Public Chart: A Look at Copper

As I discussed here, my view that peak inflation would lead to a Fed pivot has evolved into a more crisis-oriented posture. While it may be true that the Fed will pivot, we don’t see signs of that yet, and in the meantime, what we do have signs of is perhaps a very sharp deterioration in the economy. We may actually be moving quickly from inflation to outright deflationand while that will likely eventually lead to a Fed pivot, we need to deal with this first, and we may see a sharp decline in asset prices before we get there.

An example of a sign that seems to be pointing to a sharp contraction is Dr. Copper. And frankly, he looks sick as shit right now. This is moving too quickly. I don’t like how crashy it looks.


So, I don’t see many good reasons to be bullish here yet.

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