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Oil and Copper Are Under Pressure

Source: Michael Ballanger 10/15/2024

Michael Ballanger of GGM Advisory Inc. sends his thoughts on the current state of the market, looking at oil, copper, gold, and silver.

The USD Index futures are down 0.167% to 102.915 this morning with the 10-yr. (-1.39%) yield down to 4.068% and 30-yr. (-0.27%) down at 4.37%.

The metals are mixed with gold (+0.27%) and silver (+0.43%) higher, but copper (-1.11%) is down to $4.35/lb. Oil (-3.74%) is sharply lower, trading at USD $70.88/bbl. Stock futures are higher, with the DJIA futures up .04% and the S&P 500 futures (+0.04%) up, while NASDAQ futures are up by 0.04%. Risk barometer Bitcoin is up $702 to $65,704(+ 1.08%).

Due largely to the "Seasonal MACD Buy Signal" issued by The Stocks Trader's Almanac yesterday, the Best Six Months of the trading year have just kicked into gear, with the major averages at or near all-time highs. The DJIA hit an all-time high yesterday at 43,139, with the S&P 500 hitting its ATH last Friday.

The NASDAQ Composite hit an ATH on July 11 at 18,671 and remains 169 points away. The Russell 2000 (small cap index) hit its ATH back in October 2021, with the ETF trading at $230.72 and is now $7.83 points away. Considering that September and October are seasonally weak months, it has been a statistical anomaly to be registering ATHs in mid-October during a presidential election year, but then again, this entire market is a "statistical anomaly" in many respects as I indicated last evening with those four charts. There was a time when one could use historical market patterns to time entries and exits, but with the algobots now controlling well over 70% ...