Fed rates… Political chaos… Earnings…
Stop worrying about all of it and focus on THIS ONE THING!
The S&P 500 tagged a fresh all-time high today.
Sounds bullish, right? But here’s the catch — no one else followed.
The Nasdaq managed new highs a couple of days ago, but not today.
The Dow and the Russell are still lagging.
So the question is… Is this the new way of things? Does the S&P lead the way now? Or is this just another head fake?
Meanwhile in metals…
Gold is climbing back toward its highs. But I don’t think it breaks through without silver helping out.
Silver needs to clear $40 — it’s currently bumping its head at 39.70 — until then, gold’s move might stall out.
Copper’s been beat down lately — especially after historic tariffs — but it got a lift today after word that the administration wants to add it to the “critical minerals list.”
That would mean more demand, and maybe a real shot in the arm for copper prices.
Looking ahead…
Tomorrow brings PCE — the income-and-spending report that tells us if consumers are still opening their wallets or pulling back.
With a long weekend ahead, I wouldn’t be shocked if the market gets quiet by tomorrow afternoon as traders try to sneak out early.
So yes, the S&P is at highs. But I’m not reading too much into it just yet.
I’ll be watching silver, copper, and PCE to see if there’s real fuel behind the move.
Stay sharp,
— Geof
