S&P 500 didn‘t keep Friday‘s upside momentum, and slid below both 4,589 and 4,565 – with only low 4,550s stemming the decline with just one late in the day rebound attempt. Intraday clients though still benefited thanks to , and plenty of other good brief calls we made on Telegram. While I was warning about a pullback – and still expect a shallow and temporary one as rate cutting bets come again to the fore – one facilitated by rotations out of prior leaders (XLK and XLC), that‘s still a sign of healthy bull to me. Market breadth keeps improving, and even Russell 2000 came back to life. Gold, Silver and Miners(Click on image to enlarge)
Precious metals haven‘t made a top, but it‘ll take time to recover, even weeks as those fast Fed easing bets get tempered – in momentum, not in direction. Yields still haven‘t reached their bottom, and there is more to go – below 4.10% on the 10y easily before the direction turns sideways. The reasons for which yields are declining, hasn‘t gone away even if national , loose , US remains , and the loom. Precious metals bull isn‘t over – the upleg has only been severely dialed back unless rate cutting odds keep being reaffirmed with incoming data and USD turns back to 102.30 as a minimum.More By This Author:Overpowering PowellDisinflation Or Deflation? GDP Surprise Called
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