STOCKS: The world economy is muddling through. The sequestration and continued Congressional argument regarding government closures and debt ceilings are clear headwinds to the US economy, while China is showing signs of trying to cool inflation. The Eurozone remains mired in inaction, athough showing nascent signs of growth. Quite clearly, we feel risk is being mispriced at current levels given the economic backdrop and developing pressure upon corporate revenues/margins/earnings. But, the QE pillars continue to hold prices higher than in non-QE times.
STRATEGY: The S&P 500 remains above the 160-wma long-term support level at 1397; and the standard 200-DMA support level at 1621. But, perhaps more importantly, the distance above the 160-wma has regained the +23%/+25% zone that denotes a “bubble-like rally” threshold. If it expands towards 30%, then an upside explosion may be under way.
ALL MAJOR MARKETS ARE TRADING HIGHER THIS MORNING although the gains are rather modest in nature, with only Japan’s NIKKEI rising more than +1.0%. All other markets are higher in a range of +0.0% to 0.5%. So, with today being Veteran’s Day in the US and all the US government and banks are closed – which means all bond and equity trading will be subdued to be sure. The US dollar is mixed this morning; crude oil is trading modestly lower; and gold is virtually flat. Some many see this the calm after last week’s storm regarding the much stronger data than anticipated in terms of the US advance GDP for 3Q and US employment data for October.
To Read the Entire Report Please Click on the pdf File Below.
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US Dollar Mixed, And Crude Oil Trading Lower
Published 11/10/2013, 11:28 PM
Updated 07/09/2023, 06:31 AM
US Dollar Mixed, And Crude Oil Trading Lower
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