Markets continue their upward march unabated

Markers continue their upward march unabated. Despite rising death tolls from the coronavirus, equity markets feel obliged to push to new highs. If you looked at the end of yesterday, you saw markets ramp into the close by a significant amount.

SPY 5-Minute Chart

Crude oil is actually up on the day by nearly a percent. What’s more interesting is whether it’s going to make a low. It’s been sitting in this area for quite a while. That makes me wonder if it’s accumulating or distributing shares.

USO Hourly Chart

Gold is down about half a percent, but silver is off by over 1%. While gold is the safety trade, silver often trades in tandem. However, it’s tied to industrial production more due to its wide application.

Otherwise, we’re sort of watching the tide roll in. When it blows, nobody knows. But there’s plenty of trades in between.