Gold is not about inflation and in this cycle it, as a squarely risk ‘OFF’ asset, is about the opposite, the deflationary unwinding of the inflated excesses which now are no longer clustered in commodities and global markets.

The 10, 5 and 2 year spreads are aligned with the curve rising and nominal yields declining today.

SPX hit my 1940-5 target range yesterday and at the moment seems to be failing there.

The pattern from the 2001 low has fixed as a rising wedge and that should now be in a short term topping process.

Payrolls and unemployment reports should normally be regarded to be among the least useful economic data, as they are lagging indicators of the economy.

The yield curve is spiking up today with nominal yields falling, but if it has anything to do with this new Ukraine stuff it is meaningless as a risk ‘off’ indicator.