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Commodities have been corrected hard, generally to support
It is amazing how compressed the cycles are in the markets these days. But maybe it’s not so surprising when you consider the constant involvement of meddling, manipulating central banks and even governments. Add a dash of hysterical media and the human instinct for knee-jerk herding and voila, there you have it; sentiment in commodities (and the inflation trades in general) going from absolutely rock solid (over) bullish to bleak in the span of a month.
All of this in the wake of an entity that held out dovish as long as it could before being directed by the market to put on its hawk costume and go steroidal in its inflation fighting stance. Seriously, market participants are taking their cues from a monetary authority that itself is taking cues from the bond market’s signaling (tardy though they were on the uptake). The link above shows the 3 month T-bill yield’s directive that the Fed aggressively raise rates back back in February. There were other signals as well demanding the same.
Those of you who follow my Twitter feed might recall that early on June 17th, I called the market bottom. See, YOU might recall, but I certainly didn’t. I was only reminded of this when widely-followed @jedimarkus77 was kind enough to remind the world that I nailed the bottom within a couple of hours. Now I can combine my charting prowess with an ability to actually listen to myself, I’d be all set.
There’s not a doubt in my mind that the crypto world is breathing a sigh of relief, now that everything is rallying. Ethereum is well above its psychologically-important $20,000 level, and Ethereum is above its $1,000. I would like to point out, however, that until and unless they cross their horizontal resistance lines, it’s just meandering in a range, as it is inclined to do, sometimes, for weeks:
Precious metals have been stinking up the joint since the year 2011. That’s pretty pathetic when you consider how every other asset, from kitty litter to Dogecoin, has thrived in that same timespan. As I was looking at the junior miners (GDXJ) I thought, hey, maybe that’s primed for a hearty bounce, considering where it is at relatively to its trendline.