notes
February 2, 2025
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–WSJ warns markets are ‘choppy’. Overnight ranges ES 100 points, Gold $456, Silver $11. I believe CME has announced that silver margins will increase again post today’s close. Bitcoin is around 77.7k this morning, from 82.8k Friday.
–Small rally in rate futures. Market action being attributed to Warsh, but if stocks really slide Fed will be forced into easing again. Probably nowhere close to that yet, a decline of 20% would take SPX to around 5600.
–ISM Mfg expected 48.5 from 47.9. I believe SLOOS is this afternoon. Treasury Refunding Announcement at 3:00
