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This Bull Trap Could Be Our Biggest Win Of This Week
Image Source: Unsplash One day left – let’s finish strong! Markets continued pushing higher after this morning’s 2-Leg Pullback…We’re still very bullish, but I see (3) reasons why this BULL TRAP could be our biggest win of the week!Emini and Nasdaq are both bullish into ranges tonight, and I’d love to short one of these (3) Bull Trap Setups tomorrow morning…Bull Trap #1 is the most desirable, but Bull Trap #3 is by far the easiest! E-Mini S&P (ES): Emini is bullish into a range – I’m looking for selling opportunities using bull traps after such a big move higher the last 2 days. E-Mini Nasdaq (NQ): Nasdaq is bul... -
Finance 0
A Steeper Curve May Cause The Technology Sector To Sink Further
Image Source: UnsplashI noticed something today that I hadn’t seen before in the same way, and it could help us understand why the equity market behaves in such unusual ways. It’s clear that owning mega-cap technology has been the “higher for longer” trade, but what’s even more apparent now is how that trade is being timed.The timing mechanism seems as simple as the yield curve, specifically the 10/2 spread. When the yield curve inverts, the XLK rallies, and when the yield curve steepens, the XLK declines. The next obvious question is why, and it’s likely because money rotating out of bonds needed a place to go—perhaps mega-cap... -
Finance 0
Stocks And Precious Metals Charts – A Disturbance In The Force
Image Source: PexelsMarkets looked at the economic data this morning and decided that the Fed is going to be handing out some rate cuts in short order.And so we saw the reactions to expectations of lower rates.Stocks rose sharply.Gold and silver took off, breaking up and out through resistance, and gaining ground all the way into the close.The Dollar fell.VIX continued to drift lower.It was gratifying to see gold and silver breaking out of their recent smothering in a trading range.Geopolitical matters are forgotten for now. Many have noticed the sense of panic setting in among the weavers of the dominant narrative. Mainstream talking he... -
Finance 0
Gold Surges To New Record High After Hot PPI As ECB/WSJ Trigger Dollar Dump
Image Source: UnsplashECB cut rates by 25bps as expected (along with a stagflationary cut to growth and hike to inflation forecasts) but all eyes were on US data. A hotter than expected PPI followed the hotter than expected core CPI pushed rate-cut expectations lower (although jobless claims fell). Interestingly, rate cut expectations for 2024 jumped after the ugly 30Y auction and WSJ Fed-whisperer Nick Timiraos comments (which were entirely useless, merely stating that policymakers were considering whether to cut by 25bp or 50bp)…Source: BloombergAs the chart above shows, the shift in rate cut expectations was away from 2024 and int... -
Finance 0
Nationwide Grocery Prices At 2024M01 Levels
Image Source: PexelsFrom the CPI release:Figure 1: CPI – food at home (blue), ERS forecast as of January (red triangle), ERS forecast as of August (light blue square), Chained CPI – food at home (light green), all normalized to 2020M01=1.00. Chained food at home CPI component seasonally adjusted by author using X-13 (in logs). Source: BLS, USDA ERS, and author’s calculations.Note that food at home prices are essentially at January 2024 levels, regardless of using the official CPI, or the chained CPI. Given August prices, the ERS August forecast (based on pre-August release data) suggests a slight downward movement in the remaining mo... -
Finance 0
Moderna Slashes R&D Budget, Stock Plummets Amid Profitability Concerns
Image Source: UnsplashModerna, Inc. (MRNA) announced today a significant reduction in its research and development budget, sending shockwaves through the biotech industry and causing its stock to plummet. The company, known for its mRNA technology and COVID-19 vaccine, plans to cut $1.1 billion from its R&D spending by 2027 as it grapples with commercial setbacks and a shifting market landscape. Moderna’s Strategic Shift and Pipeline Adjustments In a move described as a “more selective and paced approach” to drug development, Moderna outlined plans to reduce its annual R&D spending from the current $4.8 billion to between $3... -
Finance 0
Why Chinese Traders Might Push Gold (And Silver) Prices Higher
Image Source: PixabayChina’s traders have had a massive impact on gold and silver prices, with a 400% surge in trading on the Shanghai Futures Exchange in 2024. While gold could soon hit $3,000, silver is also seeing gains thanks to seasonal patterns. Historically, silver prices spike at the end of the year, and analysts expect a similar trend in 2024. If Chinese demand continues, it could push gold and silver prices up together, making these metals a favorite for investors seeking safe havens amid economic uncertainty.China’s Influence on Gold and SilverChinese traders have driven up both gold and silver prices as economic fears grow. A... -
Finance 0
What’s Behind The Recent Rally In Crude, Looking Ahead What’s Next?
Image Source: UnsplashThe price of West Texas Intermediate crude bounced 6 percent from a recent low. What’s going on?Chart courtesy of Investing.Com, annotations by Mish.Note that Investing inverts the month and day vs US standard order. U.S. readers may find this confusing. Might I suggest an order set by location or a switch set by the user?Fundamental or Technical Bounce?Yes, and yes are the answers.A long-term chart shows the technical picture. And the longer-term it is not pretty for crude bulls.$WTIC Texas Light Crude Weekly ChartImage courtesy of StockCharts.Com, as of 2024-09-11 (yesterday). Annotations by MishIf you are looking f... -
Finance 0
Here’s Why Treasury ETFs Are Scaling New Highs
Image Source: PixabayTreasuries have been witnessing strong momentum in recent weeks, buoyed by Fed rate cut speculations. The latest inflation data signals confirmed bets that the Fed will cut rates next week, pushing up Treasury ETFs to new highs. Notably, the 10-year yields dropped to a 30-month low of 6.82%, while 2-year yields are hovering near this year’s low of 3.67%.While the Treasury rally has been broad-based across various maturities, we have highlighted five from different ends of the yield curve that scaled to new highs in the latest trading session. These are iShares U.S. Treasury Bond ETF (GOVT – Free Report),... -
Finance 0
The Next China For Silver
Image Source: PixabayChina’s dominance of the solar manufacturing industry runs to the tune of +80%, so it’s not surprising that country dominates silver headlines.But investors need to take stock of India’s growing influence on silver markets. Long known as precious metals afficionados, Indians have been storing their wealth in gold and silver for a very long time.Indians buy gold and silver as a method of savings, especially because it can always be sold for cash if needed, and because they have little trust in their currency which has gone through endless, dramatic cycles of debasement.Indians are big gold buyers, and they buy with ...
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