was before Trump was elected on November 5, 2024. Whether that is a reflection of his policies or an auction value in spite of them, time will tell. For now, the steadfast who hodl’d made fools of the sellers again. At any rate… the odds Powell is going to cut rates into a lofty stock market and a stable dollar are < nil, imo.
In the markets
Looking for an edge in platinum for a change. Silver and oil, still on hold…plus stocks, bonds, bitcoin and the vibe. Here we go…
