Stocks had a decent day Tuesday, erasing some of Monday’s losses and rising by around 70 bps on the S&P 500. I don’t think much changed as a result of yesterday’s price action versus Monday's, perhaps a recoil reaction. It is too early to know if the trend has really changed, but again, considering where the S&P 500 is currently, a change in trend from higher to lower would not surprise.
Yields
Bond yields did move higher after the ISM manufacturing report came in better than expected, and prices paid were high. That sent the 10-year to the upper end of the range at 96 bps. Again, I believe that rates are going higher from here, potentially to around 1.3% over the next few months.
Platinum (PPLT)
Platinum had a solid day rising by over 4%. On my 10 predictions for 2021, I noted that I thought platinum would rise to around $1520.
Oil had a strong day yesterday, rising to around $50, a gain of over 5%. But it faces an incredibly strong level of resistance around $50.50.
Exxon
Exxon Mobil (NYSE:XOM) had a powerful day too, but was unable to get through resistance at $44.50. That is the high hurdle for now.
General Electric (GE)
General Electric Company (NYSE:GE) bounced back nicely yesterday, and the chart still looks bullish based on the flag pattern. I still tend to think it can get up to $11.40.
Apple
Apple (NASDAQ:AAPL) bounced back some yesterday after falling to around $127 on Monday. I still believe this stock is likely to fall to around $124.
