Macro Round-Up

Macro Round-Up

Let’s start with FX as it’s ultimately the most important driver when it comes to major inflection points and cycles in global macro. Here, as I noted in early August, the USD (via the DXY Index) continues to appear as if…...

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How Much Upside/Downside in This Commodity?

How Much Upside/Downside in This Commodity?

Be a buyer of palladium.  If you don’t trade futures, that’s the PALL ETF, which has decent liquidity. Your initial upside target for the metal is ~50%, to $1,150 from the current ~$770. The logic for being bullish this metal…...

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What does the SSEC Continue to See that Global Mining Plays Don't?

What does the SSEC Continue to See that Global Mining Plays Don’t?

We had a post the other day that suggested price action in the SSEC doesn’t carry much informational content value anymore. To some degree, YTD results justify this view with the SPX up ~12% and the SSEC down ~7%. However, what if this view…