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Stocks Power Higher

Daily Rap 05-24-2021

The market was rocking and rolling to the upside, led by the Nasdaq, which gained 1.5% through midday with momentum tech favorites all doing well beneath the surface. In the afternoon, the indices gave back just a small chunk of the rally, finishing near the high of the day.

Away from stocks, green paper was weaker and fixed income was stronger, as were the metals, with silver gaining 1% and gold a couple of dollars. The miners were a touch higher as well.

Ignorance Is Bliss There was a tremendous amount of weakness in the crypto market over the weekend, but that didn't matter as Bitcoin rallied today. I only bring that up because it's constantly getting so much news. One point that I've made many times already is that for all the chatter about the...more


Last year's posts for Ask Fleck

Q: Do you believe that China is slowly pushing its people to invest in gold (vs crypto etc)? If so, do you think this has significant implications for the overall gold thesis / bull market?

Fleck: They have been encouraging gold and fighting crypto. And yes, it matters, but only slowly over time.
(posted: 5/21/2021)


Q: "The Philadelphia Fed reports:
Price increases were more widespread this month for the firms’ inputs and own goods. The prices paid diffusion index increased 8 points to 76.8, its highest reading since March 1980. Nearly 77 percent of the firms reported increases in input prices, while none reported decreases. The current prices received index increased 7 points to 41.0, its highest reading since May 1981.”
- WSJ 5-20-21

Survey responses were collected from May 10 to May 17.

Fleck: Gonna be a lot of those sorts of stories.
(posted: 5/21/2021)


Q: The other day you mentioned shorting small treasuries (tyn I believe), are you still short them?

Fleck: Yes, and I increased it a bit.
(posted: 5/21/2021)


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