Since the first day after Christmas last year (12/27/16), the metals space has been a great place to be. Below looks at performance of several metals assets compared to the S&P 500 since this date.
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The S&P 500 could be creating this week, its 3rd bearish wick (reversal pattern) in the past 6-weeks. Bearish wicks in any asset always get our attention. When they take place just below an important Fibonacci Extension Level, they really get our attention! Let’s exam what is taking shape of late.
Authored by Lance Roberts via RealInvestmentAdvice.com,
There is a really big crisis coming.
Think about it this way.
After 8 years and a 230% stock market advance the pension funds of Dallas, Chicago, and Houston are in severe trouble. But it isn’t just these municipalities that are in trouble, but also most of the public and private pensions that still operate in the country today.
S&P futures are little changed at 6am ET, trading at 2347.55 and paring an earlier 0.4 percent drop, on the back of the USDJPY ramp which for the second day in a row has emerged alongside the European open, just as the key 110 support level appears in danger, soothing concerns about the Fed's balance sheet reduction and "some" Fed officials warning that stocks have gotten expensive.
Was today the Yellen Fed's Irrational Exuberance moment?