What Happened? | Market Rundown

Stocks, Gold, and Froth

Feb 03, 2023

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Housekeeping: We picked up a lot of new premium subscribers. Thank you. This post is one of the typical weekday posts we send out frequently in combination with an active trader’s Technical Analysis podcast. Sunday will be a longer post with the week recapped and extra goodies at the bottom. These are all with Silver and Gold in mind but all things monetary are on the table.
Cheers

Today:

Market Rundown.
Market Comment.
Also: GS, JPM, BBG, TD, TS.

1- Market Rundown:

Good Afternoon. The dollar is up 96. Bonds are down most pronouncedly in the short end of the curve. Stocks are mixed but mostly mildly negative. gold is down $46. Silver Fu. are down 1.23. Oil is done 49 cents. Nat Gas is down 6 cents. Crypto defies at up 40 to 140 bps. Grains are offered down slightly.

**GOMEX SACHS TELLS HIS WIFE MORTICIA THAT GOLD IS DOWN AGAIN**

2- Market Comment: What Happened?

The last three days have shown violent action in multiple markets but logical in directions chosen if not their magnitude.

WEDNESDAY:

The Fed rate hike came in as expected and the statement was slightly bearish for stocks, but the interview yielded a comment by Powell that caused stocks to take off along with Bonds, and Gold. He essentially said in response to a question about the strong FCI1 - Yes I see it has gotten strong, but over the last year, it has been weak, so I’m not giving the short term action in it much credence yet— and that catalyzed the run up in everything. Then Meta added jet fuel with a buy back announcement. As for Gold and Silver: We noted that day during the gold rally, while strong, was not really that good given the huge drop in the DX ( down a full 100 points)