Equities Reverse as Risk Is Clearly On
GFBP Positions Tracker and Daily Settlements for 6/22/20
After last nights constant bid the SP500 continued its march above 3093 and settled up at 3110. 3120 seems like a logical target here and maybe all the weak longs that were stopped on the open last night will be induced to getting back in up here:
As far as the Nasdaq it continues its epic run up 15% on the year now. However we are watching this box very closely and a breakout either way will bring momentum but today’s action was bullish. Tomorrow will confirm or negate:
As far as Gold, its chart set up is bullish and looks like a breakout, but we would like to see some consistent action outside of the trend channel for confirmation. Goldman was out today confirming this bullish bias as well:\
Ok, now we know the US Dollar weakness is highly correlated with a tendency for equities to remain “risk on” we aren’t sure if this bull flag set up in the Euro will come to fruition, but only posit as a possible technical formation building:
As far as our Global Futures Benchmark Program positions tracker, the model is still leaning Hedged Short but as we stated, some indicators are gearing up for a flip and we will continue to monitor which asset classes will lead us to that flip, but for now here is the tracker for the end of trading today:
Once again we hope you are enjoying a free look into our tracker, its only going to be free for a short limited time. Monthly subscribers get all of the free content plus access to daily settles but the Founding Subscriber will continue to enjoy our Magnelibra Global Futures Benchmark Positions Tracker. We like educating, we like writing and researching but as you all know everyone’s time is worth something, we hope you understand. We hope you choose to stay the course with us as we look to broaden you understanding and your knowledge of how a professional futures manager looks at things.
As far as the settlements of the futures markets that Magnelibra covers for 6/22/20, please note Crude is bumping up to that $41.00 region we noted last week, so keep a close eye for rejection or confirmation here. First time up here we would expect a little resistance:
For those that didn’t catch the earlier thread here is what we posted earlier today on New Home Sales plunging:
For those that continue to think interest rates will be "Allowed" to rise, well if we continue to see articles like this, you better rethink that rate rise premise. We also wanted to note JPMs recent 10yr rate outlook calling for a 1.95% by year end. We highly doubt that it will end up there, but would note that as a buying opportunity if it does. Anyway New Home Sales hits 10yr Low! Read article here on Zhedge New Home Sales Plunge
Also before we go, this story out late today Bitcoin Will Turn PayPal Into Blockbuster we think this is a very big deal and its an absolute 180 U Turn from Paypal’s earlier views on Bitcoin. Anyway its a must read and this could be an absolute game changer, as Jack Dorsey is certainly at the forefront of technology and he absolutely understands the leverage having 325 million users has. So pay very close attention to this!
OK, we hope you have a great week and we hope you continue to spread the word on our work here with your friends and colleagues, remember, knowledge is key and it is the absolute goal of Magnelibra’s Econemotion to put you always ahead of the pack. When your family, friends and neighbors ask, how you know all this stuff, we hope you point them in our direction. We hope you consider contributing to our work and joining as a monthly subscriber and for the professional traders and investors, join our Founding Subscription because the position tracker is a uniquely proprietary driven model designed as a global macro market analytic that we believe can help to advance your trading and investing game.
-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.