$2.7T Deficit & Equities Higher Again
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Anyway, today saw the equities continue with their ascent, here we have the Nasdaq showing continued pressure toward new highs:
The SP500 has been on solid footing here as well attacking once again that 3165 level, we have also identified a bullish trend channel here and lets see if the parameters define us here for a bit. 3125 is the 50eMA :
We also saw today the massive budget deficit that the US govt posted. It wasn’t a big surprise given the Covid-19 shutdown. Yes it is massive, yes it looks nasty, but remember QE has bailed out a lot of the excess volatility for downside probing for now and thus, we should see a decent rebound in the near future, so this doesn’t worry us at the moment:
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-Magnelibra Econemotions
DISCLAIMER: For educational purposes only. This is not a solicitation to buy or sell commodity futures or options on neither commodity futures. The risk of trading securities, futures and options can be substantial and is not for everyone. Such investments may not be appropriate for the recipient. The valuation of futures and options may fluctuate, and, as a result, clients may lose more than their original investment. Nothing contained in this message may be construed as an express or an implied promise, guarantee or implication by, of, or from the author Michael Agne owner of Magnelibra Capital Advisors. All rights are reserved. We will never claim that you will profit or that losses can or will be limited in any manner whatsoever. Past performance is not necessarily indicative of future results. Although care has been taken to assure the accuracy, completeness and reliability of the information contained herein, we make no warranty, express or implied, or assume any legal liability or responsibility for the accuracy, completeness, reliability or usefulness of any information, product, service or process disclosed.