Hey folks,
Back in the saddle today after a few great days of teaching — and traveling — so I’ll keep this one short and to the point.
There’s a lot churning in the markets right now.
We just got the latest inventory reports, and they were mixed: Crude oil inventories came in with a big surplus, while gasoline inventories were drawn down.
That might sound confusing, but it’s actually pretty normal for this time of year.
Refineries tend to do maintenance in early summer, which slows down gasoline production. So you get crude stockpiling and gas being pulled from reserves. It’s a seasonal pattern, but still worth watching.
What else?
Crude is still holding above the key $60 level I’ve mentioned before.
Gold is bumping into resistance near 3400. It’s tried to push through a few times now, but hasn’t broken cleanly yet. We’ll see.
On the geopolitical side, Putin is now talking about retaliating against Ukraine — and that’s keeping the tension up in the energy markets.
Add to that what Trump likes to call the “big, beautiful bill” — a massive new government spending package that’s likely to blow the deficit even higher.
Put it all together, and you’ve got a market that’s grinding, not trending.
And just to stir the pot a little more, the ADP jobs number came in much lower than expected.
That puts extra pressure on Friday’s Non-Farm Payrolls (NFP) report. If that misses too, things could get spicy.
More soon — but for now, just stay alert. There’s a lot more moving under the surface than people realize.
Don’t forget to register here to join me for Market Radar today at 2pm Eastern!
Stay sharp,
—Geof
P.S. If you haven’t seen Jack’s unique way to get huge gains from a tiny 1-2% move in one of the volatile stocks in the market, you need to see this.
