Palladium, a long-time favorite here on Slope, is higher by over $70 this morning. This has basically become the train I told everyone to get aboard while I stood on the platform waving them good-bye. Sheesh. Anyway, I’m glad the chart was so spot-on.
The question is whether precious will ever take a much-needed rest (lasting more than a few hours). Gold is up, but only about one-fifth as much as palladium, and it hasn’t matched its high from late last week.
Silver is likewise higher, but again, it may have marked an important intermediate-term top late last week. If gold and silver close red today, they may be in for a soft week or two.
One market which has been steadfastly week lately has been crude oil, which is probably indicative of the true underlying prospects for the global economy.
My main interest is what’s going on with the /NQ, which as of this composition is up over 180 points (which sounds big) which is only 0.7% (which isn’t so scary). I’d like to see the past couple of weeks constitute a reversal, but today will be an important “tell” in that respect.
Meanwhile, fear continues to absolutely vanish, as the trading public has had nearly twenty years to be assured that the market will never, ever go down, thanks to an endlessly accommodative Fed and a $38 trillion in debt federal government that will happily go to $100 trillion in debt if it can make sure the public is convinced of this falsehood. Let’s just say 2026 is going to be memorable.
I also want to mark the passing (well, horrible killing) of Rob Reiner and his wife, evidently by their own son. Mr. Reiner was a part of my generation’s own cultural life, between his role in All in the Family and his directorial leadership of Stand by Me, Spinal Tap, etc. He is shown here with River Phoenix, who also met with a tragic death.
Between Bondi Beach, Brown University, and Rob Reiner, there was far too much death and sadness over the weekend. Rest in peace.
