It was a risk-off day yesterday with volatility surging after Wednesday's payroll data shifted interest rate expectations, pushing out rate cuts.
Phil Strebel
NASDAQ 100 clocked its fifth day with loss >1% over last 10 days, a feat not seen since April liberation day selloff; S&P 500 on three-day losing streak.
Phil Strebel
Gold futures up ~0.5%, silver futures up ~2% with key resistance levels at $5122-$5150 for gold and $8267-$84 for silver.
Phil Strebel
ETF flows show selling gold/platinum/palladium but buying silver; gold clawed back losses after yesterday's selloff with dip buyers ahead of inflation data.
Phil Strebel
After strong jobs report, traders pairing bets on rate cuts; markets now anticipate only 7.9% chance of March cut vs 21.9% pre-payroll.
Look at screen at 7:30am CT for movement - could see reversal if CPI lower/in-line, or capitulation if hotter number.
Speaker 2
Dollar index at 96.955 slightly higher after peaking Feb 5 at 97.87; WTI crude down ~50 cents at $62.35.
Speaker 2
Expect volatility at 7:30; lower CPI number could spark rally and dollar index could sell off.