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BBBill passes through Senate / Trump's fragrance & more / USD shorts hit 4y highs / Copper / Powell open to cuts

  • Writer: Stéphan
    Stéphan
  • Jul 2
  • 4 min read
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  • Markets : equity no lower but didn't rally on the 'BBBill' announcement, oversold USD (doesn't mean it has to rally a lot, we could simply trade rangy for a while), Copper looks set to break up, buy a decent dip in metals still, while #GDX #SIL should continue to show signs of catching up with spot gold and silver, XPT etc. SPX, time for a hedging trade, #VIX 3mos calls etc...

  • Trump’s megabill squeaks through Senate, but House can still reject changes >>> In the previous 24 hours, Trump’s threatened Elon Musk, Thomas Massie, Japan, a judge in Israel, the CEO of AT&T, Jerome Powell, Canada, Thom Tillis, a Forbes reporter, Harvard, & migrants with being eaten by Burmese pythons in the Everglades, while releasing a new line of colognes, what a time to be alive :-), and Trump threatened to arrest NYC Mayoral Candidate Mamdani, calls him a communist and says that he may be in this country illegally

  • USD : a lot of this around now...The decline in the US Dollar is historic... Mr Market is very short USdollar by now, see Saxo's Ole report below '''The dollar short hit a four-year high'''

  • JPM's quarterly spread : SepQ 4955 / 5870 Put Spread vs 6505 Call

  • Rotation keep the bull market alive, Small caps up while the rest cools off $IWM

  • The Warren buffet indicator is now the most overvalued in history at 205.69%, probably nothing to worry about...

  • Trump hints at legal action — and possible deportation — against Elon Musk, all fun and games then..

  • Powell confirms that the Fed would have cut by now were it not for tariffs. Powell: Not going to rule in or rule out any particular meeting. Officials will “be monitoring, particularly, what does show up in terms of inflation or what does not show up." On the labor market: “We watch very carefully for signs of unexpected weakness.”

  • Starmer wins vote on UK welfare reform but is damaged by big rebellion

  • US Banks can not classify physical gold as a Tier 1 asset as Basel III just went into effect today



COT Report: Dollar shorts at four-Year high, Crude slump rattles speculators

 

Key points:

  • Our weekly Commitment of Traders update highlights futures positions and changes made by hedge funds across forex and commodities during the week ending Tuesday, 24 June 2025

  • The dollar short hit a four-year high amid ongoing demand for EUR and JPY, as well as short covering activity in CAD.

  • Commodity swings, especially across the energy sector, give managed money accounts a rough ride.

  • Price weakness drives modest reductions in gold and silver longs, with buy-the-dip still a preferred strategy. Lukewarm response to surging platinum.

  • Coffee long slumps to a two-year low, sugar short hits a five-year high, while demand for hogs drives net long to a record














 
 
 

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