It has been a frustrating day as the Comex PMs failed to pop on a diving POSX but then got pounded as the POSX bounced back. Maddening stuff but likely due to a lack of speculative interest given the pending release of the Q1 GDP data and March PCE.
We discuss this today and then speculate on how the PMs might respond should either datapoint come in higher than expected. If they do, we'll likely get a further bounce in the POSX and drop in CDG and CDS. To where? Let's look at the charts below:...
