Dollar Gains Equal Market Pains

The dollar is 0.4% higher v the euro, which is pressuring oil–currently off by 1%. The slow, but certain, demise of the shopping mall is abundantly clear today, with ANF knifing lower. Apple is getting raped by the tax man in Europe, much to Tim Cook’s chagrin. And a general malaise is sweeping across Wall Street ahead of Friday’s jobs report.

Do not expect any traction in either direction before those numbers are released.

Having said that, it’s import to note that copper is trading $2.07, now down for the year. I am short FCX and believe it buckles under $10, before the summer is over.

Bonds continue to hold value, even with people running scared over Federal Reserve rate hikes. The reason being, there is an underlying fear permeating the minds of asset managers. I’ve been managing money my entire life, ever since birth. While some of you pretend to manage money online, I actually did it for 18 years. There is an uneasy feeling just underneath the surface, a general disgust with the way things are progressing. Populism is sweeping the country and the elite are worried about the status quo. There are many things that need to be resolved before the market can truly break out. I suspect we won’t have clarity until after the elections.