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Month-End Snoozer
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Today was pretty much a snoozer other than crude popping over 3 percent to just outside of its compression triangle on the charts (the "why" doesn't matter). Blast off time?
The S&Ps lost a touch. The dollar was a touch weaker, while yields rose a couple bps again in the long end as the curve steepened slightly.
Commodities were mostly lower again except for copper, which rose a percent, and crude, as I mentioned above.
Gold slipped a touch, while silver bounced a touch. The GDX fell another percent.
I still think we can probably get some sort of bounce over the next couple days in the metals and miners, but I suspect another slide is likely going into Friday's jobs data, which is probably going to be good enough to keep a rate hike on the table for the 16th.
My model remained at neutral.
Positions: Short SPY, QQQ, MDY, and IWM. Long DBA, STRC and IBIT.
Metals: Flat
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Disclaimer: Lance
Lewis periodically publishes columns expressing his personal views
regarding particular securities, securities market conditions, and
personal and institutional investing in general, as well as related
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Mr. Lewis is the president of Lewis Capital, which is a registered
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Mr. Lewis' columns are not intended to constitute investment advice
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