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"China-Trade" Party Continues

Daily Rap 01-18-2019

The SPOOs were quite strong overnight, gaining 0.75%, and the early going saw the market pretty firm, although it quickly backed off from its best levels. What was interesting was that, beneath the surface, bad news actually mattered, even though in the aggregate it did not.

American Express, Netflix, and Tesla all lost at beat-the-number, although Tesla's news was a preannouncement rather than an actual earnings report. Nonetheless, they were all negatively impacted by negative news, which is a sign that sanity is still lurking out there and will remain, given that QT continues to be underway.

Not QT Ready A lot of people seem to have totally forgotten about that fact, and the bulls have done a nice job of marching the market back up....more

Last year's posts for Ask Fleck

Q: Hi Bill

I don't know how close you follow the other precious metals, but Palladium has recently risen sharply. What I've read suggests that mine supply is short. I think a lot of Palladium is found with Platinum, whose price has gone the other way. Since I trust little of what I read I was wondering if you know of anything special going on here?
I swapped some Silver for Palladium back in April 2011 because I thought that Silver had a good run and Palladium had stood still for so long. I now think the opposite is true, and was going to swap them again.


Fleck: The PGMs are so hard to analyze due to their use in autos, so I just stay away.
(posted: 1/18/2019)

Q: Bill Do you have any knowledge of Sandstorm Gold? If so,,any opinion

Fleck: I don't know it well, but I have looked at it and it seems interesting, but I do not own it.
(posted: 1/18/2019)

Q: The past few days have seen the "market" resist any effort to resolve the "overbought", in accordance with "traditional" rules. Instead, a new up leg popped off the "overbought" and has shown a bit more strength than a "normal" bear market bounce. I never care about the "why" but instead respect the fact that "up" progressed when it "wasn't supposed to". If one is in severe need to suspect the "why", I think it might be a combination of Powell being hammered into "submission" at the same time Trump's hype machine has toyed, once again, about a "Chinese deal. Obviously, the "machines" react to such manipulation, which is becoming more and more evident over the past few weeks. With headline roulette governing the game, at the same time well publicized "seasonals" favor an upside play, the unfolding technical picture remains relatively favorable for the time being (barring an unexpected dose of negative fodder for the machines)

Fleck: Thanks to Mr. Skin for the update. Headline roulette and algos make this whole "game" so much harder.
(posted: 1/18/2019)

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