Quick Market Glance
GFBP Update
There are a couple of things that have stood out to us here at the end of the week. One, is the fact that tech is now outperforming and from our 2xR2K vs NQ futures chart, where this week we highlighted the 200d MA, well let’s just say our readers shouldn’t be surprised:
Another item that stood out this week was the US futures Yield curve in the long end has taken a steeper trajectory and this may start to drag the other curves steeper as well. Here is our futures curves chart:
However, as far as Friday’s settles in the US Curve land the steepening took a break as the long end did out perform the shorter maturities on the rally up as yields fell across the board in a bull flattening move:
With equities flying, we can’t help but think that complacency is endless here and when we see charts like this, we can’t help but think caution, yet the reality is, the money printing becomes a self fulfilling prophecy. As BofA points out, this is the largest 3-week inflow on record:
With that we can see that the metals sector in particular Gold has taken a bit of a hit which we have also noted in some of our posts lately. Even, Bitcoin took a breather and this chart tracks the two nicely:
As far as Bitcoin, we posted that 0.786 extension level of $19250, well we suppose it worked so far. Big news out of China about a major crypto bust probably was the catalyst for this latest drop:
Also some great news for the CME Group who now can claim they are the largest bitcoin futures market in the world!
Arcane Research announced that CME had overtaken OKEx as the world’s largest Bitcoin futures market. Citing data from Skew, a market intelligence firm, Arcane said open interest in CME’s Bitcoin futures contract has reached $1.16 billion. OKEx, meanwhile, registered $1.07 billion.
You can read more HERE
Alright finally the settlements for November 27th 2020:
We are including the Magnelibra Global Futures Benchmark Positions Tracker Update here as well for new readers. The GFBP tracker went to a Hedged Long earlier this week and the update positioning and sentiment are shown here:
We hope you enjoy the weekend, we wanted to share with you some CDC compiled data that we put into a nice chart for those interested in Covid-19 data in the U.S. We know there are many claims to increased test positives is leading to greater deaths and thus we like to present the data as given by the CDC:
Have a great weekend! Keep an eye out in the Middle East, we don’t like when things start to heat up, and thus any activity in the region should be followed as it could impact our equities and energy markets!
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-Magnelibra Econemotions
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