Loading ...Technically UUP filled the gap this am between 28-28.10 and has now retreated back below 28. I’d like to see it resume the downside. The 10 yr. is down 4 bips to 3.80%. Both should be favorable to our metals, should being the operative word. So far, so good. PM’s are up a little.
Fed meeting this week, which is never a good thing, regardless of whether they raise or not, whether they’re done raising or not. Rare occasion when we respond favorably on the day or day after – they’ll stuff us one way or another.
The COT report is on my mind. Explains why we paused last week. It’s almost as if the scum had to match the longs with their shorts just to keep the metals in check. Still, I imagine open interest is pretty high in silver now. Mr. Copper follows that, I don’t have a clue. Just haven’t seen a scenario where heavy scum shorting hasn’t worked to bring prices down.
Another week.