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Economic Indicators Released Overnight
A better than expected employment report in Australia reinforces that rates can't come down anytime soon and UK economy slipping back, were the data points of the day but there is a whole mess of US data coming and currently there is no way of telling when and how accurate.
In the background more credit and debt issues, anecdotal evidence of a widespread consumer recession in the US, Wendy's, McDonald's etc, and a FED the most divided in history and Boom! risk-off all round.
US Equities
Trading Day: Fed hopes melt, stocks sink [Reuters]
Stocks Churn as Wall Street Braces for Post-Shutdown Data Deluge [Bloomberg]
U.S. Insurers Are Binging on Private Credit, Moody’s Says [Wall St Journal]
Bitcoin started the draw down in equities and now equities are pushing Bitcoin lower. A self-reinforcing price action. Read more
Silver moved solidly higher all day yesterday, almost tagging the all time high, and then London came in. But the bullion banks are just trying to manage the rise in price and not smash it down. Otherwise it would be a lot lower. Read more
We couldn’t convince ourselves that USD was changing direction, luckily, and back down we go. Rates went up a little yesterday so USD now finding it’s own direction. Read more
US equities very choppy at the moment as opposing forces collide. At the heart of the flux is the FED whose direction is unclear and whose reputation is challenged. Read more