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No Bounce Post Expiration
Daily Rap 09-18-2023
The indices were modestly higher through midday, as the market stabilized after Friday's selloff. In the afternoon, however, the gains evaporated, as the market finished almost unchanged. With no bounce post expiration perhaps it is time for more weakness?
Away from stocks, fixed income was about flat while green paper was lower. After having been up nine weeks in a row and sentiment as lopsided as it was, which I noted last week, some sort of a decline was quite likely. That weakness appeared to help the metals, with silver gaining 1% and gold 0.5%, while the miners had a respectable day as well.
Last year's posts for Ask Fleck
Q: Hi William.
Everyone seems to complain about gold, myself included, but....gold has been very resilient for weeks now, it refuses to go below the $1900 level.
What does gold see that the rest of us don't?
Thank you.
Fleck: Massive Asian buying along with central banks is why it is so resilient.
(posted: 9/15/2023)
Q: what are your favorite sentiment indicators which you use in order to buy or sell? put/call ratio, cnbc, aaii investor sentiment survey, etc
Fleck: I don't use sentiment much, but my favorite is the DSI.
(posted: 9/15/2023)
Q: It looks like a lot of smart analysts believe inflation is going to pick up again due to the YoY comps. If the Fed doesn't continue to hike in the face of increasing CPI PPI, does this dovish pause become a powerful catalyst for the gold price? And does is temporarily cause stock to rally as well?
Thanks
Fleck: That outcome would likely be positive for metals (and other inflation beneficiaries) but not stocks in general.
(posted: 9/15/2023)
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