The PPI numbers just came out, and it was pretty much a non-event. It didn’t move the markets very much. The more meaningful move was due to the fact that, for the 38th time in the past two months, we’ve won the Iran war. Thus, equity futures are all up fractionally, although it’s important to keep in mind that over the past week the /NQ has done nothing more than hammer out a series of stumbling lower highs.
Looking back even farther, we’ve only unwound about 15% to 20% of the insane rise that took place since March 30th. What’s incredible to me is that if we merely retraced from the peak only about a week ago down to where we were in late March, that would represent almost ONE THIRD of the entire value of the /NQ! As closely as I follow markets, I was stunned this morning to realize that one simple fact.
Precious metals continue to get hammered, but my long-held support level of the psychologically important $4,000 level on gold is very close. Perhaps the selling will end soon.
Silver has its own psychologically significant floor at $60, which is getting close.
With all of that going on, I am again toying with the idea of making getting long palladium again, if only it can find firm support at its own horizontal. We shall soon see.
As for this post title, it merely refers to the fact that, for the last time in our natural lives, we are going to live in a world without the ticker symbol SPCX. Tomorrow is the big day, as my own anticipation is roughly equal to Kirk giving Alice Eve the onceover.
