Monica Kingsley
Monicakingsley
In a reversal of uncertainty, S&P 500 repelled one serious intraday downswing, and rose on solid volume and market breadth improvements. The about to get tired move can continue into today‘s earnings aftermarket – with GOOG being the key one, followed by TXN (the latter one I expect to do better). Housing data and Richmond manufacturing are unlikely to upset equities much, yet it must be noted that rate cutting odds slightly retreated yesterday (no cut Sep has 6% odds now).
Based on the charts below (yields and S&P 500 market breadth), you can form your own opinion – as to the reversal‘s shelf life and best sectoral plays ahead. Let me just highlight select Bitcoin miners, out of which MSTR is most richly priced (call premium I mean, with COIN pulling up better). How about the dollar and what that means for industrials?
Way more details as usual in the individual chart section – suffice to add that latest real asset plays moved in line with my analytical expectations, be it gold and silver, or oil.
All essays, research and information represent analyses and opinions of Monica Kingsley that are based on available and latest data. Despite careful research and best efforts, it may prove wrong and be subject to change with or without notice. Monica Kingsley does not guarantee the accuracy or thoroughness of the data or information reported. Her content serves educational purposes and should not be relied upon as advice or construed as providing recommendations of any kind. Futures, stocks and options are financial instruments not suitable for every investor. Please be advised that you invest at your own risk. Monica Kingsley is not a Registered Securities Advisor. By reading her writings, you agree that she will not be held responsible or liable for any decisions you make. Investing, trading and speculating in financial markets may involve high risk of loss. Monica Kingsley may have a short or long position in any securities, including those mentioned in her writings, and may make additional purchases and/or sales of those securities without notice.
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GBP/USD closes in on 1.2900 on US Dollar recovery
GBP/USD is on the defensive toward 1.2900, struggling to find a foothold on Tuesday. The US Dollar holds steady following Monday's pullback amid a negative shift seen in risk sentiment, not allowing the pair to regain its traction.
Gold recovers above $2,400 as US yields retreat
Gold stages a rebound and trades above $2,400 on Tuesday after closing the fourth consecutive trading day in negative territory on Monday. The pullback seen in US Treasury bond yields help XAU/USD cling to modest daily gains despite the US Dollar's resilience.
Bitcoin price struggles around $67,000 as US Government transfers, Mt. Gox funds movement weigh
Bitcoin struggles around the $67,000 mark and declines by 1.7% at the time of writing on Tuesday at around $66,350. BTC spot ETFs saw significant inflows of $530.20 million on Monday.
Big tech rebound ahead of earnings, Oil slips
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Tesla and Google are due to report earnings today after the bell, and their results could shift the wind in either direction. Despite almost doubling its stock price between April and July, Tesla sees appetite for its cars and its market share under pressure.