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What's Another 0.5% Among Friends?

Daily Rap 08-11-2021

Today's CPI matched estimates of 0.5%, but anyone who's paying attention knows that the owner's equivalent rent component (which is supposed to capture housing prices) woefully understates what's occurring in that arena, not to mention how distorted the CPI is in the first place. Regardless, that didn't have too much of an impact on trading and by midday the indices were mixed and looked a lot like yesterday, with the S&P and Dow fractionally higher and the Nasdaq about 0.5% lower.

In the afternoon, the market was a little stronger but still finished with the indices mixed, as you can see in the box scores. Away from stocks, green paper was a little lower while fixed income was a tiny bit higher. The metals managed to find a pulse, with...more

Last year's posts for Ask Fleck

Q: Hi Fleck,

Hopefully this is not another multi-year wait like 2011-2017. If you see any red flags, please let us know. It is painful for being a all in PM investor. Best.

Fleck: Lots of red flags at the moment, but I'm looking for signs of green. :)
(posted: 8/10/2021)

Q: what I cant get my mind around is the severity of the gold sell-offs. The sector moves (downwards) as if it has the adoption of the FAAANG stocks. But the issue is that while gold may have had some non gold-bug buying, the stocks have had zero interest or ownership. At this point I wish the entire sector was manipulated because I just cant believe that during the everything bubble, one group of stocks get continually beaten down. The bears will say that gold is no longer an inflation hedge and the die-hards will say it’s the banksters, but is there a coherent explanation on why these stocks suffer from these exaggerated outflows?

Fleck: I don't think gold stocks suffer from outflows, just apathy, which I can't explain well.
(posted: 8/10/2021)

Q: Hi Fleck: Assuming gold stabilizes in this area, do you think an in-line earnings report from Pretium for 2Q might set off a relief rally in that stock? Thank you.

Fleck: In normal times I would say yes, but in the last few months things seem to rarely trade as I think they will.
(posted: 8/10/2021)

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