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Housekeeping: Good Morning.

“If you sell too soon, you're probably going to miss the boat.”

-Summarizing Michael Oliver’s latest

Today:

* Premium: Silver

* Commentary: Charts, News

Markets Yesterday:

US equity futures are in the green after Friday’s rally

Premium/Markets:

* Silver’s Rally Monday

* The Shanghai Connection

* Michael Oliver’s Silver Comment

h/t Bai Xiaojun and the Daily Gold

Silver’s Rally Monday Macro Discretionary Enters the Chat

The Shanghai Connection- what it means

Silver:

* SFE is over Comex- why it persists

* SGE is over SFE- what it means

* Comex: What to look for (spreads/ EFP)

* Convergence how

Gold:

* SFE is over Comex

* SGE is under SFE- what it means

* Comex- what to not look for

* Convergence how

Focus: SILVER by Michael Oliver

If you panicked at each drop, including the genuine correction in January 2011, you’d likely have missed the massive acceleration portion of this multi-year bull trend (from 2001 to 2011): $20 to $50 in three quarters.

5% in one day, 8.5% drop in six days, 5% drop in three days, 15% drop in five days, 5% drop in three days, 9% drop in two days, 16% drop involving a month7.7% drop in two days, 8.7% drop in six days, 5.5% drop in two days

He goes on to define the onset of something worth calling a “correction” and much more at bottom.

Market News:

China's smartphone market saw a 2% growth in sales Q1. Sales of foldable phones +48% Y/Y. Huawei rose to the top spot for the first time in quarterly global shipments, surpassing Samsung, according to Counterpoint Research. China iPhone shipments jump 52% in April.

UBS Global Research raises 2024 year-end S&P500 target to 5600 (prev. target 5400, current 5304)

Geopolitics:

* Israeli tanks have reached Rafah city centre, according to Reuters witnesses

* "Israeli media: Leaders of Israeli opposition parties will discuss tomorrow the formation of an alternative government and the ouster of Netanyahu", according to Sky News Arabia.

* China is conducting more military exercises, The West is now pushing back on the Isrealis strikes in Rafah as civilian tolls are rising.

* Much More below

Some headlines via NewSquawk or DataTrek

Data on Deck: GDP, PCE Week

* MONDAY, MAY 27 Memorial Day

* TUESDAY, MAY 28 speakers and 10:00 am Consumer confidence

* WEDNESDAY, MAY 29 2:00 pm Fed Beige Book

* THURSDAY, MAY 30 8:30 am GDP + +

* FRIDAY, MAY 31 8:30 am PCE index April

Premium:

h/t Michael Oliver, Bai Xiaojun and the Daily Gold

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