Higher. But no new high yet.
Markets:
Solid green around the world as populism defeated in the Netherlands. Geert Wilders lost. Now the Euro Zone can breath a momentary sigh of relief. All eyes are now on Marine Le Pen in France.
Mood:
Credit markets are red, though. And already seeing signs that the Fed's "dovish hike" is leading to mixed mood. Goldman Sachs (who is basically running the cabinet at this point) is already warning that "this is not the reaction the Fed wanted," and that the Fed has lost control of the market.
I agree.
For now, let the gold bugs have their fun.
FX:
Oddly EUR is down. CHF & JPY warning yet again, though rather faintly at the moment.
Heard it again yesterday for the 4th time in the past three years: "Get out your peanut butter. Get out your jam. The dollar's toast."
USD is targeting the 97 area. After that we'll see.
MXN loving it. Ripping.
Treasuries:
Here's where the party could come to a screeching halt. Prices are not confirming the current rally in precious metals.
Energy:
WTI crude higher while NG hammered lower.
Metals:
Metals are ripping higher. Bitcoin down almost 3%. But hold on.
Mere days off recent lows and gold fever is everywhere. That's an unstable market.
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| Source: Marketwatch |
Got what I wanted from the S&P. Trimmed gains on SSO and am now sitting -- sitting for new highs.
If a more complicated ABC-down is playing out -- meaning that prices roll over from here -- that's cool too. It's much more likely the correction would just continue for a bit and give better prices to buy in.
Looking for new highs be sold, with extreme patience, as soon as internals don't match the euphoria.
And there's a lotta that. Have to go all the way back to 1987 to find as much.
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| Source: @Not_Jim_Cramer |
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