STATE OF THE MARKETS
Stocks mixed amid profit taking. US stocks closed mixed on Tuesday, with Dow (+0.26%) in the green while Nasdaq (-0.56%) and S&P (-0.10%) slipped lower as profit taking kicked in ahead of the new year. Dollar bulls regained the 96.20 barrier as the 10Y yield was little changed.
In the commodities market, crude stalled at $75.80/bl as traders booked profits while bidders continued to support the black gold. The yellow metal gold spiked to $1,820/oz before closing lower around $1,806/oz while Iron climbed further to $118.30/bl as markets continue to expect higher inflation next year.
In the FX space, short term traders turned bearish as Swiss, Yen and Dollar dominated the demand while Euro, Loonie and Aussie were running on the back foot. Long term sentiments were little changed as profit taking continues towards year end.
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.