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Commentary for 5/22/2019

Altavest Commentray for 05/22/2019

With no new news to digest, Asian markets were mixed. The Nikkei 225 eked out a gain of +0.05%. Meanwhile, the Shanghai Composite gave back -0.49%.
Opposition to Prime Minister May’s latest Brexit proposal seemed likely to sink it. European markets closed narrowly mixed. The DAX rose +0.21%. Yields on 10-yr. Bunds fell back, closing at -0.078%.
Last night’s API report showed a unexpected build in crude inventories for the week of 05/17 of +2.4M barrels. This morning’s EIA report showed an even larger build of +4.7M barrels.
Yields on 10-Year Notes are back near the recent lows, closing at 2.387%. The June US$ Index ticked down -0.015 to 97.880. June gold was up +0.1% to $1,274.20. July crude tumbled -2.7% to $61.42.
An anti-trust ruling against Qualcomm shook tech shares heading into the U.S. open. Still, markets shook off early concerns and began to recover. Trade was choppy and, while in the red, off the early lows. Volume was moderate. With no momentum building in either direction, averages sank toward the lows in the final hour, closing modestly lower.

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