Correlation Economics Backup

Yardeni gives an updated outlook on SP500 for 2024. Lower bound 4320, upper bound 4860. New: Old:  

Natural gas will rise next year.

NGTL pipeline expansion projects 2021 and 2022 will be completed in Q2 2023. This will alleviate some of the AECO gas discount pressure to Henry Hub gas. https://www.tcenergy.com/siteassets/pdfs/investors/reports-and-filings/annual-and-quarterly-reports/2022/tc-2022-q3-quarterly-report.pdf Canadian pipeline imports to U.S. have improved.   2021 NGTL System Expansion Program Construction of the 2021 NGTL System Expansion Program continues and, due to current market conditions as well as regulatory and weather delays, the estimated capital cost of the program is $3.5 billion. As of September 30, 2022, $2.7 billion of facilities have been placed into service, with the remaining facilities expected to be placed in service in fourth quarter 2022 and first quarter 2023. The program consists of 344 km (214 miles) of new pipeline, three compressor units and associated facilities and will add 1.6 PJ/d (1.5 Bcf/d) of incremental capacity to the NGTL System. 2022 NGTL System Expansion Program...

Remember to buy the sector when CAPEX is low.  

Sprott holdings update . He's going all in EV battery metals boom and out of old gasoline/diesel platinum cars. Buys: Sigma Lithium, Albemarle, Nouveau monde graphite, Electra Battery Materials, MP Materials. Sold: Platinum group metals, Rio tinto, Pan American, Kinross

Buy stocks when VIX is at 30 and sell stocks when VIX is at 20. 

The XHB Home Builders Index is a leading indicator for stocks.  

The natural gas shortage is moving to Japan. 

Qatar is a serious competitor in LNG. 

When the USD falls, commodities go up. 

The economy isn't doing that fine. 

When mortgage rates rise, housing prices fall. 

The China credit impulse is forecasting a rebound in base metals.  Confirmed by China bottoming. At a time of all time low inventories .