Here's a weekly chart of the $SPX, and I've put black arrows showing the previous two sell-offs (of about 20%) and what the bears are expecting now, as the market prices in the Fed raising rates to 6+%. Will the Fed do that, or will it moderate? #CoSoFinance

We took gains on those Transocean (RIG) calls at the right time. Friday, it sold off, on high volume. Sure, it found support at the 20-day moving average. I'd be a seller, not a buyer.

#Lithium carbonate prices in China sank to 425,500 yuan per tonne, the lowest in 1 year and down nearly 30% from all-time high in November. There is more supply, but global recession fears and the end of Chinese stimulus for battery manufacturers probably weighs more.

Friday's close was pretty bearish for #crude #oil on the daily chart, but the weekly chart shows that West Texas Intermediate crude (the U.S. benchmark) is drifting sideways now after bears ran out of steam.

Weekly #silver is behaving like #gold, only worse.

As the U.S. dollar rises (see previous chart), so #gold falls. You can see here that the yellow metal failed to hold support.

This rally in the weekly U.S. dollar index -- spurred on by Wall Street's expectations of more Fed rate hikes for longer -- is causing all sorts of woe for precious metals. You can see the dollar bounced off last June's low and is headed higher now.

Gaaaagh! If you can find bullishness in this weekly chart of U.S. natural gas, you're a better analyst than me.

#Copper bounced off support on higher volume last week; is set up for gains this week.

Lol!

Yep. "Shorn of liquidity ... Florida now pays 43 basis points more in yield (or $4.3 million for every $1 billion of bonds sold) than California with an inferior credit rating, or 0.35% more than it did prior to 2022." DeSantis sure owned the libs, though, eh? https://www.bloomberg.com/opinion/articles/2023-02-13/guess-who-loses-after-florida-and-texas-bar-wall-street-esg-banks

The market is no longer pricing in a "Fed pivot" (interest rate cut) this year. #CoSoFinance

Happy Monday, everybody.

Murderbots Are Coming for Your Jobs: North American companies ordered just over 44,100 robots in 2022, an 11% increase over the previous year and a new record https://www.reuters.com/technology/north-american-companies-notch-another-record-year-robot-orders-2023-02-10/ #CoSoFinance

One more chart. I’ve been pounding the table for more than a year now about value outperforming growth. That trend MAY be coming to an end, as the value/growth ratio pulls back to test its breakout. We could see this resolve this week. #CoSoFinance

U.S. natural gas prices remain at rock bottom, despite last week’s bounce. Here’s the weekly chart. Nat-gas is at point where it has nowhere to go but up. But sentiment is so bearish, any bounce might be met with selling. #CoSoFinance

#crude #oil had a REALLY great week last week, as this weekly chart shows. I'm also including the daily chart for reference. #CoSoFinance

We can see that copper closed right at support. Industrial metals are stronger because of anticipated demand from China, coming out of a 3-year covid lockdown. That’s my theory, anyway. #CoSoFinance

Weekly #Gold plainly failed to hold first support. Silver is the same story, only more bearish. #CoSoFinance

Some morning charts. Let's start with the weekly U.S. dollar chart. That’s an obvious bounce from important support. How high will it go? This will continue as long as the Fed remains hawkish. Or rather, as long as traders ANTICIPATE more hawkishness from the Fed. This is bearish for precious metals. #CoSoFinance