MARKETS: Chinese New Year, CTA Analysis, North Korea Next

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Housekeeping: Good Morning. Transcript tabbed

*** Chinese New Year/GS/ UBS Comments***

Contents

* Yesterday’s Activity

* Today’s Prices

* Today’s Data

* Markets/Metals Commentary

* Attached- Chinese New Year, Korea, Goldman, UBS

Markets Covered:

Metals, Energy, Crypto, Bonds, Stocks

Yesterday’s Activity:

Stock Meltup

* US equities rallied on Friday as the S&P 500 closed at an all-time high.

* Technology (+2.35%) and financials (+1.64%) outperformed the broader market indices, while consumer staples (-0.33%) and utilities (-0.12%) lagged.

* The Nasdaq gained 1.70%, while the "FAAMG" stocks rose

h/t DataTrek

Overnight Activity:

* Gold is under modest pressure, China did not help things - new year buying, no chasing

* Silver: Base metals are smacked amid downbeat trade in China overnight- excuse to sell silver twice.. not joking

* Oil is modestly higher- consider the move noise

* Nat Gas is down large -spot versus futures

* Crypto is lower- Warren thinks she matters

Week’s Data:

Earnings, LEI, PMI, PCE, and GDP

* MONDAY, JAN. 22 10:00 am LEI

* TUESDAY, JAN. 23 None scheduled

* WEDNESDAY, JAN. 24 9:45 am PMI

* THURSDAY, JAN. 25 8:30 am Q4 GDP

* FRIDAY, JAN. 26 8:30 PCE

Total Calendar

News:

NOTABLE HEADLINES

Japanese PM Kishida says wage growth outpacing prices is a requirement for a virtuous cycle- Shunto

Economic data was weak everywhere: China especially

GEOPOLITICS

ME News implies stalemate and continuance: Israel conducted a strike, US, Egypt and Qatar are pushing Israel and Hamas to talk, israel is having none of it, Saudi’s Foreign Minister said they are very focused on de-escalation in Gaza, US personnel suffered minor injuries in iraq

Russian President Putin reportedly showed his intention to visit North Korea soon

some headlines via NewSquawk

Markets/Metals Commentary:

* Gold- Sellers above, Buyers below. Who is most flexible? CTAs, China

* Silver: Worst of both worlds right now

* Crypto: too many long specs

* Oil: CTAs,

End