Financial News vs. Noise
More divergences yesterday with the NASDAQ up nicely, SPX up slightly, while small caps and the Dow were down. So far this morning it looks like more of the same, except everything is currently in the red.
One big driver is rates, which continue to come down.
Again, you could argue that the Fed dot plot was hawkish, with only one cut this year, but bond traders seem to think otherwise.
While the SPX and NDX continue to look like they are in raging bull markets, the Dow looks like a double top short sale.
IWM had an undercut and rally at the 50 day yesterday, but this morning it’s back below.
At some point this is all probably going to matter, but I guess not yet.
Argentine stocks popped yesterday and I will be looking to take some profits today.
On the long side the gold and silver miners are most interesting this morning. I bought GFI on the close yesterday.
This morning I am watching MAG, KGC, AGI, and PAAS.
Also looking at FCX in copper, would love to see 47 hold.
and TECK, which looks eerily similar.
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