February 23, 2023
Mish's Daily
By Mish Schneider
By Michele ‘Mish’ Schneider
What if sugar futures are really onto something?
What if they are relaying food shortages?
More social disruption?
The Start of Russian hoarding?
Which leads to Geopolitical hell?
And all the inflation theories that could still develop are staring us right in the face?
In the face of a rising U.S. dollar..
In the face of higher yields and a more hawkish Fed..
In the face of some cooling inflation indicators and a correction in gold..
In the face of a soft GDP..
In the face of a persistent trading ranges in the key indices..
Sugar has gone up 225% since April 2020.
Sugar led the inflation rout in 1976 and then again in 1979.
Sugar is in pretty much everything we consume.
Heck, even Apple just announced a way to gauge your sugar levels if you have diabetes (1 in 3 Americans do)..in other words, eat sugar; we (Apple) got you.
The point is this..
Should this rout continue-pay attention-AI and growth stocks will not help feed the planet-not for a long time.
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P.S. Tweet 2/22/23 at 8:19 AM ET:
$UNG textbook blow off potential bottom on high volume. One to watch
Price 7.30 at the time. Up over 12% since then.
Commodities-don’t give up.
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Mish in the Media
Fox Business-Making Money with Charles Payne 02-20-23
Business First AM-worst trade, best trade, next trade 02-21-23
CMC Markets on Commodities 02-16-23
StockchartsTV Final Bar with Dave Keller 2-14-23
Your Daily Five StockCharts TV 02-10-23
Kitco Article by Neils Christensen on the Gold Market-02-07-23
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ETF Summary
S&P 500 (SPY) 390 support with 405 closest resistance
Russell 2000 (IWM) MA support around 184. 190 has to clear again
Dow (DIA) 326 support 335 resistance
Nasdaq (QQQ) 284 big support 300 resistance
Regional banks (KRE) 65.00 resistance 61 support
Semiconductors (SMH) 240 pivotal with 248 key resistance
Transportation (IYT) Why we look for 2-day confirms on phases-back over the 50-DMA-228 support 232 resistance
Biotechnology (IBB) 125-130 new range
Retail (XRT) 66-68 huge area to hold if the market still has legs
Every day you'll be prepared to trade with:
