Fed Gets a Jolt — Nick Santiago 5-31-23 #498

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2 years ago
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Source:
https://www.spreaker.com/user/appeal2/nick-498

1. While commodity prices have declined the April JOLTS - Job Openings 10.103 million. The prior JOLTS number was 9.59 million. This hot number puts the Fed in a corner, they simply cannot cut rates right now. So many investors are expecting the Fed to cut rates, but the best case scenario is that they pause rate increases. The Fed's next meeting is on June 14th.

2. Debt ceiling vote is scheduled for later today. Many Republicans in congress have said that they will not vote yes on this bill so this could be a showdown tonight. You have to love the theatre.

3. Oil is getting pounded again. Crude is now below the psychological $70.00 level. Should the daily chart price close below the early May low I think oil will trade down to $50.00. That would be a multi-year buying opportunity.

4. Gold and Silver trending higher today. Gold is up .5% today. 1940 is support which was tested yesterday. Daily chart levels are holding up.

5. Bitcoin is getting hit today trading down by 3.0%. The daily chart remains weak and signals a decline downto the 25,000 level on Bitcoin futures. The bigger picture is much worse.

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