Back To Cautious Buying

(MENAFN- Investor Ideas) S&P 500 bears were winning till services PMI, which turned equally much the Nasdaq around too, delivered very risk-on sectoral showing. ADP employment change was all right, I looked for a strong beat, but expected the same from services PMI given the earlier successful call for manufacturing PMI to overcome expectations. So, only our swing trading longs were rewarded while I managed to score a Wed draw (B/E total) in the intraday channel.

Gold did break above my $2,300 and even if it consolidates today, that's not the end of the ride. Its appreciation reflects virtual certainty of most if not all major central banks going the rate cutting route while inflation remains closer to 3% than 2% in the trough, and it can be considered as the select route of devaluation that happens against real asset(s) not other currencies, but against gold. Silver has been beautifully catching up in percentage appreciation, mimicking my bullish copper weekend and earlier calls.

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Gold, Silver and Miners

What I wrote yesterdaty of rising odds of a consolidation, applies today more so, and instead of the projected slower pace of appreciation, the buyers will get tested. But it won't mark a top, and silver with copper would do better than gold.

Crude Oil

Crude oil saw an upswing rejection, but the resulting follow through wouldn't take it far from $85 - the upswing hasn't yet ended, but those waiting to buy the dip at $85, will soon get an aopportunity. This is the fist shallow support only, and would end up holding if prices don't go below $85 before the EST noon.

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All essays, research and information represent analyses and opinions of Monica Kingsley that are based on available and latest data. Despite careful research and best efforts, it may prove wrong and be subject to change with or without notice. Monica Kingsley does not guarantee the accuracy or thoroughness of the data or information reported. Her content serves educational purposes and should not be relied upon as advice or construed as providing recommendations of any kind. Futures, stocks and options are financial instruments not suitable for every investor. Please be advised that you invest at your own risk. Monica Kingsley is not a Registered Securities Advisor. By reading her writings, you agree that she will not be held responsible or liable for any decisions you make. Investing, trading and speculating in financial markets may involve high risk of loss. Monica Kingsley may have a short or long position in any securities, including those mentioned in her writings, and may make additional purchases and/or sales of those securities without notice.


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