I hope you saw my Midnight Futures last night / this morning.
Not much has changed, in fact the Index futures continue to gain upward 3C momentum. The only differences I noted pre-market were gold and silver look as if they'll consolidate/pullback, but this is likely part of a larger base, it does not look like bearish activity for either PM. Oil also looks like it will pullback, that looks more like it may be an intraday pullback, but being Op-Ex Friday as every Friday, who knows.
Treasuries are flat.
I'm thinking the USD/JPY cross or at least $USD strength that I mentioned last night is likely responsible for the PMs and oil as well as the more bullish look to Index average underlying tone as the USD/JPY is a carry cross currency pair.
Is interest rates about to start going up?
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Yes, I know - it does not make any sense - FED is about to cut
rates...but....real world interest rates are not always what FED wants it
to be.
5 years ago
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