Friday Outlook: Metals, Commodities, Global

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“You can’t make this stuff up!” was an oft repeated comment today. I left for the gym before the rally and was mildly surprised to find equity markets closing where they did. I mean there wasn’t a shred of good news about. But, after 35 years and counting of being involved with markets not too much surprises me anymore.

In my opinion, equity markets should be substantially lower than they are given the news background. Then again, I’m just a technician and must accept the judgment of the tape. As noted in one chart above this is one helluva fight bulls are putting up trying to hold serious support lines.

Tomorrow we’ll get inflation numbers and both bulls and bears will focus and spin things the way they want depending on which is controlling the tape.

Have a great weekend!

Disclaimer: Among other issues the ETF Digest maintains long or short positions in: SH, SDS, MYY, MZZ, IWM, RWM, TWM, PSQ, QID, IEF, UDN, GLD, GDX, USO, DBE, UNG, DBA, DBC, EWZ, FXI, EWY and EWJ.