by Turd Ferguson,TF Metals Report:
At mid-day Monday, it appeared that all heck was about to break loose in the MENA with the worst possible outcomes on the table. In a major relief, Tuesday has not brought significant escalation…at least not yet.
Here are some of the latest headlines from ZH:
TRUTH LIVES on athttps://sgtreport.tv/
So, apparently, Iran attacking the UAE infrastructure is “below the threshold of restarting major combat operations”. OK. That’s fine with me. Maybe this is a positive? Maybe. Ate least for today, it’s seemingly a positive as both stonks and bonds are rallying while the POSX is flat.
As I type, we’ve just gotten the service sector PMIs for April. Both the S&P and ISM versions came in just slightly below expectations.https://www.zerohedge.com/economics/us-services-surveys-disappoint-april…
We’ve also just gotten the JOLTS report for April. It was also right at expectations as the no-hire-no-fire labor market rolls forward.
And here’s the list of what’s to come later this week:
Q1 earnings continue this week and here’s one to highlight. Someone here at TFMR (can’t recall who) reminded me last week that it makes little sense for royalty companies like FNV and WPM to be getting pounded to the same degree as producing miners. That they have been pounded to the same degree draws attention to the fact that the dumping since March 1 has been mostly brainless and indiscriminate.
Source: SGT Report
