We’ve raised babies into adulthood here in Knight Manor, but it’s been a long time since I’ve been awakened every 90 minutes or so by a needful youngster. With little Mishka in our lives, I’ve reacquainted myself with how easily I can wake up and go back to sleep, and miserable as it is, I’ll gladly take being up multiple times a night in exchange for the seeing the joy during the daytime. It’s worth it, but forgive me if my posts aren’t coming out at 5 in the morning these days like the before-time.
It hardly matters anyway. For the first time all year, there was a little red on the screen, but in short order that was wiped clean, including on the /ES:
One red quote that did persist, and quite deeply, was for palladium. I’ve been infected with record levels of FOMO on this one, so even though I have no stake in it, it was a relief for me to see this thing get hammered by over 6%. It’s quite ironic that my precious metals bullion (the real stuff you can hold) is worth more than my equity accounts, yet I’m still cheering for this morning’s precious metals weakness. It just stung too much to see PALL leaping every day.
Indeed, looking at palladium over the past few months, it’s tough to tease out what’s next. If gold and silver actually manage to sink a few weeks, I think /PA could get absolutely walloped.
For some historical perspective, look at /PA from 2019 to 2023. It is absolutely insane, with a range of thousands of dollars. Honestly, take a good hard look at this chart: absolute chaos!
I mean, I like to trade extremes, and I was tempted to short GDX yesterday, but with precious so strong lately, I opted out. Naturally, gold miners are tumbling hard this morning, but still, the whole PM scene is gonzo these days, and I think I’ll just let my bullion collect dust and quiet accrue value over the years.
As I mentioned in yesterday’s post, the first three trading days of the year sucked out loud for me, so I had really lightened up. My only sort of big position was a new EEM short, which is off to a nice start this morning. I’ve added to this and tightened up the stop.
I also noticed one of my easy predictions – – that Zerohedge would be endlessly bullish – – is clicking along just fine. It’s silly that they still have the “……drops to zero” as their motto, since they stopped being bears eons ago. I suggest they embrace their headline from this morning, “Everything Looks Bullish“, as their new catchphrase.
In the time it took me to write this, equity futures have turned from green to red, so who knows, maybe we’ll crash 0.000332% today. I’m going to start hacking through my charts now. See you soon!
