The PCE came out, which was widely anticipated, but it turned out to be a total nothing-burger. It came in at 0.3%, just like predicted, because, as we all know, inflation is only 3.6% like, for realz.
The /NQ is down not quite half a percent. A week ago, during the explosive rally, the /NQ peaked where I’ve marked the arrow. That level seems to have quite a magnetic effect on prices, and it’s almost precisely where we are right now. It represents a new equilbrium until something new comes along the shake things up.
What I’m wanting to happen is for precious metals to continue to rally while equities crumble. We are getting a TINY taste of that right now, as gold seems to be shaking off its correlation to equities (at least for the past few hours!) My “bullish precious/bearish stocks” kind of depends on this correlation breaking.
Well, the bell is about to ring, so I’ll go ahead and post this and we collectively enjoy our last trading day before another #*(#)*#))@)#& three-day weekend.
