“And when you gaze long into an abyss, the abyss also gazes into you.”
— Friedrich Nietzsche
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Just a few key observations - speed round so to say…
(US) Stocks ended down for a third consecutive session, bringing the S&P 500 back closer to “the Brink” we wrote about a week ago:
Only one out of the eleven sectors closed up on the day, and it was probably not the one you were hoping for:
Because with only energy stocks we have a suspicion on who the Strait of Hormuz thingy is going and what it means to oil prices:
Yup. But not only crude is trading at a multi-month high, refined products are at multi-year highs and in the case of Diesel it is scratching at the ‘record’ highs of the beginning phase of the Ukraine-Russia war:
But, back to stock for a second, where breadth on the broader stock market (NYSE) seems to be tipping over:
Suddenly, we are also observing more new 52-week lows than highs:
This is also true for the European stock market:
Speaking of which, European stocks (SXXP) produced a nasty short-term breakdown yesterday:
All this whilst bonds continue to sell-off too, as much in the US:
As also in Europe:
Heck, a global ‘phenomenon’ really:
Gold broke above the downtrend line from the short-term consolidation channel, which could initiate the next upleg:
Diesel prices are much higher than they usually are at this point in the season.
Biting my nails for Friday’s CPI …
Today it starts to get interesting! ECB (hikes) at 14:15 and US PPI shortly after.
May the Trend (and guts) be with You!
André
Everything in this document is for educational purposes only (FEPO)
Nothing in this document should be considered investment advice
Investing real money can be costly; don’t do stupid shit
Leave politics at the door—markets don’t care.
Past performance is hopefully no indication of future performance
The views expressed in this document may differ from the views published by NPB Neue Privat Bank AG