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The S&P 500 is near the lows of the day, down 82 points or 1.6% to 4939. The Nasdaq is down 1.9%.The dip-buyers tried to make a stand after the first hour of trading but they have been swamped in the US afternoon.There's nowhere to hide today with US bonds also...
The major indices are trading to/near lows for the day as the intraday correction higher fizzles. The move lower is testing a key MA for the Nasdaq. It is breaking below the 100-hour MA on the S&P. NASDAQ: The Nasdaq index is down retesting its rising 100-hour MA...
AI imageI find it shocking that we're not talking about fiscal tightening more in the current environment.In a way, it's a much easier way to bring inflation into line than rate hikes and has far more long-term benefits. Today, Canadian finance minister Chrystia...
Bank of America is out with its latest survey for fund managers and it shows a few worrisome spots. Here are some highlights:1) It was the most-bullish fund manager survey in 2 years according to BofAThe purpose of the survey is to illuminate popular but also...
The NASDAQ index is down over 1.5% on the day after the higher-than-expected CPI data.The higher CPI has pushed off the expectations for the first rate cut. The market is now pricing in the most likely chance for cut in June or July with a 79% chance for cut in June...
High risk warning: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives,...
High risk warning: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives,...
Reuters reports that Russian President Vladimir Putin suggested a ceasefire in Ukraine to freeze the war but was rejected by the US.The ceasefire would have frozen the borders at the front lines and was floated some time in 2023.It's interesting timing on the leak...
PCE core y/yThe Fed's mandate is to keep inflation near 2% but which inflation measure? The Fed looks at both CPI and PCE but its preferred measure is PCE.Today's core CPI number rose 0.39% month over month but that won't be repeated with the PCE report, according to...
In this video, I kill 3 birds with 1 stone, by taking a technical look at the three major commodity pairs - the USDCAD, AUDUSD and the NZDUSD. What levels are in play, what are the risks and the targets for each now that the USD has shot higher. USDCAD starts at...
EURUSD dailyThe euro is in an interesting spot.It fell to the lowest since November 13 today but is now trying to creep back above the Dec/Jan double bottom. It coes with some moderate bids in the stock market as well.There is one camp around the CPI report that says...
USD/CAD has broken out of its 2024 range as the US dollar soars across the board. Previously, the pair had stalled three times right around 1.3540 but it's finally broken through in a 115 pip jump.USDCAD dailyOil is up 50 cents today so Canada is getting help on that...
The USDCHF has moved above its 100 and 200-day moving averages for the first time since November 2023. That puts the buyers more in control. The 100-day moving average is at 0.8807. The 200-day moving average is at 0.88462. In between sits a swing area between 0.8819...
The major US stock indices are moving lower at the open after the higher-than-expected CPI data disappointed. Yields have moved higher with the 10 year now up 10.1 basis points at 4.271%. The 2-year is up 12.4 basis points at 4.594%The NASDAQ is leading the way to the...
The USD has moved higher in early North American trading after the higher-than-expected CPI data for January. Stocks are lower (NASDAQ down -300 points).. Yields are higher (10 year up over 10 basis points).The EURUSD has moved below the low prices from last week and...
It's going to be a bruising day in US equities today, at least at the start.S&P 500 futures are down 1.4%, or 69 points to 4972 with Nasdaq futures down 1.8%. It's been a hay day for tech stocks in particular over the past few months and a re-think in the rate cut...
I ran a poll on Friday asking what looked like a theoretical question but now it's looking more like we might get a chance to find out.The odds of a near-term rate hike have been wiped out since today's CPI report and now it's not looking like a cut until June.The...
Implied probabilities for rate cuts this year plunged following today's US CPI report. There are now 94 bps in cuts priced in for the calendar year compared to 111 before the data.A May cut has fallen to just 40% from +70% yesterday while a cut at the June 12 meeting...
The US CPI came in higher than expectations. Shelter continued its rise with a 0.6% increase contributing to the gains. US stocks have moved the lower. Yields have higher, and the US dollar has moved higher:EURUSD: The EURUSD has moved down from 1.0790 to 1.0723. The...
High risk warning: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives,...