It's Buy-back Season, Baby!

9:12AM - Market preview:

- Yesterday's PA looked like a buy-back fueled spending fest, with corporations spending as much on buy-backs as they did pre-COVID. I guess somethings never change, or do they? The Ponzi appears to be alive and well (for now). Don't you just love it when individual investors have next to no control over PA? However, this morning, the S&P is set to open down around 0.30% to 3,946, with the Dow down 0.12% to 32,993, the Nasdaq down 0.64% to 12,861, and the Russell down around 0.15% to 2,152.

- Vix is holding on to a 21 handle after kissing a new post March crash low of 18.70 last Friday (we've now filled the final gap), and we're rallying toward the upper end of the range with conviction.

- The US10Y Treasury yield continues to rip higher, and moments ago we tested the highest level since Jan 2020 around 1.774%, likely putting pressure on risk. The US30Y yield is also rallying after a strong performance yesterday, and we're back near the previous high around 2.464%.

- The US Dollar (DXY) exploded overnight, and blew past our intraday target of 93. We're now sitting around 93.22 at 9AM, and heading toward the 94 level (our monthly target is 95.25.

- European markets traded mixed again, with the CAC40 up by 0.57%, and the Dax up 0.31%, with the FTSE 100 flat and the SMI down 0.23%. Asian markets were mixed also, with the Hang Seng up 0.31%, the CSI 300 down 0.20%, and the Nikkei 225 up around 1%.

- Gold is puking on the stronger dollar, and rise in yields, and is down around 1.65% to 1,684, with Silver down by as much as 2.25% (we've now lost the 200 day MA). We're trading around 24.08. Platinum is down 0.60%, and is sitting at 1,166, while Copper traded lower by 1.45% to 3.97, and Palladium rose by 1.85% to 2,583, after falling by as much as 5% yesterday.

- Crude is down notably, with WTI down 1.7%, and trading at 60.46, and Brent down around 1.57%, and trading around 63.96.

- Our live analysis begins at 9:30AM!

*I am/ we are currently holding positions in UVXY, HUV, HQD, QID.
Chart PatternsDXYTechnical IndicatorsIWMQQQSPX (S&P 500 Index)S&P 500 (SPX500)SPDR S&P 500 ETF (SPY) Trend AnalysisUS10YUS30YVIX CBOE Volatility Index

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