Driftwood for Breakfast Again
US Futures continue to drift sideways in what is shaping up to be another mind numbing day of price action. The S&P literally hasn't moved more than a couple points since last Friday. European and Asian markets were broadly higher, and the Vix slid back to a 16 handle.
It's so frustrating watching the same meaningless price action day after day. But, both Biden, and Powell, are set to speak today on critical matters of the economy, and market, potentially shaking things up for a change. Biden will be revealing more information on his new $1.8 Trillion plan to support (print) GDP. Mean while, the Fed's Powell, will be expected to address bond purchase tapering as early as Q4 2021 (which could send markets into a tail spin), as well as sky high asset price inflation (housing prices are rising 4 times the Fed's inflation target), which is now bleeding into goods and services, punishing the working class, while being masked as healthy inflation, and an economic rebound. It's horse sh*t, folks.
The US Dollar rose slightly to a 91 handle revealing signs of weakness elsewhere. We look to commodities which are notably down across the board. Gold, Silver, Platinum, Lumber, Sugar, Soybean Oil, Corn, Wheat, and Oats, were the hardest hit, and down around 2-3% on average, with Lumber down a shopping 10%. BMO sees lumber crashing in the second half of the year, with an estimated correction to the tune of 61.8%, bringing the price to 4415/MBF as we approach 2022.
Crude was up around 1% with WTI sitting at 63.59, and Brent at 66.98. We're seeing the price of gas rise to recent high's once again, as global supply chains struggle to catch up with demand, and OPEC (Saudi) relentlessly price fixes oil to keep their profits rolling in. The blatant cuts in global supply chains, and the neverending synthetic demand created by printing GDP across global markets, is doing little but distort the economy, and prices, while making the working class poorer. Fiat is on fire, and it's all the bottom 45% of people in the US have. It's criminal. And it's all going essentially unnoticed by the majority of households. We may be witnessing the greatest ponzi in history, straight up dwarfing the response to the 2008 Great Recession. Trade accordingly.
*I am/ we are currently holding positions in UVXY, HUV, HQD, QID.
It's so frustrating watching the same meaningless price action day after day. But, both Biden, and Powell, are set to speak today on critical matters of the economy, and market, potentially shaking things up for a change. Biden will be revealing more information on his new $1.8 Trillion plan to support (print) GDP. Mean while, the Fed's Powell, will be expected to address bond purchase tapering as early as Q4 2021 (which could send markets into a tail spin), as well as sky high asset price inflation (housing prices are rising 4 times the Fed's inflation target), which is now bleeding into goods and services, punishing the working class, while being masked as healthy inflation, and an economic rebound. It's horse sh*t, folks.
The US Dollar rose slightly to a 91 handle revealing signs of weakness elsewhere. We look to commodities which are notably down across the board. Gold, Silver, Platinum, Lumber, Sugar, Soybean Oil, Corn, Wheat, and Oats, were the hardest hit, and down around 2-3% on average, with Lumber down a shopping 10%. BMO sees lumber crashing in the second half of the year, with an estimated correction to the tune of 61.8%, bringing the price to 4415/MBF as we approach 2022.
Crude was up around 1% with WTI sitting at 63.59, and Brent at 66.98. We're seeing the price of gas rise to recent high's once again, as global supply chains struggle to catch up with demand, and OPEC (Saudi) relentlessly price fixes oil to keep their profits rolling in. The blatant cuts in global supply chains, and the neverending synthetic demand created by printing GDP across global markets, is doing little but distort the economy, and prices, while making the working class poorer. Fiat is on fire, and it's all the bottom 45% of people in the US have. It's criminal. And it's all going essentially unnoticed by the majority of households. We may be witnessing the greatest ponzi in history, straight up dwarfing the response to the 2008 Great Recession. Trade accordingly.
*I am/ we are currently holding positions in UVXY, HUV, HQD, QID.
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