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The big tech news this morning was that Apple was going to license the Gemini AI (you know the one – – in which the founding fathers are all represented as black and Asian) from Alphabet (more popularly known as Google). My perspective is that all this achieved is to seal up the price gap, and, having returned to lifetime high territory, Google has already shot its proverbial wad.
Not to get all Dennis-Gartman-y on you, but I find these ratio charts of equities divided by gold to be intriguing. Here we see the Dow Jones Industrial Average divided by gold futures. It looks to be about 80% done with what might ultimately be a really magnificent, rounded top.
As I am typing this, equities are blasting higher across the board. That is undeniable. However, bonds just aren’t buying it. The bond market tends to be quite a lot shrewder than equities, and I think it’s worth noting that bonds basically topped out late in 2023 and have been meandering more-or-less lower ever since.
I’m sure you have often heard politicians utter the mandate (or threat) to “Drill, Baby, Drill!” This is related to the U.S. and its energy production, and the insinuation is that the embattled and over-regulated energy companies have been so badly hamstrung that the oil they are allowed to suck out of the ground is a pitiful trickle, and our problems would all be over if they’d just be allowed to, ya know, do their thing.
The reality, however, is that oil is absolutely roaring from our soil and sands, and the notion that energy companies are somehow being held back is a bit disingenuous.
This is a well-formed base, and the volume has been increasing lately. It’s too bad that market isn’t insanely overvalued, since in a normal market this would be an extremely appealing long position.
