Drag Race

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I watched Trump’s speech last night, and although I’m certainly not going to get into politics here on Slope, I do want to at least note this: when he mentioned in carefully enunciated letters LGBTQ I had one of those “whoa!” type moments.

To be clear, I certainly have no quarrel with his (ostensible) expression of support. But can you imagine teleporting back to, say, the 1984 Republican convention and telling those folks from not-that-long-ago that their candidate in 2016 would proclaim his support for…………..transvestites? (I know the term is “trans-gender”, but we’ll use a more 1984-ish type term).

It’s bizarre enough that a real estate developer and reality television star is this close to the most powerful office on the planet. Pandering to cross-dressers, though – – – pretty wild stuff! One can only imagine what groups will be embraced in 2020.

Candlestick Commentary

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It certainly was nice to get a down day for a change. I wanted to share three charts and a remark about each one. These are all short-term candlestick charts.

The first is the ES, which has been in a bullish uptrend since the (now laughable) Brexit event. Until and less it breaks beneath the level I’ve marked below, which is both the upper trendline of the pattern as well as the post-jobs report gap, the uptrend is intact. 2125 needs to be busted before the bears can really breathe any sigh of relief.

0721-eds

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Gold vs. Commodities

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The signals of gold vs. other assets and markets have become so important to financial markets over the last year (hello Macrocosm, July 27 2015) that I have created a standard segment in NFTRH called ‘Gold vs.‘.  The segment regularly checks up on gold vs. stock markets, currencies, bonds and of course, commodities.

Here is the state of the latter.  After the chart I’ll summarize some of the market signals.

au.crb

  • Au-CRB is in a long-term uptrend.  This uptrend has been in place since late 2014, when not coincidentally, volatile market disturbances started to erupt.  The uptrend is in place, indicating a generally counter cyclical global atmosphere.  If gold breaks down vs. cyclical CRB the ‘inflation’ play would drive hot money out to other areas beyond gold mining.  If not, the favored gold mining fundamental backdrop will have held up.

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