Yields Up, Market Down, Gold Down — Nick Santiago 10-2-23 #530
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1. It is still a fragile market. Last week the major stock indexes closed lower again. Today, the NASDAQ is trading higher but the small caps (Russell 2000) are weak. I'm just expecting more whipsaw going forward. Today is the start of the 4th quarter and everyone will be looking at the payroll report due out on Friday. 2. Energy is pulling back today. Oil is back at $90.00 after chopping around $95.00 last week. 3. Yields are up again this morning. The important 2-year note yield jumped to 5.11% which is a 6 basis point move higher today. Yields hold the cards . 4. The US dollar is back up this morning. The dollar has been soaring since mid july and it is now trading into some resistance here. around the $106.75 area. Should the US Dollar pullback it would likely be a positive for stocks but that has not happened yet. 5. Gold is getting slammed today. The next major support area that I see for gold futures is around the $1820 level. Silver is also getting hammered today as well falling by nearly 4%. The precious metals are a little tricky here with the strong US Dollar in play. 6. Bitcoin is very strong today trading higher by nearly 5% to 28,695. I'm not sure of the catatlyst for today's strength but that is a solid pop. There should be some resistance around the 29,000 level on Bitcoin futures. This show is part of the Spreaker Prime Network, if you are interested in advertising on this podcast, contact us at https://www.spreaker.com/show/4295686/advertisement
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