Monica Kingsley
Monicakingsley
And it just may not be over, or is it? S&P 500 was lifted by earlier GOOGL earnings, AMD underwhelmed on cash flow generation, and I was bearish given the high expectations and valuations of MSFT and META. That‘s similar to my last week‘s warnings regarding XLI, XLRE and ITB.
Correct bearish positioning brought immense gains for clients, both swing and intraday – over 300 NDX points and over 50 ES points gained. What‘s been different lately, is distinct selling into the closing bell, and selling of very decent earnings MSFT and META, which is what I warned about yesterday. Pre-elections positioning snapping back, such was the theme I chose to hammer yesterday – and you see in the below snapshot from our intraday channel as well that my commentary on individual megacaps performance highlights the shifting sentiment before the all-important next week. Today‘s data also point to no recession ahead, coming in decent.
Give yourself a gift of premium real-time and in-depth knowledge coupled with messaging me quickly over Telegram if need be – the options market remains quiet while bonds show we‘re at crossroads as yields have paused their ascent in the short run. Enjoy as well the S&P 500 chart.
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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Editors’ Picks
EUR/USD treads water just above 1.0400 post-US data
Another sign of the good health of the US economy came in response to firm flash US Manufacturing and Services PMIs, which in turn reinforced further the already strong performance of the US Dollar, relegating EUR/USD to the 1.0400 neighbourhood on Friday.
GBP/USD remains depressed near 1.2520 on stronger Dollar
Poor results from the UK docket kept the British pound on the back foot on Thursday, hovering around the low-1.2500s in a context of generalized weakness in the risk-linked galaxy vs. another outstanding day in the Greenback.
Gold keeps the bid bias unchanged near $2,700
Persistent safe haven demand continues to prop up the march north in Gold prices so far on Friday, hitting new two-week tops past the key $2,700 mark per troy ounce despite extra strength in the Greenback and mixed US yields.
Geopolitics back on the radar
Rising tensions between Russia and Ukraine caused renewed unease in the markets this week. Putin signed an amendment to Russian nuclear doctrine, which allows Russia to use nuclear weapons for retaliating against strikes carried out with conventional weapons.
Eurozone PMI sounds the alarm about growth once more
The composite PMI dropped from 50 to 48.1, once more stressing growth concerns for the eurozone. Hard data has actually come in better than expected recently – so ahead of the December meeting, the ECB has to figure out whether this is the PMI crying wolf or whether it should take this signal seriously. We think it’s the latter.
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