Don't know if it's suspicious. Just bulls being bulls maybe. One of em was saying the top was when they (CBOE) started Bitcoin futures, and now they're ending it so they're hopeful for the bottom.
https://www.marketwatch.com/story/imfs-lagarde-global-economy-has-lost-momentum-but-will-likely-avoid-recession-2019-04-02 The global economy has lost momentum but will avoid a recession given the “more patient” Federal Reserve and stimulus from China, said IMF Managing Director Christine Lagarde While 70% of the global economy will experience a downturn this year, “we do not see a recession in the near term. In fact, we expect some pickup in growth in the second half of 2019 and into 2020,” Lagarde said, in a speech to the U.S. Chamber of Commerce. The expected rebound is “precarious,” Lagarde warned, and vulnerable to risks such as Brexit, high debt levels, and trade tensions. At the moment, the slowdown is “across the board,” she noted, including wealthy and emerging countries. She said if tariffs on all goods traded between the two countries went up by 25 percentage points, that alone would reduce U.S. annual gross domestic product by up to 0.6% and China annual GDP by up to 1.5%.
I know right! Its been sitting around $3k for a while now with not much activity. The hype of the last few years has died down a lot, Im curious to see if it can still get the buyers it used to get.
I still leaning toward to believe that we will see a new ATH pretty soon Earnings season will be coming up, I think expectations probably low enough for most companies to beat them Economic data in China and the US seem to be stabilizing and if we get some improvement from the European data also, then this market should move higher
Good Wednesday morning to all. Here is this morning's pre-market news thread for those of you wanting to get a quick read before today's open- <-- click there to read! Hope everyone has a great trading day ahead today.
Morning Lineup – Worldwide Rally Apr 3, 2019 Just about anywhere you look around the globe this morning, the picture is the same. Equities are rallying and breaking above intermediate-term resistance levels in the process. US futures are indicating a higher open this morning on positive sentiment related to the never-ending US-China soap opera, but globally sentiment is improved as economic data showed encouraging improvement/stabilization. One negative economic data point just released, though, was the ADP Private Payrolls report which showed weaker than expected job gains in March (129K vs 175K estimate). So far, there has been little reaction from the market to the report. The perfect way to illustrate the global nature of the rally is through a chart of the Bloomberg World Index. After breaking down below support just under 240 last fall, that level was poised to act as resistance on the way up. In its first test of that level last week, the Bloomberg World Index pulled back a bit, but it quickly regained its composure and bounced back above that level in this morning’s trade. There’s no arguing the fact that markets are overbought in the short term (a topic we cover in this morning report), but as long as these resistance turned support levels hold, bulls have the momentum.
Will Transports close the gap? And then, will they continue higher? For now I'm skeptical, although China and semiconductors are doing well. Everyone talks about the great breadth, but the NYSE Composite still has declining tops.
https://www.reuters.com/article/us-usa-trump-counterfeit/trump-signs-order-aimed-at-stopping-counterfeit-sales-through-alibaba-amazon-ebay-others-idUSKCN1RF1V7? U.S. President Donald Trump has signed a memorandum setting in motion a way to address trafficking of counterfeit goods through third-party online marketplaces, White House economic adviser Peter Navarro said on Wednesday. The order is aimed at stopping the sale of counterfeit products through companies like Alibaba Group Holding Ltd, Amazon.com Inc and eBay Inc, Navarro said in a conference call with reporters. The order requires the Homeland Security Department, together with the departments of Commerce and Justice, provide recommendations in 210 days on how to address the problem through better monitoring and enforcement, said Navarro. Looks like Trump wants to tell Chinese companies what they can sell online? Maybe they'll push the trade meeting back another month. First it was March, then April, then May, now it's back to June... BABA down 2 of last 3 days whle the Chinese ASHR has been up 2+% daily.
Looks like we got somewhat disappointing data for the ADP and the ISM services data this morning but the market shrugging them off Semis are very strong today
AMD soaring, it touched 30 bucks, wow! xbi might be on a breakout, we shall see. I got back in LABU last week on that huge down day, setting stop around $91.xx on xbi, but i see 93 is still resistance, if we can get above that.....
I think S&P closes red today. It's already worked down a lot into this last hour. Still, quite a turnaround from the way Japan/Europe had closed earlier today.
Looks like we'll grind higher for another week. Was on the lookout for a red finish because of this data: https://twitter.com/ukarlewitz/status/1092890143373971456 $SPX up 5 days in a row. Since 2011, n =33. $SPX closed higher w/in next 5 days in all except 1 (97%). Failure: 9/16/11.
