Stocks close lower on FOMC decision but off the lows (17-Jun-2021 at 01:06:50 am)
Fed ups inflation expectations and said thinking about thinking about tapering The US stocks are closing lower on FOMC decision, but well off the lows. The Fed up there expectations for inflation in 2021, but still see inflation rates moving back toward just over 2% in 2022. The US 10 yield is up about eight basis points to 1.579%. That is still off the
EURUSD stays below 100 day MA (17-Jun-2021 at 12:49:50 am)
100 day MA at 1.2041 The EURUSD has been able to stay below the 100 day MA at 1.20405. Just above that is a swing area between 1.2051 and 1.2056. Technically, those are the risk levels that shorts would like for the price to stay below now.
NASDAQ turns back positive (17-Jun-2021 at 12:26:43 am)
Erases sharp declines. Russell 2000 also goes positive The NASDAQ low reach -1.2%, down -169.12 points at 13903.73. The index is trading up to points now at 14074.62.
GBPUSD tests swing area (17-Jun-2021 at 12:14:54 am)
Swing between 1.3996 to 1.4016 On the downside a break of the swing area would have traders targeting the 50% of the same move up from the April low at 1.39587. Below that is the 100 day moving average at 1.39323. The price has not closed below its 100 day moving average since the end of June 2020. In
EURUSD cracked below its 100 day moving average and eyes 200 day MA (16-Jun-2021 at 11:46:59 pm)
200 day MA at 1.1992 The last time the price traded below its 200 day moving average is back on April 13. Traders will now want to see the 100 day moving average as resistance.
USDCHF moves up to test the highs from June (16-Jun-2021 at 11:40:38 pm)
Spikes higher The USDCHF has moved up and is now breaking above the high for June at 0.9053 as I type. Looking at the daily chart, the price is moving closer to the 200 day moving average at 0.90679.
US dollar has moved higher. Stocks lower. Yields higher (16-Jun-2021 at 11:14:44 pm)
Gold lower. Crude oil lower In the US stock market. In the US debt market:
US stock indices trade to new lows (16-Jun-2021 at 09:25:57 pm)
The NASDAQ gives up gains There is some anxiety is the FOMC decision looms and concerns about a temper tantrum inches into the markets fear. Yields remain modestly lower with the 10 year down -0.5 basis points.
USDCAD trades to new lows. Backs off from double top but still above 100 hour MA. (16-Jun-2021 at 09:23:10 pm)
Crude oil higher may be helping loonie. The USDCAD is trading to a new session low as the market may be reacting to the higher oil prices finally. The price also stalled near a swing high yesterday which gave buyers cause for pause.
Modest changes in the European major indices today (16-Jun-2021 at 08:37:30 pm)
Mixed closes for the major European indices In the European debt market, the benchmark 10 year yields are all down around -1 to -1.6 basis points.
USDCHF defines the risk/bias defining levels ahead of the FOMC decision (16-Jun-2021 at 08:23:33 pm)
Swing area around 0.9000 above, and MAs below at 0.8076 area The USDCHF is defining close risk/bias levels ahead of the FOMC rate decision. Looking at the hourly chart, the 0.8999 to 0.9001 area is home to five separate swing highs over the last for trading days. The price did extend above that range during yesterday's trade, but could not sustain momentum. The area reestablished
Lumber futures continue its run lower and tests 200 day MA (16-Jun-2021 at 07:34:58 pm)
The high price on May 10 reached $1733.50. The price is now testing the 200 day MA at $861.50 The price of lumber futures has continued its downward spiral as it moves below $900 for the first time since March 22 and tests its 200 day MA at $861.50. The price high reached over $1733 on
The US stocks open with mixed results (16-Jun-2021 at 06:35:29 pm)
The FOMC rate decision waited The US stocks are opening with mixed results. The NASDAQ is higher. The Dow is lower, and the S&P is near unchanged.
GBPUSD higher on the day but met a limit. (16-Jun-2021 at 06:33:50 pm)
200 hour MA stalled the rally The GBPUSD is higher on the day, and in the process moved to and way consolidated consolidated around the 100 hour MA at 1.4116 area. That MA was joined by the 38.2% retracement of the move down from the June high (at the same level).
EURUSD stays below its 100 hour MA in up and down trading (16-Jun-2021 at 06:16:23 pm)
Price action consolidates below the 100 hour MA The EURUSD is chopping up and down in a narrow 21 pip trading range as traders await the Fed decision. Technically, the consolidation has given the falling 100 hour MA to move lower and squeeze down on the price. The high for the day did test that falling moving
USDJPY dips to test 100 hour MA (16-Jun-2021 at 05:58:16 pm)
Pair extends below swing area but stalls at 100 hour MA It will take a move below the 100 hour moving average to tilt the bias a little more in favor of the sellers with the 200 hour moving average at 109.65 as the next target.
The NZD is the strongest an the CHF is the weakest as NA traders enter for the day (16-Jun-2021 at 05:19:46 pm)
The USD is mostly lower ahead of the FOMC decision As the North American session begins, the NZD is the strongest of the majors, while the CHF is the weakest. The USD is tilted to the downside with declines versus the GBP, JPY, AUD and NZD. It is higher vs the EUR and CHF and near unchanged vs
Cable a little higher to start the session but runs into near-term resistance (16-Jun-2021 at 12:22:10 pm)
GBP/USD moves up to 1.4120 but runs into test of the 100-hour moving average to start European trading The pair was on the ropes yesterday as sellers tried to hold a break below the swing region support at 1.4073-86 but things ultimately reversed going into the close.
NASDAQ index leads the way to the downside in trading today (16-Jun-2021 at 01:01:36 am)
Nasdaq moved lower after reaching an all-time high closing level at the close yesterday The major indices are moving lower today led by the Nasdaq one day after it reached an all time high close just yesterday.A look at the final numbers shows:
The bullish and bearish from the recent lumber futures price action (16-Jun-2021 at 12:38:31 am)
Down 41% from the high, but up 189% over the last year. The price of lumber futures reached a high of $1738.40 back on May 10. That represented at gain of about $1392 from year ago levels. That is huge to say the least.
WTI crude oil futures settle at $72.12 (15-Jun-2021 at 11:41:54 pm)
Up $1.24 or 1.75% Looking at the hourly chart, the price remains between channel trendlines after testing the low trendline in trading today. That low trendline currently cuts across at $71.22. The topside channel trendline cuts across near $72.50. With the settling at $72.12, it is closer to the high extreme target. Getting above that level would
EURJPY finds support buyers near MAs today (15-Jun-2021 at 11:24:15 pm)
The USDJPY is non trending. So is the EURJPY In an post, I spoke to the USDJPYs narrow 18 pip trading range but how the price has been able to maintain more of a bullish bias.
USDJPY mired in a narrow range today, but stays above swing area (15-Jun-2021 at 10:30:16 pm)
Buyers making a play The USDJPY has been consolidating in a narrow trading range today, but the pair remains above a key swing area that keeps the buyers more in control.
US treasury auctions of $24 billion of 20 year notes at a high yield of 2.12% (15-Jun-2021 at 10:02:05 pm)
WI 2.137% at the time of the auction The auction was near-perfect with a There is nothing wrong with the auction ahead of the FOMC rate decision tomorrow.
USDCAD retests 1.2200 swing area. Still finds sellers. (15-Jun-2021 at 10:00:28 pm)
Swing area between 1.21927 to 1.22027 The USDCAD moved lower in the NY morning session and in the process tested the 38.2% and the rising 100 bar MA on the 5-minute chart ().
ICYMI - cryptocurrency index fund manager Bitwise raised US$70m from Kravis, Druckenmiller, and others (16-Jun-2021 at 07:02:08 am)
An overnight piece on the cryptocurrency index fund manager raising $70m from an institutional investor, & 30 individuals Some big names in this: Bitwise has more than US$1.2 bn in assets under management
Attention Bitcoin miners - kicked out of China? Mine from Texas instead! (16-Jun-2021 at 02:27:23 am)
Various provinces in China have been making life very difficult indeed, even impossible, for crypto miners. This from only a week ago: China has acknowledged it'll lose miners to the US and Canada:
Bitcoin needs to hold above $40,000 for a shot at redemption (15-Jun-2021 at 01:00:04 pm)
Bitcoin broke back above $40,000 yesterday but can it hold? endorsement from Paul Tudor Jones The latest push up in the price is encouraging as it manages to crack the $40,000 level into the daily close but the work isn't done yet for buyers.
Crypto ICYMI: Goldman Sachs intends to offer options and futures on Ether (15-Jun-2021 at 07:09:32 am)
An overnight piece via Bloomberg on plans at Goldman Sachs for crypto training. The headline pretty much says it all on new info. Its more of interest as a further sign that institutional adoption looks set to continue.
Another BTC ICYMI - Paul Tudor Jones likes bitcoin as a portfolio diversifier (15-Jun-2021 at 02:20:14 am)
I posted a few moments ago on BTC: A Bitcoin ICYMI - MicroStrategy to add circa US$500m to its holdings of BTC BTC getting some love over the past 24 hours or so:
A Bitcoin ICYMI - MicroStrategy to add circa US$500m to its holdings of BTC (15-Jun-2021 at 01:55:54 am)
Bitcoin traded above US$41K during Monday US time. The price surge began Sunday afternoon US time with a Musk tweet: It got a renewed push on the news that business software company MicroStrategy made a statement on Monday its readying to buy up to $488m in bitcoin, utilising proceeds from a $500m bond sale it has finalised.
Bitcoin moves above $40,000 for the first time in two and half weeks (14-Jun-2021 at 06:11:05 pm)
Musk tweet over the weekend spurs on buying The tweet over the weekend from Elon Musk saying that Tesla would look to buy bitcoin when there is confirmation of reasonable clean energy usage by minors with a positive future trend.
ICYMI - BTC has surged in price after Musk says Tesla will accept bitcoins when miners use more clean energy (14-Jun-2021 at 03:05:20 am)
I posted on the tweel from TSLA CEO Elon Musk earlier here: Bitcoin surge on Musk tweet The words of interest: Bitcoin did what it does best and skyrocketed in price. It traded above US$39,300 and not far from there as I update, circa $38,980.
Bitcoin surge on Musk tweet (14-Jun-2021 at 01:15:38 am)
A tweet from Tesla CEO Elon Musk on Sunday indicating his firm will be ac cepting BTC transactions once it confirms there is reasonable clean energy usage by miners.
ICYMI: SNB, BDF, UBS, Credit Suisse, Natixis hooking up to trial cross-border central bank digital currency payments (11-Jun-2021 at 01:58:42 am)
News filtering out Thursday of the Swiss National Bank & Bank of France to set up a trial run of Europe's first cross-border central bank digital currency payments
All good news on the crypto front so far today (10-Jun-2021 at 03:46:55 pm)
WSJ reports that Coinbase is teaming up with a 401k provider to offer crypto The story was out a little earlier before the Basel news but didn't quite gather enough traction but perhaps put together, it is starting to reverberate into broader sentiment in the crypto market - or maybe it was just a delayed reaction.
Bitcoin climbs back above $38,000 on Basel news (10-Jun-2021 at 03:19:11 pm)
Bitcoin up nearly 5% on the day currently Buyers aren't giving up just yet as the bounce off the swing region around $32,000 starts to look for more upside, helped by the Basel news earlier .
Basel Committee proposes first bespoke capital rules for cryptocurrency assets (10-Jun-2021 at 03:09:22 pm)
Banks to face tough capital requirements for holding Bitcoin and Altcoins That puts Bitcoin in the highest risk category in terms of bank capital exposure and in practice, means that banks may need to hold a dollar in capital for each dollar worth of Bitcoin holdings - based on the 8% minimum capital requirement that is.
El Salvador embracing Bitcoin still helping it along (10-Jun-2021 at 05:57:50 am)
The news on El Salvador adopting BTC as a legal currency began on the weekend: Check out the bottom of that post for a link on why this is unlikely to work out well.
US Senator Warren wants crypto regulation - more info (and video link) (10-Jun-2021 at 04:48:19 am)
The headlines on this are here from earlier: US Senator Warren calls for more cryptocurrency regulation Reuters have a recap of here interview : up at this link
JBS paid an $11 million ransom in bitcoin re cyber attack (10-Jun-2021 at 04:30:07 am)
Wall Street Journal carry the news that meat supplier JBS paid a cyber ransom. Andre Nogueira, chief executive of Brazilian meat company JBS SA's U.S. division comment:
Coinbase are expanding the ability of US customers to borrow cash using Bitcoin as collateral (10-Jun-2021 at 02:48:25 am)
Coinbase makes available a line of credit to US customers using Bitcoin as collateral in a number of US states. Info via . Hold on to your hats!
US Senator Warren calls for more cryptocurrency regulation (10-Jun-2021 at 02:23:42 am)
Says regulators and Congress need to do more on regulating crypto. Warren appearing on Bloomberg TV in an interview
A Cryptocurrency ICYMI - Another province in China orders shutdown of Bitcoin mining (10-Jun-2021 at 01:32:38 am)
China's Qinghai province has banned virtual currency mining operations,following on the news that Xinjiang and Inner Mongolia have tightened regulations also. Authorities cited concerns on high energy-consumption, environmental pollution, and also a central government (State Council) directive to maintain financial stability.
SEC's Gensler: Crypto regulatory oversight needs to be broadened (09-Jun-2021 at 10:49:02 pm)
Comments on CNBC from the SEC Chairman More regulation is undoubtedly coming. It sounds like he will be going after the exchanges. He's only two months into the job and this was one of his first chances to lay out his priorities.
Interactive Brokers to offer crypto trading by summer - report (09-Jun-2021 at 06:46:25 pm)
CNBC report Interactive Brokers is getting into crypto. The huge discount broker has more than 600,000 clients and $130B in customer equity. Just when bitcoin looks like it's going to skid, it gets some good news.
Bitcoin update - trading higher towards $34K (09-Jun-2021 at 02:03:09 am)
BTC has had a sad week so far, down from around $36K to circa 31K a few hours ago. Since those lows its stacked on nearly $3k of gains.
IRS Chief Rettig: Congress should provide clear authority on bitcoin transfers (08-Jun-2021 at 09:06:17 pm)
The low for the day reached $31000 so far today The IRS Chief Rettig is saying: A problem with the ransomeware problems of late is that tracking bitcoin was thought to be impossible to do and that it promoted bad actors. Yesterday, the US government said that they got back most of the ransom paid by Continental Pipeline. That has led to some uneasiness
Bitcoin trades to new session lows (08-Jun-2021 at 08:25:42 pm)
Down -9.6% on the day The price of bitcoin is trading to a new session low of $31100.00. That's the lowest level since since May 23 when the price reached 31107.46. Other swing low targets come in at $30066 and $28800. The 61.8% retracement of the move up from the September 2021 swing low comes in at 30861.87
The bitcoin chart is ugly. Price falls below $32,000 (08-Jun-2021 at 07:38:50 pm)
Bitcoin at the lows of the day Bitcoin is having a rough week. It's down another 7.3% today to $31,900 after a similar fall yesterday. The Miami bitcoin conference was cringey and the US government stealing back the bitcoin from the Colonial pipeline hackers is a reminder about security and confiscation risks.