It is safe to say that markets don’t like uncertainty but this is on another level. Fears that Donald Trump was going to win the election saw risk-sensitive assets drop faster than Hillary Clinton’s hopes of becoming the next US President overnight.
Last week’s bearish engulfing candle for gold on the weekly chart appears to have had some follow through at the start of the new trading week, as the precious metal fell victim to a renewal of risk appetite as most global equity markets made fresh monthly highs, and the S&P and DOW soaring into new high ground.
As always, whenever there is a market correction, and for whatever reason, the bears take heart, emerging from the undergrowth to call the top of the market once more!
There are so many trading maxims it’s often hard to ignore them, but there are two that spring to mind considering the daily chart for the Emini NQ this morning.
US stocks rallied Monday, with the Dow and the S&P 500 extending record winning streaks amid a fresh burst of merger and acquisition activity on Wall Street. The Dow Jones Industrial Average rose 18.82 points (0.11 percent) to 16,943.10, its third straight…
As we begin the first full week of trading for May one has to wonder if the old saying will hold true…”Sell and Go Away In May”.
Thursday was brutal for the bulls as the bears pushed the DOW some 266 points lower and the entire list of S&P 500 sector ETFs suffered at the hands of the bears.
Looks like the markets just about managed to avoid a mauling by the bears, who have now temporarily retreated to lick their wounds!
The warning flags of potential short term weakness have been flying for some time on the Dow Jones cash index, and the associated derivative E-mini YM futures contract.
Morning Coffee Break – Monday April 1 In today’s Morning Coffee Break we find as traders come to their trading systems after a 3 day weekend and the start of the second quarter have several milestones to build on from record closes on the Dow and S&P 500.
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