Yet another delayed economic report came out today – – this time, the CPI – – and it was unexpectedly cool compared to expectations. Based on this encouraging news, bonds and stocks ripped higher, with the /NQ, for example, up almost 400 points before the opening bell.
This was aided in part by the earnings report from Micron (MU), whose own stock blasted over thirty dollars higher than its lows from yesterday.
As bullish as all this is, I would again ask you to step a few paces back and look at the bigger picture. Here, again, is the /NQ, but on a longer timescale. Yes, we’re solid green this morning, but we’ve all seen this movie before.
Gold continues to struggle to resume its up-every-day ways. It has rallied off its modest overnight weakness, but as of this writing, it’s still down a little.
In sharp contrast to this, my “trade of the year” Palladium (which in my head is now pronounced pallarghhhhhhhh) just keeps tromping higher day after day and night after night. When I first wrote about it at the start of 2025, no one cared about /PA, but now it is a superhero.
I’ve been having a grand old time lately, but it’s going to be a rough opening bell. My juicy profits in MU are going to get zeroed out (and the position, stopped out) and a solid green screen isn’t particularly helpful to my short positions. As always, I’ll just keep tending to things one position at a time.
