Where once the deflationists caught a buzz with the rising T bond and US dollar, now the inflation users get their turn with rising T bond yields and a correcting USD. It was the dumber deflationists that were preaching to sell all assets and raise cash when the T bond was critically over bought and so many assets were at critical support.
Now it is time for the inflationists to step up and start pitching. Come on boys! Who wants some copper? How about coffee? Isn't there some soy bean hysteria kicking up too? The Fed is gonna PRINT!!!! Oh wait, that's not happening quite yet. Well, give it some time say the inflationists.
Everybody into the pool. That will be the message of the bulls right into another turning point. Meanwhile, the CPCE's 20 day exponential moving average continues to burrow down toward our target. The gold-silver ratio and Uncle Buck continue right on plan and things are making sense.
In that regard, when the Tickersense blogger sentiment poll shows up in my inbox later in the week I am likely to check off 'Biiwii, Bearish' for the first time since the spring with regard to the 30 day forward looking window on the SPX.
The time to be bullish on a risk vs. reward basis is well in the past.
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