Lunch Look

More nervousness today as we are a day closer to the Fed. We saw another hard selloff at the opening, but things are trying to level off even though still deeply red.

Energy is outperforming as XLE is +2.0%.

Gold may finally be trying a breakout but hard to trust until we see a couple of days of outperformance.

In the meantime, it does look like it may be trying to break out of a long downtrend line.

I wouldn’t be surprised if they made another rally attempt today, you never know.

Money Markets saw outflows of -$84B last week. This is the largest ever money market redemption (going back to 2007). Now in the trading accounts? Is everyone waiting for ‘the bottom’?

CF is a good relative strength name here (food inflation).