Archives of “November 2019” month

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Heads up for a Trump speech due Tuesday (US time)

  
Analysis, Politics

The US President is due to speak at the Economic Club of New York on Tuesday 12 November

Ears will be tuned in for any mention of what he is thinking on US-China trade talks.
Ummmm … am I going to get into strife I suggest the most we can expect is vague, general, non-specific comments?
‘Talks are gong great’ … “Talks are not going great’.
That sort of thing?
I don’t expect anything more than that, but maybe they’ll be enough to move markets.
The US President is due to speak at the Economic Club of New York on Tuesday 12 November

US President Trump expected to delay auto tariff decision for 6 more months

  
Analysis, Politics
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US political reporting website Politico with the info

  • Trump is expected to announce this week
  • putting off a decision on whether to impose tariffs on European Union autos for another six months
Poltico cite “a person familiar with the decision”
Link for more
And … bear this in mind:
  • The person with familiar the decision cautioned there is always uncertainty surrounding Trump’s final determination when it comes to trades and tariffs. But barring some unforeseen development, the president is expected to announce another six-month delay, the person said.

Overnight US Market : Dow record close

  
Analysis, US Market
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It could have been worse.

The US had a semi holiday today in observance of Veterans Day. The bond market was closed, government offices were closed (so no economic news). The US stock markets were open, however.
After opening lower and extending to the downside, a slow grind higher took the Dow into positive territory. The S&P and Nasdaq stilll ended down, but well off the lows.
The final numbers are showing:
  • The S&P index fell -6.07 points or -0.20% to 3087.01
  • The NASDAQ index fell -11.036 points or -0.13% t0 8464.27
  • The Dow rose 10.25 points or 0.04% to 27691.49.
The Dow gain was good enough for a record close once again. The S&P and NASDAQ which also closed at record levels on Friday, could not repeat the feat today.
Below is a graphical look at the percentage high, low, and close for the major indices in North America and Europe today.
The Dow closes at a new all-time record high

Gold trades to the lowest level since August 5th

  
Analysis, Gold / Silver

Gold reverses and trades lower on the day

The price of gold was up earlier in the day. The price extended to a high of $1466.50. That was above the Friday close at $1459.00.
Gold reverses and trades lower on the day
However, the price action has reversed and  the precious metal is down testing the old July high at $1453.09. Below that is the 38.2% retracement of the move up from the May low. That level comes in at $1446.04.
The price on Thursday last week fell below the 100 day MA (blue line currently at $1477.20). It will take a move back above that MA to solicit reversal of the recent tilt to the downside.  That potential would be helped if the 38.2% retracement can hold support.  For now, however, the sellers are still more in control.

Alibaba sets a singles day record of 268.4B yuan

  
Analysis, US Market

The biggest shopping it day of the year on Alibaba

For those who may be interested. the Alibaba’s Singles Day is over and it set a record with sales of 268.4B yuan. That corresponds roughly to about 38 billion of sales.
The huge day has not helped the ADRs in the US. Alibaba shares are trading at 184.18, down -$2.98 on the day.
The US market in general still remains in the red for the day:
  • The S&P index is down -10.17 points or -0.33% at 3082.91. The high reached 3084.91. The low extended to 3075.82.
  • The NASDAQ index is down -24.4 points or -0.29% at 8450.81. The high reached a 84589. The low extended to 8425.48
  • The Dow is trading down -110 points or -0.40% at 27571.50. The hi reached 27602.50. The low extended to 27517.67

If it’s any consolation for Alibaba, Amazon (a comparable) is also trading lower. It stock price is down $-13.38 or -0.75% at $1772.50.

Cable races towards 1.29 handle on Farage election remarks

  
Analysis, Forex

Cable rises to a session high of 1.2898

Cable H1 11-11

Nigel Farage just gave Johnson a helping hand in the election as he stands down candidates for his Brexit Party to potentially avoid a hung parliament.
While he continues to criticise Johnson’s deal in general, he says that he welcomes the overall plan to not extend the transition period and argues that “this is more like the Brexit we voted for” – in a bit of a boost to the Tories’ election prospects.
Cable has raced higher from 1.2830 to just under 1.2900 and is settling around 1.2870-80 levels currently.
It’s not a formal pact between the two but in essence what Farage is getting at here is that he doesn’t need clear changes to the withdrawal agreement but only certain promises surrounding the political declaration.
The U-turn from his election strategy announced two weeks ago will be a boost to the Tories come 12 December with a majority parliament now possibly achievable.
For cable, keep an eye on the 200-hour MA (blue line) @ 1.2880 now. If buyers can hold a break above that and the 1.2900 level, the momentum could stay more bullish in the coming weeks if the Tories continue to do well in the voting intention polls.

Nigel Farage: We won’t contest the 317 Tory seats won in 2017

  
  Analysis
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The pound continues to extend gains as Farage speaks

  • Brexit Party will fight Labour candidates in election
  • Says that efforts to build a Leave alliance has come to nought
This is some sort of pact – even though not by virtue of name – with the Tories and that will play into Johnson’s advantage of potentially securing a majority parliament. The fact that he is standing down candidates is helping the pound get a lift here.
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