In spite of what happened between July 16 and August 5th, the market has not lost its ability to be incredibly annoying and frustrating. Below we see the /ES over the past twenty-four hours or so. It blasted higher on Tuesday, then it sat for a dozen hours going nowhere, and then it went into up/down spasms after the CPI. As of now, the /ES and /NQ have gone bright green again, with the small caps being the odd man out.
At the same time, gold has slipped lower off record highs.
Silver, too, seems to have lost its way.
In a twisted way, I’m kind of relieved that metals are weak. Although I intend to hold on to my physical gold and silver in perpetuity, I got out of GLD and SLV as trading vehicles yesterday, since they seemed overextended. Thus, a not-great day like today would feel extra lousy if precious metals were skyrocketing. So, umm, thanks for that.
It seems that, once again, All News is Good News. The chilly PPI yesterday set the market on a skyward trajectory, and today’s same-as-expectations CPI didn’t seem to chill the buying either. I guess over a trillion dollars in corporate buybacks year after year has a lot of power.
