A helluva crude move that is upsetting most apple carts across the globe.
Commodities both hard a soft, like wheat, corn, and potash are going ballistic to the upside with no end in sight. This hurts earnings for companies in a big way and slows growth, so the stagflation word is being thrown around now. Slower growth with high inflation.
Nickel was +70% today. Probably just a blip. lol
There will come a point when oil will pull back, but for now, I’m hearing $140-150 is coming. We shall see.
Growth and tech continue to be thrown away. Nasdaq was -3.75% today. ARKK was down 4% and that chart is on the cusp of a further breakdown.
On the gold and silver side of things, most the names I’ve mentioned recently are still buyable. AGQ, SIL, SA, GDXU, SILJ, and PAAS.
I’m watching some of the coal stocks on pullbacks like BTU, CEIX, and SXC.
No setups tonight. Back at it in the morning.
