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The fragile market

July 10, 2024 - 10:00 -- Admin

The Market Ear on equities positioning. Three bearish men 1. “I think the chance of a 10% correction is highly likely sometime between now and the election. The third quarter is going to be choppy.” (Wilson) 2. Scott Rubner is modeling a painful two-week stretch starting in August if corporate earnings disappoint. 3. Scott Chronert

Macro Morning

July 10, 2024 - 09:00 -- Admin

Overnight markets were quite mixed as European shares continued their recent poor start to the trading week while Wall Street pushed up for a new high but only barely as they rely on a handful of tech stocks that look way overextended. The USD firmed up in the wake of the latest comments by Fed

Iron ore approaches critical support

July 10, 2024 - 06:45 -- Admin

Actually, it is steel that is approaching critical support. Shanghai rebar futures: If we fall decisively below 3200CNY then the six-year price support is broken. Making matters worse is the ugly descending triangle pattern. If these levels are breached then a return to the unfathomable of 2015/16 opens up. For now, the obvious oversupply of

Macro Afternoon

July 9, 2024 - 17:00 -- Admin

The poor start to the trading week has been reversed and then some with Asian share markets higher and stronger across the region despite the mixed lead from Wall Street overnight. A new round of earnings will hit US stocks tonight with expectations dampened somewhat, but most banks calling for higher results across the indicies.

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