Updates

Platinum Update – January 17th 2019

on January 17, 2019

Hi Folks

US futures are a little lower in Asia trade today with the S&P down around 18-20 points from the highs during the days session Thursday. That’s doesn’t mean the rally is over, but it does suggest my notion to go flat on stocks for a time in this morning’s Newsletter might be the right one for the moment.

Indeed the ASX and SPI are flat (9.05pm New York, 2.05am London, 10.05am Beijing, and 1.05 pm Sydney) are flat and Asia’s stocks markets are marginally red at present.

USDJPY is a little lower as well at 108.90 and the Aussie and Kiwi remain offered.

Let’s dive in.

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Greg MckennaPlatinum Update – January 17th 2019

Markets Morning Daily Video January 17th 2019

on January 17, 2019

Markets Morning Video

Good Morning folks,

Theresa May survived no-confidence in the Commons which made Sterling the resistor to USD strength. On stocks it was another positive day, but the S&P and Nasdaq ran into resistance on news of the DOJ prosecution of Huawei.

It’s a rich milieu right now, let’s dive in

In Order today:

  • Wrap & Outlook
  • SPX, DJ30, Nasdaq, SPI200, DAX
  • EURUSD, USDJPY, GBPUSD, AUDUSD, USDCAD, USDSGD, NZDUSD, USDCNH, and USDSGD
  • Gold, Copper, XAGUSD, Brent & WTI
  • BTC

Please click on read more to see the video – please note I’ve switched from YouTube to Vimeo.

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Greg MckennaMarkets Morning Daily Video January 17th 2019

Macro Markets Morning 17th January 2019

on January 17, 2019

Morning folks – Welcome to McKenna Macro’s Market Mornings.

In a rush? Here’s the key takeaway

Theresa May survived her no-confidence motion, now for Plan-B. Or is C, D, or E? Anyway GBP was remarkably quiet as the risk rally in global markets, but not the FTSE, continued. There was a little hiccup late in the day with news on the DoJ prosecution of Huawei which took stocks off their highs.

That might be an important inflection point.

Time will tell, for the moment, risk is still on and the USD is catching a bid once more.

Let’s dive in
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Greg MckennaMacro Markets Morning 17th January 2019

Platinum Update – January 16th 2019

on January 16, 2019

Hi Folks

The risk rally continues with US stocks still pushing higher though Asia is in a less excitable mood than yesterday. We need more Chinese stimulus news perhaps because as I write at 1.17pm Beijing, 12.17am New York and 4.17pm Sydney Chinese and Japanese stocks are lower though the rest of the region is mixed with rallies in the Kospi, Straits Times and of course the ever ebullient ASX 200.

The USD is a little stronger too – but only marginally so. And of course players are still trying to determine what Theresa May’s defeat of her brexit deal really means.

Personally I’d bet this is a pre-determined strategy she’s pursuing, one that lessens the chance of no deal Brexit, and one that will put a bit of a bid under the Pound, against the USD and on the crosses.

Commodities like gold, silver, and copper remain in their bands though Shanghai commodities aren’t doing too badly

Lets dive a little deeper.

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Greg MckennaPlatinum Update – January 16th 2019

Markets Morning Daily Video January 16th 2019

on January 16, 2019

Markets Morning Video

Good Morning folks,

Chinese growth and stimulus along with brexit shenanigans are the key drivers of markets today…much to discuss.

In Order today:

  • Wrap & Outlook
  • China growth outlook
  • EURUSD, USDJPY, GBPUSD, AUDUSD, USDCAD, USDSGD, NZDUSD, USDCNH, and USDSGD
  • Gold, Copper, XAGUSD, Brent & WTI
  • BTC
  • SPX, DJ30, Nasdaq, SPI200, DAX

Please click on read more to see the video – please note I’ve switched from YouTube to Vimeo.

read more
Greg MckennaMarkets Morning Daily Video January 16th 2019

Macro Markets Morning 16th January 2019

on January 16, 2019

Morning folks – Welcome to McKenna Macro’s Market Mornings.

In a rush? Here’s the key takeaway

Brexit is withering on the vine. Mrs May’s deal was soundly defeated Tuesday and Sterling subsequently rallied because traders are betting that means the chances of a no-deal Brexit, indeed any Brexit at all are receding. She has to get past the no-confidence vote first. But either way the UK’s future in or out of Europe is uncertain.

Stocks didn’t care though as China stimulus and a Netflix pre-earnings price rise helped sentiment. The USD is back above the break down level and the Euro looks crook – just like its economy.

Let’s dive in

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Greg MckennaMacro Markets Morning 16th January 2019

Platinum Update – January 15th 2019

on January 15, 2019

Hi Folks

China is trying to goose markets again after the awful trade figures yesterday fairly screamed SLOWDOWN.

They are cutting reserve requirements again, they are saying they’ll keep monetary policy accommodative and “strengthen counter cyclical adjustments”, they’ll cut taxes, and so on. They also fixed the Yuan a tiny but stronger against the USD when they could easily have been forgiven for letting it weakne a bit.

This combination has been positive for risk.

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Greg MckennaPlatinum Update – January 15th 2019

Markets Morning Daily Video January 15th 2019

on January 15, 2019

Markets Morning Video

Good Morning folks,

Some really interesting setups today in stocks and forex…but I want to have a discussion about trading itself and the outlook for the Euro area economy as well.

Enjoy

In Order today:

  • Wrap & Outlook
  • On hoping things go your way in trading and the Euro Area’s recessionary future
  • EURUSD, USDJPY, GBPUSD, AUDUSD, USDCAD, USDSGD, NZDUSD, USDCNH, and USDSGD
  • Gold, Copper, XAGUSD, Brent & WTI
  • BTC
  • SPX, DJ30, Nasdaq, SPI200, DAX

Please click on read more to see the video – please note I’ve switched from YouTube to Vimeo.

read more
Greg MckennaMarkets Morning Daily Video January 15th 2019

Macro Markets Morning 15th January 2019

on January 15, 2019

Morning folks – Welcome to McKenna Macro’s Market Mornings.

In a rush? Here’s the key takeaway

China’s big surplus but weak import and export data didn’t harm risk assets and sentiment as much as it could have. Though what we did see was a stall in US stocks rally under resistance with some falls across global stock markets in general. The USD was a little stronger but off its highs but oil and copper did react – that’s noteworthy.

The takeaway is caution and uncertainty. Where will the next shoe drop traders are wondering, will the Brexit vote today destabilise markets, what will earnings season reveal, where exactly is global growth headed, and what’s going on in the US economy.

Do nothing is now the default it seems – till the next shoe drops anyway.

Let’s dive in

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Greg MckennaMacro Markets Morning 15th January 2019

Platinum Update – January 14th 2018

on January 14, 2019

Hi Folks

We’re at a critical juncture in this risk rally – extension or exhaustion as you’ve heard me say and seen me write a number of times.

Bit while stocks are still the biggest game in town they aren’t the only game. GBP and the GBP crosses plus USDCNH/Y are also interesting.

Here’s a quick run through of the key highlights and opportunities that jump out of this week’s platinum Weekend Chart Scan.

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Greg MckennaPlatinum Update – January 14th 2018