Premarket S&P 500 Gains Are Gone
![STS GOLD](https://www.valuewalk.com/wp-content/uploads/2022/12/STS-GOLD-300x134.jpg)
S&P 500 maintained overnight posture, and bonds held up really fine into the close while the dollar isn‘t showing too many signs of bullish life. The Powell speech is likely to be shaken off as I don‘t think he would tighten the screws more so than Williams and Bullard did, i.e. that markets won‘t be truly shocked.
What matters more, is recovering from “sell the (good GDP) news“ as stated before the data with the still hot PCE one. Premarket S&P 500 gains are gone, and now it‘ll be up to getting Powell out of the way.
Q3 2022 hedge fund letters, conferences and more
Positive seasosnality is still there, but as per the earlier shared update, dust has to settle first in this largely neutral week where we make the bottom before launching higher in the final 2-3 weeks of Dec. The daily levels given yesterday, are still valid today.
The real action is though in precious metals and commodities where even the greatly vulnerable (to upcoming declines in economic activity, i.e. recession) crude oil is seeing solid gains. Silver, copper and gold are predictably scoring and extending gains, with miners in the tow (i.e. no red flags) on the inflation data.
So sorry for all those who followed permabears‘ siren songs about imminent drops that just can‘t and won‘t materialize to a meaningful degree. Real assets, similar to 1970s, are undergoing a secular shift, and the recognition as measured e.g. in relation to the stock market, isn‘t yet there. So much more price appreciation to come – and we needn‘t wait truly long for that! (Chart courtesy of www.stockcharts.com).
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