US equities are choppy, as the bulls are battling to keep indexes positive. Gold $1966, with Silver $26.13 (notably back above $25.50 threshold).
sp’60min
VIX’60min
Summary
Well, its 11am, which offers the bears first opportunity of a turn. If not, there is always 2.30pm.
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notable hysteria: GME
Gamestop has seen a full reversal, and its indicative of fading s/t bullish hysteria.
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notable weakness: ARKK
This morning’s performance is especially lousy relative to the positive main market. If equities do broadly resume lower, with SPX <4K, I have to see ARK to $40 or so, with Ms. Wood to step down.
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notable steel: CLF
A case of bullish chasers, ‘inspired’ via JPM. I almost wonder if 39/40 will be seen before end month.
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notable miner: FCX
A new historic high, as a number of upgrades are helping, with Jefferies leading 58>65. M/t bullish to psy’ $100 with copper 7/8s.
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I’d usually slate this guy for his hysterical (Zerohedge inspired) doom-porn, but in this case, the issue of Diesel, and the implications for the transports, and broader economy merit attention…
Its only late March, but the systemic ‘breaks’ are widening.
Rationing at the gas station this summer appears a high threat.
That won’t help Q3 GDP, which I have to see as prone to being outright negative.
Yours… in the land of $8.50 (or so) Diesel.