Good Morning.
The dollar is flat and listless so far. Bonds are slightly soft. Stocks are also sideways. Be aware last week’s run up was post Taper news and during infrastructure news. Sideline money may have had to go to market. How much more of this there is remains to be seen
Gold is up a buck from Comex settlement. We talk about behavior in the podcast. Copper is near a recent low and percolating, but nothing substantive yet. Oil remains bid relentlessly. Wheat is the grain everyone wants still.
Bitcoin and Ethereum are on a tear from Friday.
Gold: Globex vs comex behavior. Buying remains.
New ATH on the horizon. Good news, ETF behavior. Translating Moor levels
Elon Shrugged
Musk said he’d abide by a poll in deciding if he should sell 10% of this Tesla holdings. Our take: More free PR for the guy who likely decided he was selling anyway. With a bonus, if stocks drop he can play John Galt and say to the Dems “ See what happens…”.
Guidance
Federal Reserve Chair Jerome Powell will make the opening remarks at a diversity conference, with his comments likely to be watched for any reference to minority employment. Fed Vice Chair Richard Clarida, Philadelphia Fed President Patrick Harker, Fed Governor Michelle Bowman and Chicago Fed President Charles Evans also speak today at various events. The U.S. is selling $56 billion of 3-year notes at 1:00 p.m. From today the U.S. is open to vaccinated travelers. PayPal Holdings Inc., Virgin Galactic Holdings Inc., US Foods Holding Corp. and retail investor favorite AMC Entertainment Holdings Inc. are among the companies reporting earnings.
Zen
Problem solved