I'm having a Father's Day dinner at my home. I'm just going to grill steaks and serve baked potatoes. My SIL is going to bring a salad. I'll have some shrimp and some indeterminate dessert. I hope that you are doing something to remember the father's in your life or you yourself are being feted!
I have two painted doors in my utility room that enclose the air handling unit. I found them at an interesting shop. They are vintage doors painted with vintage posters. Here are the two posters that are painted on the doors. It ends up being a neat effect in the room. Art that is functional!
I'm not sure when I'll have time to do the WSS report. As usual, I'll post the link in the top tabs.
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Todays 'Out of the Box' thought:
Would the Fed dare to raise the Fed Funds rate to: continue to support the dollar, cool off commodities, and show he is fighting inflation?
He has the option to do this now because with his new powers he can funnel liquidity directly to Banks, Brokers etc.. so he doesn't need to rely on the FFR so much anymore (and the FFR is really negative now in real terms)
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Today’s 'Things that make you go Hmmm':
(A)
Oil's been going up - but so too has the net long commercial open interest on Crude contracts.
Someone is still scrambling to buy these contracts.
This does not jive with the calls for a peak in crude prices.
If spot prices do drop - then according to the usual interpretation of this data then
either:
(a) Crude prices will just turn around and go back up. or
(b) Whoever is buying all these contracts is going to lose a ton of money (or has already lost a ton of money and is covering long held shorts)
(B) A while back some futures contracts for Agri products were expiring above spot prices - and no one was taking advantage of the arbitrage opportunity! Huh?????
Bizarro..
The futures markets are in a real mess - not performing their usual functions - and not reacting as they have historically.
This really bears watching IMHO
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'Broken Records'
Ken Fisher - Buy Buy Buy Buy Buy
Guys been wrong for almost a year
Don Coxe - commodities commodities commidites -
Guys been right over and over and over
Maybe the record skips to a 'new song' now?
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Todays 'Encouraging Sign':
Net commercial long interest in the S&P contract has been perking up a bit lately --> as the market declines there has been weak buying interest from commercial banks etc for the 1st time in many many months.
So maybe it's not all 'doom and gloom' looking ahead a few months from now
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Today's 'TA nuggets'
....Oil has now twice gone slightly above it's long term upper channel trend line and then retreated - again signs of trend exhuastion...
....Transports led the Mar recovery - Dow leading the current Decline - not strongly bearish signals...
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Coming tells:
(a) If oil doesn't go down after all these meetings/investigations - will have implications --> a doubling of oil prices over a short period of time is correlated with upcoming recessionary conditions...
(b) Gold - despite all the talk about inflation - it has been going down - 850 a line in the sand - make or break time...
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And who knows - maybe the market ultimately goes up - even with higher yields, and higher prices and more bank failures - stranger things have happened...
nice
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