Consumers around the world need to buckle up because many food prices are hitting all-time highs. Take a look…
December 16 (King World News) – Peter Boockvar: We saw last week coffee prices go to a record high and today cattle prices are as well at almost $194 per pound.
So are cocoa prices.
Food inflation has not gone away and that steak is only getting more expensive but corn, soybeans and wheat prices remain well off their highs and why the CRB Food index is not at its highs.
We remain bullish on ag, particularly the fertilizer stocks, in part expecting a move higher in those particular row crops off depressed levels.
An update on stock market sentiment, the bullishness remains giddy but a hair less so. The Citi Panic/Euphoria index remains well in Euphoria territory at .60 but down a touch from .62 last week.
Above .41 is statistically significant according to Citi. Investors Intelligence last week said Bulls fell by .6 pts w/o/w to a still very high 62.3. Bears are at just 16.4 vs 16.1 in the week before. The 45.9 pt spread is well above the 40 level that would be consider extreme. The NAAIM (Nat’l Assoc of Active Investment Mgrs) Exposure Index is at 99.24, the highest since early July. Above 100 is considered all in from an exposure perspective…
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This comes as the market has gotten much more selective again as there have been more stocks down than up over the past two weeks. On the NYSE, just 62% of stocks are above their 200 day moving average which is exactly at the average over the past year but off the July highs at 70.5% and down 8 out of the last 9 days.
Either the big names catch up to the rest of the market on the downside or we get a broadening out again to the upside. Or, maybe this either or market just continues on frustratingly.
Gold & Silver Bull Markets
King World News note: Food inflation is yet another inflationary catalyst for the gold and silver bull markets. The price of silver is headed over $100, and the high-quality mining and exploration companies will skyrocket, regardless of how depressed sentiment is today. Patience is required at this point in time.
To listen to Alasdair Macleod discuss the shocking events taking place behind the scenes in the gold and silver markets CLICK HERE OR ON THE IMAGE BELOW.
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