Decent growth in US, economy proving resilient. Inflation likely to pick up a bit, given ever tight labor market and tariffs effect (25% imposed in spring in particular). Meanwhile Fed is dovish. Taken together - real rates are going down down down.
GOLD: Looks like 1283-1287 level in gold,below it majority of CTA length will be liquidated. 10y yields and SPX in red help a bit today but this area key to watch. Position for short term downside. Vols not selling off on move from 1320 to 1290 as mkt braces for sharp selloff.
OIL:crude+products beat,gasoline demand soft and inv still in glut,crack up little.Highs on the crude production+record low imports from Saudi Arabia (total imports lowest since 1996) flipped US to a net exporter.Imports # highlight OPEC cuts and Venezuela sanctions impact. Bull.
I get the will to replace fiat money with smth detached from government control and limited in qty (preserve buying power), but if u use fiat to get cryptos in the first place then don’t bother. Ur wages are in fiat so unless that changes then getting cryptos is just a punt.
Too much excitement/hate from both sides on GDP #. Numbers are actually very decent (consumption +investment), same time they are not phenomenal and tax cuts spurred animal spirits (tks to Trump) might collapse just as quickly on trade wars fears (tks to Trump) in Q3/4.
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