State of The Markets | Stocks Retreated in Holiday Mood

STATE OF THE MARKETS

Optimism continue but market retreated amid holiday mood . US Equities that rallied, took a breather Wednesday in the middle of Thanksgiving holiday mood coming Thursday. Stocks and bonds markets will be closed Thursday and half day on Friday for the holiday weekend, though the OTC FX markets will remain open. $2b flows into bond options with traders betting yield are going to continue rising as price falling.

Crude continues to climb higher, as high as $46.26, before closing the day for $45.71 when traders bet on put for price to strike $35 in Feb 2021. Gold remains unchanged, trading around $1,800/oz mark for the first time in 18 weeks.

In the FX space, the greenback continues to be bid lower, breaking the 92 mark to test September low around 91.75, though Loonie and Yen are seen to support the reserve currency in the short and medium term accounts. Swiss and Sterling gained traction in the short term, against the commodity Aussie and Loonie as traders revert to safe-haven for the coming holidays.

OUR PICK – Flat, No New Pick

We have no new pick for the holidays due to thin markets. After all, our long USD/CHF idea is in the making. Look forward to be filled in the 0.9050/20 area. There will be no new analytics for Thursday as US markets is closed, though G8 FX sentiments and market commentary remain as usual. Happy Thanksgiving to traders in the Norfolk Island, Brazil and the US.

Disclaimer:

This article is for general information purpose only. It is not an investment advice or a solicitation to buy or sell any securities. 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.

Yes there was some deep impact on crude oil and the prices of gold have not varied much. Thanks for this article though.