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Stocks Down - Oil Up -- Nick Santiago 9-27-23 #529

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Manage episode 378114568 series 3281026
Content provided by Kerry Lutz. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Kerry Lutz or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://player.fm/legal.
1. The major indexes have been very weak and are trying to bounce a little today.
2. The main catalyst for the recent declines are two fold. First, the strong US Dollar Index (DXY) has been surging higher and that puts pressure on many multinational US equities.
Second, it is bond yields. Yesterday, the 2-year note yield traded around 5.15% and the markets did not like that. That is a clear signal that the Fed needs to raise the fed funds rate again at the next meeting. Today, the 2-year yield is backing off trading around 5.07% and this is helping stocks to catch a bid.
3. Oil has pulled back recently, but today it is trading higher again today. I still think it is short term overbought, but it has held up well as of late.
4. Gold has pulled back this week and is trading lower again today. Gold futures are now testing the 1900 level. Should this level break down we could see gold fall to around the $1830 area. That is the next major support area on the charts.
5. Bitcoin is catching a bid today. The popular crypto is trading atround 26,500. That is a 1.3% gain. This still has a bearish weekly pattern in place so be aware of that.
Visit Nick at: https://InTheMoneyStocks.com
Visit Kerry at: https://FinancialSurvivalNetwork.com
  continue reading

558 episodes

Artwork
iconShare
 
Manage episode 378114568 series 3281026
Content provided by Kerry Lutz. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Kerry Lutz or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://player.fm/legal.
1. The major indexes have been very weak and are trying to bounce a little today.
2. The main catalyst for the recent declines are two fold. First, the strong US Dollar Index (DXY) has been surging higher and that puts pressure on many multinational US equities.
Second, it is bond yields. Yesterday, the 2-year note yield traded around 5.15% and the markets did not like that. That is a clear signal that the Fed needs to raise the fed funds rate again at the next meeting. Today, the 2-year yield is backing off trading around 5.07% and this is helping stocks to catch a bid.
3. Oil has pulled back recently, but today it is trading higher again today. I still think it is short term overbought, but it has held up well as of late.
4. Gold has pulled back this week and is trading lower again today. Gold futures are now testing the 1900 level. Should this level break down we could see gold fall to around the $1830 area. That is the next major support area on the charts.
5. Bitcoin is catching a bid today. The popular crypto is trading atround 26,500. That is a 1.3% gain. This still has a bearish weekly pattern in place so be aware of that.
Visit Nick at: https://InTheMoneyStocks.com
Visit Kerry at: https://FinancialSurvivalNetwork.com
  continue reading

558 episodes

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