Good Morning. The dollar is up 71 points. Bonds are weaker at the front end. Stocks are down 65-120 bps. Gold is down $30. Silver is down 72 cents. Crude is unchanged. Nat gas is down 2 cents. Crypto is down 90-175 bps and grains are mixed.- 8:11a.m.
Comment: Europe raised rates, and in combination with the Fed tough talk, EU people are recession focused again.
Today Retail sales
8:30 am Initial jobless claims Dec. 10
8:30 am Continuing jobless claims Dec. 3
8:30 am Retail sales Nov. -- 1.3%
8:30 am Retail sales excluding motor vehicles Nov. -- 1.3%
8:30 am Empire state manufacturing index Dec. -- 4.5
8:30 am Philadelphia Fed manufacturing index Dec. -- -19.4
9:15 am Industrial production index Nov. -- -0.1%
9:15 am Capacity utilization rate Nov. -- 79.9%
10 am Business inventories Nov. -- 0.4%
Excerpt:
Today we read the GS 2023 tactical trade ideas. Included are the rationale, specific instruments, the targets, the stoplosses, and the details. Something to definitely read and watch
Here is some color on their Gold rationale
…this means that growth concerns can outweigh the impact of tightening and gold should continue its current positive momentum higher. We expect gold to reach $1950/toz on a 12m horizon due to a stabilisation of ETF holdings, and positive impulse from China reopening and CB buying.
Downside risk to this view would be a sharp acceleration in US growth which would dampen golds appeal as a safe haven. On the flipside, a US recession could push gold 20-30% higher as the Fed cuts rates
