Tomorrow morning, before the opening bell, criminal master and all-around n’er-do-well Jerome Powell will do his “consequential‘ speech at Jackson ‘I’m gonna rip you a new” Hole.
Liquidity moves markets!Follow the money. Find the profits!
Since any pretense of an actual market has been dispatched via eleven years of blatant Fed control, everything is “on hold” until Uncle J lets us know what future he has planned for us.
My personal obsession, the small caps, have been repelled from a short-term horizontal line. Until they break the circled area, it hardly matters. We’re just banging around pointlessly.
Here is the longer-term view of the small caps, by way of the /RTY futures. We are tightly range-bound at the moment, and the ascending trendline you see goes all the way back to the March bottom. Breaking it would be a big deal.
The only asset which has been sucking out loud lately has been gold. My “Tim goes to the bullion shop” timing hasn’t been too terrible lately. Although I continue to believe gold’s multi-year future is very bright, short-term I got very uncomfortable above $2000/ounce, so I disposed of the majority of my holdings. We could be falling hard, although I think there’s excellent support in the 1700-1750 zone. You can see the breakdown in /GC happening here:
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