Nov 15, 2017 – Market Update (Xi to visit NoKo one day, Mohammed El-Erian a new Fed vice-chair?, Stocks not comfortable with no new catalyst, GE story, Airbus – a new USD 40 bln order?, Volkswagen and police/tax authorities again, US yield curve flattening despite 2-yr yield hitting a 9-yr high, EURUSD – forget about H&S, looking at 1.1900, USDJPY to dip below 112.00)
Asia in red but BoJ active in ETF buying
Europe opening lower
Special envoy from China heading to NoKo on Nov 17
Central bankers talking about an end of easy money
Mohammed El-Erian a new Fed vice-chair?
Risk bubbles rising across EMs:
Military taking over in Zimbabwe, where is Mugabe?
Venezuela defaulting, South Africa to be downgraded
Stocks not comfortable with no new catalyst, GE story
And getting nervous about upcoming Fed tightening
Airbus – a new USD 40 bln order for 400 planes coming?
Volkswagen having issues with police and tax authorities
Loxo Oncology entering into collaboration with Bayer (USD 1.6 bln)
Biotech firms focusing on using bacteria in cancer research
Bombardier signing a USD 1.1 bln deal with EgyptAir
Cisco – expecting decline in revenue from traditional products
10-yr Trys yield at 2.36%
2-yr Notes touched a 9-yr high but the yield curve keeps flattening
10-yr Bund yield at 0.39%
Huge H&S reversal is over after breaking 1.1700
Decisive break of 1.1615 (high from May 2016), 1.1649 (200 WMA), 1.1670 and descending trendline connecting the lows of Oct 2008, Jul 2012
Also broke 1.1736 (100 DMA) 1.1785 (50 DMA), 1.1810 (38.2% Fibo of 2014-2015 decline) and 1.1822 (50.0% Fibo)
Next resistance Oct highs and 1.1886 (61.8% Fibo)
Source: Saxo Bank
Resistance at 113.65 (10 DMA), 113.00, 112.97 (23.6% Fibo),
Support at 112.47 (50 DMA)
Closing below 23.6% Fibo will expose 111.90 (38.2% Fibo), 111.76 (200 DMA) and 111.72 (100 DMA)
EU General Affairs Council meeting
Fed’s Evans (0800 GMT)
ECB’s Praet (1000 GMT)
Fed’s Rosengren (2110 GMT)
Nov 28 – Powell before Senate Banking Committee
Dec 13 – FOMC
Dec 14 – ECB
Dec 14-15 – EU Summit talking Brexit
Should you have any questions feel free to contact me anytime.
Good luck Champs!
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