Yesterday was fun right!? I didn’t really participate apart from my PM longs which got crushed. I scaled back my silver long by 25%.
I made a great call to cancel my limit buy order for S&P500 in the morning, it would have got smoked.
Not really looking to enter any positions today with volatility this high and FOMC tomorrow. However, I did order a 1oz gold Britannia yesterday, I feel stacking physical on dips is a solid strategy and worries about the banking system mean I want to have limited exposure in terms of fiat in bank accounts. 1oz gold coins are way cooler than £1500 in the bank!
US10Y yield is pulled back from danger levels this morning. I watch it closely as always although I do not typically trade bonds. USD looks like it wants higher which is crazy to me but that is what the market is showing. Any dips in Crude are being bought immediately, incredibly bullish action but very dangerous for inflation and the overall economy if it continues.
MORNING UPDATE: Starting to look for USD shorts. Cable hit resistance zone at 1.2070 so took a small long. Entered a limit buy for Yellow Cake at 340. Uranium is looking oversold to me.
AFTERNOON UPDATE 3:17pm: Miners are not following the metals down today. Have they bottomed out? A lot of vaule there for sure. USD has turned back up and looks like it wants to test monthly resistance at 106.83, currently 105.31