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In spite of a few bright spots on the short side (NEM, FLR, AINV), it isn’t a good day for me, for obvious reasons. I’m probably the last person you think might say this, but looking at the broad indexes, if they can sustain this post-jobs rally through key resistance points (illustrated, for example, by the green line below, pierced by the conjectural arrow) then the bulls will continue to be in charge for months, if not years, to come.
Well, it seems that U.S. employment has actually got some momentum (and I daresay, on a non-financial note, this improves the chances of Obama getting a third term – – AKA Ms. Clinton). With another blowout month, one of the few assets that’s getting smacked down is gold (I mentioned on Tastytrade yesterday how miners were looking awfully long in the tooth, so I shorted NEM). Here’s the front month for gold as I’m typing this:
The BoE, in battling the fallout from Brexit (a decelerating economy), has dropped rates to .25%. Bond markets cheer, with US yields dropping (bonds up) and global bonds rising. From Investing.com…
I enjoy sharing my eclectic musical taste here on Slope, and this is a particularly excellent rendition of a favorite song of mine from H.M.S. Pinafore:
