Archives of “June 28, 2019” day

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Heads up – Trump – Abe meeting underway

  
Analysis, Politics
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A bilateral meeting between US president trump and Japan’s PM Abe Shinzo

  • At the G20
  • In Osaka
Its begun – expect some comments to follow.
Yesterday we heard there are no discussions taking place on the Japan-US defense agreement. Trump has had problems with the yen though, I wonder if that’ll come up?
A bilateral meeting between US president trump and Japan's PM Abe Shinzo

The chaps at China’s Global Times say US growth claims are fake news

  
Analysis, Politics
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if these guys are setting the tone for the talks between Xi and Trump … well Monday early markets could be very interesting indeed!

Global Times (never shy about a bit or US prodding):
  • The claims that US growth will accelerate are false. 
  • Instead growth in 2019 will fall. 
  • And growth in 2020 will be even lower than in 2019 – a serious issue for Trump as 2020 is an election year
They add in the pic:
If these guys are setting the tone for the talks between Xi and Trump … well Monday early markets could be very interesting indeed! 

WSJ reports that ‘Iran Threatens to Pull Out of Nuclear Treaty, Like North Korea’

  
Analysis, Politics
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A piece in the Wall Street Journal on the threats from Iran (in case you missed them) that it will potentially follow the path of North Korea

  • Iran warned that if the 2015 nuclear agreement unravels, it make like NK and depart the Nuclear Non-Proliferation Treaty
Says the Journal – “threat, voiced by an Iranian official to reporters”
Link here for more (WSJ is gated)
Middle East tensions continue to simmer away.
A piece in the Wall Street Journal on the threats from Iran (in case you missed them) that it will potentially follow the path of North Korea Takes notes! CC in Iran!

Goldman Sachs says the yen is undervalued – downside risk to 103 target

  
Analysis, Forex
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Via a Goldman Sachs note, says yen remains cheap, unlike many other safe havens

  • positive news out of the US-China meeting could weigh on yen in the near term
  • but its role as a portfolio hedge bodes will continue
Downside risks to GS’ 12-month USD/JPY target (at 103)
  • proprietary models set 95 as fair value
  • bullish yen view supported by BOJ having limited monetary policy space to ease further
  • net outflows from Japan have shifted to “cross-border direct investment from portfolio flows, and outbound foreign direct investment could pull back on global trade uncertainty”
More:
  • trade disputes
  • unsettled global markets
may lead to a choppy USD

Bitcoin tries to restart after the 25% plunge lower today

  
Analysis, BITCOIN
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Bitcoin falls 25% from the high..

The price of Bitcoin moved up by about 22% to the high yesterday. Today from the high the price fell 25%.  Wow!
Bitcoin falls 25% from the high..
Technically, the first low (going into the close yesterday) stalled at the 100 hour MA (blue line in the chart above).  There was a sharp run back higher but the 2nd run lower cracked the 100 hour MA, the 200 hour MA (green line) and finally stalled near a lower trend line at $10300 (the low reached $10330).
What now?
The price is trading above and below the 200 hour MA at $10809.76.  The 50% midpoint from the June 10 low comes in at $10688.61.  If the price can’t stay above those levels, the sellers remain more in control. If the price can get and stay above, a move back above the 100 hour MA at $11636.83 will need to be breached.

Dow lags and closes lower (thanks to Boeing). S&P and Nasdaq close higher

  
Analysis, US Market

S&P first gain in 5 days

The US major indices are now closed with mixed results.
The Dow lagged once again, and you can blame Boeing for it’s woes (sans Boeing the index would have been higher).  The S&P had it’s first up day in the last 5. Nasdaq stocks led the way higher.
The final numbers are showing:
  • Dow, down -10.24 points or -0.04% at 26526.58
  • S&P, up 11.14 points or 0.38% at 2924.92
  • Nasdaq, up 57.787 points or 0.73% at 7967.758.
Winners:
  • First Solar, +4.63%
  • Chewy, +3.17%
  • micron, +2.78%
  • AMD, +2.74%
  • Nvidia, + 2.49%
  • Netflix, +2.16%
  • General Mills, +1.7%
  • Tesla, +1.63%
  • Adobe, +1.56%
  • Broadcom, +1.52%
Losers:
  • Boeing, -2.94%
  • Slack, -2.53%
  • Cisco, -1.54%
  • Intel, -1.51%
  • Twitter, -1.36%
  • Disney, -0.80%
  • Alphabetic, -0.34%
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