STATE OF THE MARKETS
Santa rally continues. St. Nick continues to kick US stocks higher on Monday, with Dow (+0.98%), Nasdaq (+1.39%) and Russell (+0.89%) advancing further as S&P (+1.38%) broke record high after reports of strong retail sales after the holidays. Dollar continues to struggle around the 96 handle as the 10Y yields flirted around the 148 basis points.
In the commodities market, crude climbed further to pierce the $76/bl mark after Omicron concerns receded. Gold stalled around $1,810/oz while iron ore at $112.55/tn as traders took a wait and see approach towards Fed tapering and BBB plan.
In the FX space, market sentiments are generally more bullish as bids are for more Sterling while sending Yen to the back burner. The same thing can be said for short and medium term accounts as Sterling, Aussie and Loonie continue to dominate demands while Dollar and Yen went on offers. On Tuesday markets will look forward to reading earnings reports from CalMaine Foods (CLAM) as well as US housing price and manufacturing index.
OUR PICK – No New Picks
No new pick on thin markets. Late year end post X’mas and new year, markets are running thin as most big players are already wrapping up their books and gone for holidays. Left are the junior traders to run the errands that we see as better to stay on the sideline until after the first week of the New Year.
If you plan to trade for fun, then we suggest trying the high probability Trading Central services. Happy Holidays!
Risk Disclaimer:
This article is for general information purpose only. It is not an investment advice or a solicitation to buy or sell any securities/oz. Opinions expressed are of the authors and not necessarily of MFM Securities Limited or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.