Wednesday, November 17, 2021

Morning Note: Quick Update and a Brief Technical Look at Stocks, Silver and the Dollar (video)

Overnight and early morning data releases show a generally mixed overall macro setup that we'll tackle in this week's macro update. 

In the meantime, here are your morning numbers followed by a telling technical market update that I shot last night:

Asian equities were mixed overnight, with 8 of the 16 markets we track closing lower.

Europe's leaning slightly green this morning, with 10 of the 19 bourses we follow trading higher, as I type.

US major averages (per the 2-hour SP500 chart featured in last night's video), save for the Nasdaq 100, are struggling to start the day: Dow down 122 points (0.34%), SP500 down 0.20%, SP500 Equal Weight down 0.54%, Nasdaq 100 up 0.10%, Nasdaq Comp down 0.19%, Russell 2000 down 1.06%.

The VIX is reflecting a little angst this morning, +2.87%.

Oil futures are down 1.34%, gold's up 0,82%, silver's up 1.31%, copper futures are down 1.36% and the ag complex is up 0.98%.

The 10-year treasury is up (yield down) and the dollar is flat.

Led by uranium miners, Nokia, MP (rare earth miner), silver and ag futures -- but dragged by banks, oil services stocks, Latin American equities, Asia-Pac equities and industrial stocks -- our core mix is off 0.03% to start the session.

Technical Market Update: Stocks, Silver, etc.

Once playing, click the icon in the lower right corner for full screen. Focus should occur after a few seconds; if not, click the wheel to the left of the YouTube icon to adjust:

Attention Non-Client subscribers: Nothing in this video should be construed as investment advice. The examples expressed relate to portfolio management we perform on behalf of our clients, and, again, under no circumstances are they to be considered recommendations to the viewer.

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