World Markets And Platinum Fall As Utilities Streak Higher

This is an abridged version of our Daily Report.

World stocks hit 2018 low

World stocks have hit a 200-day low while the S&P 500 is more than 8% above its own 200-day low. Similar setups led to a rebound in World stocks over the next 2-4 weeks.

Compared to the S&P, World stocks outperformed every time over the next 2 months.

Best two weeks in 12 years

Utilities are on a 10-day win streak, their longest since 2006. When originating from near a 52-week low, similar streaks led to short-term weakness.

Buying the dip

Hedgers have aggressively covered short positions in platinum. When they’ve done this, and the metal then declined, it typically rebounded.

Ugly on the surface

The S&P 500 fund, SPY, gave up a gain of more than 0.75% intraday to close lower by more than 0.75% and a one-month low. Seems like a negative, but it has carved out a similar pattern 51 times, leading to a rebound over the next 3 days 75% of the time.

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The post titled World Markets And Platinum Fall As Utilities Streak Higher was originally published as on on 2018-06-28.

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