Today's durable goods data came in slightly better than expected, though nothing to get excited about. However, it was enough to extend the relentless rally in the POSX and force even more selling and shorting in the Comex PMs.
Wow, this is some nasty stuff. Just one week ago today, before the FOMC concluded, it appeared that CDG was finally beginning to break out. It was trading above its 50-day moving average and its May 4 downtrend line. But then here came Jerry and his updated SEP with just two rate cuts for 2024. It has been nothing but downticks ever since....
