Tech reversal a warning?
Heading into the Q2 earnings season in the US, equities have been treading water with most major indices remaining range bound searching for a catalyst to breakout, with the exception of the Nasdaq 100 where mega-cap tech stocks have continued to set new highs on declining volumes. However, price action on Wall Street overnight is signalling sentiment is beginning to shift and a near term top for the Nasdaq 100 could be in. After setting a fresh record high, the index sharply reversed closing more than 2% lower.
Podcast: Climax reversal?
Today we look at yesterday's wild session in equities, where we saw another parabolic acceleration higher in the most speculative names, followed this time by a spectacular reversal into the close. Is this a sign of at least a near term top in the bubble stocks? Also a look at oil, gold, FX and much more.
Market Quick Take - July 14, 2020
Yesterday saw a climactic session in the US equity market, with many of the names at the center of the late speculative frenzy seeing enormous trading ranges and closing on a very weak note after posting strong new highs earlier in the session. The weak close was a broad development across equities, and oil and precious metals prices also took a bit of a beating, while the USD put on a mild show of resilience.
European Recovery Fund : Michel’s new negotiation box
Last week, the president of the EUCO, Charles Michel, unveiled his compromise proposal for the MFF and the recovery plan which is likely to be very close to what the final outcome will be. Ahead of the physical EUCO meeting on July 17 and 18, negotiations at top-level continue with a meeting between PM Conte and Chancellor Merkel in Berlin today.