In yesterday morning's blurb on gold we began with:
While the price action in gold has confirmed (as we've hinted) our near-term (bearish) sentiment on its prospects, others (the majority I suspect) clearly see it differently.
And ended with:
Again, if we're right on the present economic setup, we may see a reversal in sentiment, and a continued slide in the price, in the coming weeks.
Here's a newsflash from yesterday afternoon:
While the price action in gold has confirmed (as we've hinted) our near-term (bearish) sentiment on its prospects, others (the majority I suspect) clearly see it differently.
Back on September 7th we briefly explained why we remain stubbornly bullish on financials. Here's a chart of the moves in major sectors since then:
Any "authority" who'd have you believe that the U.S. job market is anything but strong has been politically captured in the worst way.
Well, if we live through today, September didn't deliver September. I mean, September is notorious for its abysmal historical stock market performance, and this year it turned out okay.
Not being from Great Britain, I can't really say whether I would have voted for Brexit. I will say this, I love freedom, and I, therefore, respect the British people's right to... umm... limit freedom. Or, more palatable perhaps, I love freedom, and I, therefore, applaud the British people in their exercising the freedom to break from the EU and chart their own course going forward (sincerely).
While we forever remind you that we (here at PWA) -- on behalf of our clients -- are investors, as opposed to traders, in our perpetual endeavor to understand what motivates market players we've found that studying the methodology of short-term traders helps us put short-term volatility into perspective.
