This Syria thing is becoming like The Taper. Should we attack? Should we taper? Just another confusing element. Meanwhile, as the saber rattling intensifies, we actually saw a build in crude yesterday.
Some markets and currencies are getting to extremes. The short position in the rupee is at a five year high. Country ETF’s like India $IFN and Turkey $TUR have just been throttled.
Kim Jong-Un’s ex girlfriend was shot by a firing squad yesterday and Putin is sending anti submarine ships to the Mediterranean.
It seems hard commodities are down this morning and global equity futures are seeing some modest greenery. The 10 year $TNX is around 2.78% so far.
Remember when Europe was falling into the Mediterranean not so long ago? We played intraday headline roulette on a daily basis. Same here.
$SPX held a level yesterday and bounced, we gave some back some late in the day, but maybe its a start.
Verizon $VZ may buy the Vodafone $VOD stake. Yawn.
I think $XOM and $CVX bottomed yesterday. My opinion, but yesterday’s low is where you put your stop if you want to be long.
The “Syrian Electronic Army” hacked Twitter and the NY Times. Evidently Best Buy has been contacted and have sent Geek Squad vans to the White House s a precaution.
I think the Syrian thing will come ad go, unless of coarse Iran attacks Israel and World War 3 breaks out.
I spoke to a trader buddy yesterday and he asked, “What correction”? He’s long a lot of $TSLA and $NFLX….. FTW
I’m still looking for a bullish fourth quarter, although there will be bumps (mostly Washington related). Hedge funds will want to play catch up and nothing helps the tape more than some good M&A, and with rates going up, there will be a chase to lock in lower financing and get deals done. Biotech will be exciting into the end of the year.
We have a three day weekend and war is in the air, so the next two days of trading should be a hoot.
Good luck today.