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Is a Major Tone Change Imminent?

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Some interesting things are happening in the markets that could augur an important tone change. For one, the frothing-at-the-mouth idiots who have been pushing Tesla shares into the ionosphere went quiet just a day ahead of earnings. Ordinarily that would be no big deal, but in this case it reflects timidity that has been absent from the stock’s absurd rise since March. For two, gold is breaking out and giving up little ground achieved early in the session. We’d gotten so used to one-day-wonder rallies over the last nine years that a little staying power, even intraday, seems shocking. For three, price action in silver is beginning to heat up, suggesting speculative fervor is creeping into the bullion market. And finally, the dollar is approaching a correction threshold that I’d projected months ago. My hunch is that these things together augur a potential major tone change for securities markets, and by extension, for the already beleaguered global economy.

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