Welcome to the final five days of the first half of 2019. It’s a pretty quiet morning, in spite of the looming G20 meeting and the all-too-important China/US trade talks re-ignition. I was pleased to see that, following this G20, there isn’t one until late November 2020 (interestingly, after our own elections). These meetings are annoyingly loaded with suspense and excitement which really never amounts to anything.
Looking at the /ES over the past few days, we haven’t been trending strongly in either direction. On the contrary, we are sputtering toward the apex of a small triangle pattern, as the market is desperately seeking some new reason to make a move. As it is now, we remain more or less at 2950.
Gold continues to power higher, although there’s a modest price barrier at around $1415 it needs to conquer. It’s interesting how lately we’ve moved into a mode in which everything moves higher (bonds, gold, equities) instead of the kind of “rotation” that is more typical. Gold’s recent strength, it seems to me, points to growing tensions under the surface of the global political state.
As for myself, I’m going to enjoy my last few normal days until I get swept up into a whirlwind of global travel. Simultaneous with that, our efforts to overhaul the Slope infrastructure (for the sake of raw speed) and add new features (which continue to tumble down the chute) will press on.
