Report
EUR 9.24
For Business Accounts Only
http://track.com/articles/the-morning-track-new-year-old-trends/
The USD rallies, global rates are higher and stocks higher. We have seen this all before but the calendar is different and the data supports the mood today. Welcome to 2017 where DJIA 20K hats are back in vogue. The overnight and Monday price action has left it clear there is no room for doubters. The buy-the-dip mentality will hold for sometime and the sense of the train leaving the station regardless of whether you have a ticket makes for a rush of trading again. The key components of the mood swing from Friday to today rest on 1) Oil rallying over $55 thanks to Kuwait confirming its production cuts and suggesting others are doing the same; 2) Better China PMI reports – Caixin today was much stronger than expected; 3) Singapore GDP 4Q lifted the entire 2016 to 1.8% y/y – better than 0.3% expected; 4) European PMI reports yesterday were uniformly robust – with Italy and even Greece up; 5) UK PMI today rebounded as well leaving fears about Brexit behind. All that
leaves the markets hungering for more data to justify further buying. The US ISM today will be key accordingly. That leaves the barometer for risk and a bigger breakout to the USD with a double top at 103.65 nagging the bulls and causing some to wonder if this is a New Year with old trends.
The Morning Track new-year-old-trends
- The Morning Track – New Year, Old Trends by Bob Savagehttp://track.com/articles/the-morning-track-new-year-old-trends/
The USD rallies, global rates are higher and stocks higher. We have seen this all before but the calendar is different and the data supports the mood today. Welcome to 2017 where DJIA 20K hats are back in vogue. The overnight and Monday price action has left it clear there is no room for doubters. The buy-the-dip mentality will hold for sometime and the sense of the train leaving the station regardless of whether you have a ticket makes for a rush of trading again. The key components of the mood swing from Friday to today rest on 1) Oil rallying over $55 thanks to Kuwait confirming its production cuts and suggesting others are doing the same; 2) Better China PMI reports – Caixin today was much stronger than expected; 3) Singapore GDP 4Q lifted the entire 2016 to 1.8% y/y – better than 0.3% expected; 4) European PMI reports yesterday were uniformly robust – with Italy and even Greece up; 5) UK PMI today rebounded as well leaving fears about Brexit behind. All that
leaves the markets hungering for more data to justify further buying. The US ISM today will be key accordingly. That leaves the barometer for risk and a bigger breakout to the USD with a double top at 103.65 nagging the bulls and causing some to wonder if this is a New Year with old trends.
Provider
Track
TRACK.COM is an independent platform for investment research and market ideas. TRACK.COM research and analysis is used daily by hedge funds, proprietary trading desks, central banks and institutional asset managers to make investment decisions. These clients view Track.com as a trusted partner – our real-time research is thoughtful, well organized and right on target.
Robert Savage
Other Reports from Track
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.