The Daily Market Catch
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The One Big Thing
Back on October 2nd I suggested to clients markets would run up into Oct. 31 – and target SPX $3060 and NYSE $13,333 – with lower prices starting in mid-November through the end of the year. I consider current price action around this level to be ‘cruising altitude’ before it gets a little bumpy again.
In my article for MarketWatch, I predicted higher yields: Despite the Fed’s support, this stock market is headed lower
Then, just last week we had a historic move lower in bonds for which I was positioned for clients (short bonds and gold, long value and commodities).
Nomura’s Charlie McElligott says,
“Macro catalyst wise, Trump’s speech yesterday I think has made the crowd who was saying that the potential Dec signing of a ‘Phase 1’ deal as a SHORTABLE EVENT in Equities (‘sell the news’) now could be further incentivized to take profits sooner-than-later, as that unwillingness to back-down on tariffs makes it now look like ‘the easy money’ has been made and risk is to downside with trade news/rhetoric”
And this at the same time asset managers are long $132.9B of SPX. That’s in the 98.5%ile since 2006:
This qualifies as Top Tweet, Trade and Read, as it is a fabulous twitter thread on Debt Monetization, Inflation and Gold – with emphasis on Gold.
Top Reads / Videos
For more charts and links like these check out my twitter feed.
To Great Fishing!
CIO LaDuc Capital LLC
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