Jun 1, 2018
Major US stock markets bounced back with the DJIA up 1%. The NASDAQ up 5.3% and Russell 2000 up 5.9% to record levels. Emerging markets were down 3.7%. TSX up 2.9% and TSX-V -2.7%. Bitcoin the always volatile digital currency was down 18.5% for the month. Gold was down 1.3% breaking its 200 moving average and falling below 1300 and Silver was off .6% for the month. Pt down .2% and Pd was up 2.3%. Copper was up another .9%. Energy was mixed this month, with WTI down 2.1% and Brent up 3.1%. Natgas was up 4.3%. Uranium was up 7% after major cutbacks by leading producers. Currencies saw the Greenback up another 2.3% and the Euro losing another 3.2%. Rate on the 10 year T Bond fell back to 2.83% after rising above 3% last month. The WTI to Brent ratio hit 1.15, an increase so notable that even the Wall Street Journal took notice of our humble indicator. Mickey believes it's very bullish for American crude oil. Tilll next month!