QuiCQ 11/02/2025
Any Given Tuesday
Getting out of bed in the morning is an act of false confidence.
— Jules Feiffer
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Strong session for stocks globally yesterday, despite (or amid) Trump raising aluminum tariffs to 25% and reinstating 25% steel tariffs.
Tech stocks, and especially the Semiconductors sub-segment, drove the rest of the market higher. 9 out of 11 sector closed in the green on the S&P 500, with the stocks up versus down ratio about 3:2:
US steel stocks obviously also had a day in the sun:
Bond yields have been pushing somewhat higher again over the past few sessions, with the 10-year UST reclaiming the 4.50% level:
Little movement on the currency side, with the Dollar strengthening versus most other major currencies over the past few hours:
And, of course, we need to talk gold. We wrote more in-depth on the barbaric relic in yesterday’s Quotedian (click here), but since then gold has already reached a new ATH:
The past of least resistance continues to the upside, especially as this asset class continues to be under owned in most investors’ portfolios.
Little more to write about this morning, hence, let’s get the day started!
Copper had a massive 12% rally over the past few sessions, which followed a false break down (aka bear trap) in early January.
The chart looks unambiguously bullish, which in turn means watch bond prices (to the downside).
