Good morning, everyone. That’s not something I would have typed yesterday, and given my experience twenty-hours ago, I was bracing myself for God-knows-what this morning. For the moment, at least, everything is down (ever, ever, so slightly) as we’ve been during a very slow burn all night long leading up to this massive OpEx day.
The past couple of weeks have been – – well – – something else. Until last Wednesday morning, things were just hunky dory, with the CPI providing one of the greatest fake-outs ever. After that selloff, it was just rocket boosters, with literally hundreds of points slapped onto the /ES in a matter of days, blasting the market to levels never seen in human history.
One of the few assets whose endless ascent I applaud is gold, which is getting within spitting distance of $2700 an ounce. I’m highly confident we’ll be quoting gold as $3_____ next year on a regular basis, as the world realizes the Bozos at the Fed have pushed us into a severely inflationary period in which the US dollar is becoming one-ply toilet paper.
It may seem old school, but keep an eye on copper (as the very annoying expression goes, “Doc Copper“). That’s a neckline with merit. I’m watching for a clean reversal lower.
Meanwhile, enjoy some music, although this version is a bit fast for my taste.
