Gold’s push hits stop; Fed preps rate pop; S&P set to flop
And straightaway we start with Gold — which considering 'tis still within its Short trend — had nonetheless been firming well of late, price having proceeded from 1901 to 1990 across just 15 trading days. Indeed just a week ago we mused that given Gold's expected ranginess, price could flip such Short trend to Long basically by month's end.
Yes the Federal Reserve's Open Market Committee is preparing for another +0.25% FedFundsRate pop. As we've previously opined, we doubt such desire to raise shall be thwarted by the recent perception that inflation is slowing: recall that June's CPI rate rose to +0.2% from +0.1% in May, whilst that for the PPI rose to +0.1% from -0.4% . Fairly acknowledged however, both measures via 12-month summations are declining.
But wait, there's more. As we tweeted last Thursday: "S&P only -0.7% today but the MoneyFlow drain was the most for any one day since 13 Sep '22. Suggests near-term top is in place.” The S&P was buffered Thursday by a spritely Dow, .
The good news of course is that"everybody knows” the stock market never goes down in summertime, . Might we press you to another cucumber sandwich and lemonade?
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