Silver

Monthly chart of Silver.  Tight range between 15 and 20.  Looks good for the Bulls.

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Metals Moving

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Been a helluva run of late.  Closed above 2014 highs today.  Impressive.

What is the Industrial Metals Index?   Formerly known as Dow Jones-UBS Industrial Metals Subindex (DJUBSIN), the index is composed of futures contracts on aluminum, copper, nickel and zinc. It reflects the return of underlyying commodity futures price movements only. It is quoted in USD.

Hat tip The Daily Shot

Big Day For Crude

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After last week’s powerful breakout the USO index consolidated just above major support.  Today USO is surging over 3.2% on accelerating trade and will finish the session at new 2018 highs.   The index is far from overbought and is set up well for more upside.  The energy sector is moving right along with crude.  SLB(Schlumberger) and CVX(Chevron)are among the top gainers, both up over 3%.  Impressive. 

At time of publication we are long SLB and CVX in some managed accounts.

Checking In On Earnings

From Brian Wesbury:  48/S&P 500 Companies have reported and sales, on average, are up 10.3% in Q1-2018 over Q1-2017.  That’s huge — a clear sign nominal GDP is picking up, globally.  Interest rates will rise as a result.

Impressive.

Rollbacks matter…

Hat tip Brian Wesbury

 

9 Year Highs

Quite a milestone.  US 6-Month Treasury Bill yield reached a 9 year high, closing above 2% for the first time since August 2008.

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Hat tip Charlie Bilello

Been To A Movie Lately?

Probably not…

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Netflix blew out earnings expectations before today’s opening bell.  The stock finished at new all-time highs with the help of a 9% gain.  Volume was extremely heavy.  NFLX’s last earnings was also a blow out(Jan. 23).  The stock surged higher the next five sessions as trade levels remained elevated.  A repeat this time around could drive shares up to the $400.00 area. 

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At time of publication we are long NFLX in some managed accounts. 

Hat tip Charlie Bilello

 

 

IMF Lifts U.S. Growth Outlook

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The lede:

The International Monetary Fund on Tuesday again lifted its estimate for U.S. economic growth for this year and next, even as the international agency warned that tax cuts will just bring a momentary jolt to the world’s biggest economy.

In its world economic outlook, the IMF lifted its U.S. growth estimate for 2018 to 2.9% and its 2019 estimate to 2.7%, both increases of two-tenths of a percentage point. It kept unchanged its world economic output estimate from January at 3.9% for both this year and next year.

The IMF pointed out the Tax Cuts and Jobs Act, the $1.5 trillion tax cut law, gives a temporary allowance for companies to fully expense investment. This is a strong incentive, the IMF finds, for companies to push along investment projects.

That, in turn, should lift employment, which should increase consumption and also prices — which means the Federal Reserve will also lift interest rates more aggressively.

Every democrat voted against the new tax law, every one.  

Read the whole thing:  www.marketwatch.com

SP500 Futures

The carving out of a bottom continues to look good for the bulls.  Resistance at 2700 (here today).  Want to see 2600 hold (support).

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Quote Of The Day

“Letting your emotions dictate your actions destroys returns.  Fear, greed and hope have destroyed more portfolio value than any recession or depression we have ever been through.”

So true.  Hat tip Jim O’Shaughnessy

Wages Are Growing

So says Bank of America…

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Has to be bullish, right? 

Hat tip Jesse Felder

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