One thing I notice today…

Generally speaking, the reflationary crap is getting bid and safe havens, Covid stocks and Tech leaders are halting or pulling back. In other words, risk is impulsing ‘on’ today in a reflationary direction. We’ll see how well that works beyond a day.

It’s as if the machines and the hedge funds, momos and Mom & Pop that follow them cannot take it anymore as the dollar remains weak, yields finally get a little bounce and indicators like copper and the TSX-V push the limits.

I mean, where were you guys in March? April? May?

As noted in the above-linked post this could well be the gateway to the inflationary future, but I just don’t love the setup because there have been breakdowns in Energy and other reflation-sensitive sectors and Treasury yields are far from bullish still (bonds are far from bearish). I don’t love that with copper and da ‘V’ so extended some broken crap is bouncing.

But then again, I’ve seen stranger things than a real reflation trade confirming out of this. So, open mind and all, forward we go.

Meanwhile, here is another inflation/reflation indicator (along w/ copper and TSX-V). The Silver/Gold ratio is still rallying but so too is it still in lock down, trend-wise.

silver gold ratio

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