Stocks were led by a narrow group of big cap tech related stocks, with the NDX 100 driving all the gains.

Tomorrow we will have the CPI data, which *could* move the market. Some of the yield related futures are pricing in a four rate hike year. A strong CPI number may encourage that.

Gold and silver showed some mild strength, not as a flight to safety, but mostly off a slightly weaker dollar.

When traded as currencies, the precious metals are decoupled from their fundamental supply and demand dynamics as commodities.

Next week will be Jay Powell’s first FOMC meeting. The Fed is widely expected to decide on a 25 bp rate hike.

This Friday is a stock option expiration. We may see some shenanigans on the precious metals related stocks.

The CBOE put-call ratio is back to the pre-meltdown levels.
 

 

 

 

 

 

 

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