Ian Reynolds
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Overnight
Economic Indicators Released Overnight
Deflation in China, and last month's shock US PPI negated. Everything is in place for a huge cut by the FED next week (assuming CPI is OK tonight) and the market is pricing it in.
Larry Ellison becomes the world's richest man as Oracle helps keep equity markets afloat.
US Equities
Breaking
BYD predicts car brand clearout in China as Beijing cracks down on discounting [FT]
Bitcoin
After 2 months price price finally tagged the neckline of the inverse head and shoulders. Looks like we’re going to close above the short-term parallel and will hope to consolidate tomorrow.The lack of downside penetration is key to BTC having the energy to shoot higher for a last substantial rally before the end of the year.
Commodities
Gold advanced today but yesterday’s shooting star is the most powerful indicator and will keep price below 3,675 and will likely retrace to 3,500. A close and consolidation above 3,675 and 3,880 comes into play.
Foreign Exchange
AUD/USD the first beneficiary of USD bouncing along the bottom. EURO and GDP haven’t seen this strength of move yet. Does that make this a false flag? Needs a close and confirmation above 0.6625 to be sure.
Bonds
4 month trend higher has broken with 7 down days, as Canada moves towards recession and the weakness in the US economy is not preceived to be able to help it out. Trump or no Trump, Canada is the US biggest trading partner so looking like they both go down together.
Canada 30 Year Government Bond Yield Daily
Equities
Oracle saves the day for the NASDAQ. The trend is still clear but divergence is building.
Interesting
Huge demonstrations bring down Nepal’s government [The Economist]
Economic Indicators Today
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