(clients already profited as I wasn't too bearish ES sfter the opening bell action settled down)
"Bessent Speech"
That‘s the defining elemnet Monday helping to set the direction into Jackson Hole, but Friday, it was the premarket turn in equities that was most likely to continue at least for a part of the day, allowing for client profits in equities alongside gold as per the calls given.
Question is whether the upswing can continue given sectoral and tech performance – long end yields are after all quite there where they were before Wednesday‘s intervention. Market isn‘t buying it, worried about continuing USD depreciation, and is demanding higher yields to make up for the risk of holding, suffice to look at Wednesday‘s auction that I readied clients for (its importance for risk taking).
Sure enough, precious metals and commodities continued rising Friday, so where does that leave us at the start of the week? Can Bessent spark another retreat in yields with rip higher in equities?
August 24, 2026 95
