S&P 500 driven by cyclicals made a decent upswing till Kashkari raised not just higher for longer, but rate hike prospects too. Understandably, such a statement at odds with what Powell said a week ago, was good enough to trigger an intraday reversal and subtle market breadth deterioration that sets the tone for today‘s session.Yet the most important chart, best viewed together with USD, didn‘t flinch. Didn‘t turn – yet. 
Gold, Silver and Miners
Especially silver, and then miners are looking good here – yesterday‘s decline was on way lower volume. NPF lows look out of silver‘s reach unless we see dramatic dialing back of rate cut odds. Not happening, Sep is still at 49% no matter what Kashkari says, which hints what to expect from stocks in a couple of days as well. More By This Author:Consolidating And Eating SupplyStagflation EmbraceMixed Bag Proposition
