IT’S GOING TO GET WILD: Something Big Is In The Works

It’s about to get wild, something big is definitely is in the works.

Something Big Is In The Works
December 21 (King World News) – Simon Mikhailovich:  Feels like something big in the works. All these “in person” consultations can’t be coincidental:

* Putin & top ministers visited Belarus 

* Medvedev visited Xi w/Putin’s “personal message”

* Putin attending Defence Ministry’s board meeting

* Zelensky visiting DC

Something is up…

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Gold
Graddhy out of Sweden:  GOLD in Canadian dollars is now breaking out above its large triangle pattern, and with that it is the next major FIAT currency to lose its battle against gold, during this long consolidation.

Gold Breaking Out In Canadian Dollars

Silver Bottom Now In Place
Graddhy out of Sweden:  Holding orange trend line backtest so far, while stair-stepping up the right side of the green rounded bottom.

Textbook big low, volatile bottoming phase.

Textbook Big Low Now In Place For Silver

Don’t Jinx It: Santa Claus Rally Kicks Off
Art Cashin, Head of Floor Operations at UBS:  I don’t want to jinx it, but it sure looks like the end of year seasonal upbeat is kicking in.  We will call it our version of the Santa Claus rally.

The 10:00 a.m. Conference Board Survey allowed the afterburners to kick-in.  The numbers were good on everything from inflationary expectations to employment outlook.

The fickle traders seem to see ten-year yields below 3.70% as mildly bullish for equities.  So, that is continuing to help out, if you will.  We will continue to watch for the visit of the Ukrainian leader and hope that it goes without negative incident.  That will be, obviously, later in the session.

Traders will also watch possible resistance if the rally kicks into high gear up around 3875 and 3890.  The really heavy resistance should be up around 3910 to 3925, but that would be a much stronger rally than this appears to be so far.

Let’s hope that the jolly old elf has arrived and cross our fingers that he continues, and we will keep an eye on the newsticker to make sure we get by without geopolitical incident.

Stay safe.

Arthur

Dumbest Idea In History
Peter Boockvar:  Yesterday’s rise in Japanese yields sliced the remaining amount of negative yielding bonds in half. We are now down to ‘just’ $686b of bonds that yield less than zero vs $1.33t on Monday and vs $18t at the peak in December 2020. I’ll repeat something I said a while ago, that negative interest rate policy will go down in the history books as the dumbest idea in the history of economics.

Like a magnet, the 10 yr JGB yield rose another 7.2 bps to just under the new 50 bps band at .48%. The 40 yr yield though was unchanged as is the yen after yesterday’s spike rally. The TOPIX bank stock index rallied another 2.6% after yesterday’s 5% bounce but this index is still down 87% off its peak in 1989 in nominal terms.…...more here

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