S&P 500 Bucking Yields

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Stocks went up in spite of both 10y yield beating 4.33% prior top, and also 3m edging higher to 5.57% – tech, discretionaries and communications couldn‘t care less. But it was far from an easy day as the sellers held the upper hand half of the regular session – environment more suited to quick Intraday Signals moves just as much as today‘s fine morning of at least two dozen ES pts captured.

Stocks simply overpowered yesterday‘s VIX sticking out as a sorrow thumb, and decided – with the odds being that would stretch to financials directly today as well – to ignore the latest batch of downgrades.

Citing tough operating conditions, sure I get that, but the wise banks are unloading exposure to high yields if they hadn‘t done so to a good degree already – then, there is more from commercial real estate and other collateral with rising JGB yields waiting in the wings to bite. But not today, for all the pre Jackson Hole hammering, not today, no credit event on the nearest horizon.

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Let‘s move right into the charts (all courtesy of www.stockcharts.com) – today‘s full scale article contains 3 of them.

Gold, Silver and Miners


With those yesterday and last week given supports holding even if gold undershot it by $15, the tide is slowly turning in precious metals. Especially miners are hinting this isn‘t the time of a raging bull upleg yet, but rather of basing with a bullish bias.

Crude Oil

Crude Oil

Crude oil isn‘t yet returning to rosy upswing days by any means – I‘m rather looking for a setback first. It‘s an open question whether $80 holds, or $78.50 gets thoroughly tested. Given the quicksilverish WTIC character, anything in between is possible.

Likewise copper is showing too low volume on the upswing, and may go for low $3.70s again.

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All essays, research and information represent analyses and opinions of Monica Kingsley that are based on available and latest data. Despite careful research and best efforts, it may prove wrong and be subject to change with or without notice.

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