Equities continue to go absolutely nowhere. Here’s the /YM for the past week. Sure, there’s some smoke, but absolutely zero fire. It’s dead, Jim.
The reason might have something to do with the fact that there’s just one specific, once-in-a-lifetime sector that’s getting all the attention and all the money. If it weren’t for AI, we’d be in the depths of a recession.
Although equities are moribund, precious metals aren’t. Gold sold off pretty hard last night and then shook it off just as quickly.
All of which makes sense, because the breakout from that triangle was one for the ages.
And my palladium call continues to be absolutely brilliant, even though the creator of that idea……..not so much.
This week has been a grind so far, particularly emotionally. I’m hoping we can turn the corner today. Keep the faith!
