Every Picture Tells a Story
Lots of action today, including a run to new record ground for the S&P 500, joined this time by the Dow. Crude oil also jumped up, nearly $2 higher by mid-day. Our two recommended energy plays, XLE and CVX, have been acting very well lately; today CVX made new yearly highs, and XLE is challenging its yearly highs.
As investors feel more confident about the economy, along with more Fed heads seeing higher rates this year, safe havens become less attractive. Result: Treasury yields are up significantly as bond holders switch to (riskier) stocks. Gold and, to a lesser degree silver and platinum, are also feeling pressure, especially given their recent impressive gains.
Nearing the close, gold is down $20, on top of $20 of declines the previous few days. This could represent a buying opportunity for readers looking to add on a pull-back. Silver is down only 20 cents, platinum down ... Log in or subscribe to continue reading.
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