We’ve got red futures quotes for the equity markets for a change, which is welcome. I must say, with all the trade announcements, the fact the market hasn’t BUDGED for over a week is kind of indicative of how little the market cares about the trade wars anymore.
These same announcements would have had us crashing back in early April, but as it is now, it’s just a giant shrug of the shoulders, as illustrated by the /NQ:
The /RTY is the same situation (with the arrow indicating about zilch has changed in six trading days). You’ll notice the small caps have been trying harder to break higher over the past week, since there’s so much more price action above than line than, as with the NQ, below it.
Still, red is red, and my surviving dozen short positions should all have good opens. As for what I’m bullish on, those are having a great time. Silver, which I haven’t written about much lately, is zipping toward $40.
And our new, good friend palladium is doing even better. It had a great day yesterday, and as of this composition it’s up again, this time more than 4%.
The Bitcoin chart looks very similar to both silver and palladium for the simple fact that the US dollar is rapidly becoming one-ply toilet paper. I personally will remain much fonder of assets I can hold in my hand and whose password I can’t lose. There’s a lot of excitement about $BTC since it’s up about $10,000 in just a couple of days, but don’t get too carried away by the nominal price. It’s a six-figure asset, after all. The fact is that palladium has, percentage wise, had a much better week.
Well, I just heard the opening bell, so I’ll go ahead and get my day started. Good luck!
