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US stocks close lower. Dow and S&P close lower for the 5th consecutive day

  
Analysis, US Market
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The stocks close at session lows

The major stock indices are closing lower for the day. The Dow and S&P fell for the fifth consecutive day. That is the longest losing streak since February.
The NASDAQ index is closing lower for the third consecutive day.
The major indices close lower this week.
The final numbers are showing:
  • Dow industrial average fell 271.66 points or -0.78% at 34607.73
  • S&P index fell -34.7 points or -0.77% at 4458.57
  • NASDAQ index fell -132.75 points or -0.87% at 15115.50

Trade Psychology #AnirudhSethi

  
Analysis, Education
  • Psychology and Trading - Market Talk | Alice Blue Blogs – Get Latest Stock Market updates from Our Experts in Online Trading PlatformFocus on the NOW, don’t be caught up with regret over what you should or could have done with things past.
  • Do not revenge trade, e.g. keep putting on the same trend reversal trade which keeps failing. Once you catch yourself thinking that you need to make back the losses that you just incurred, stop yourself. Take a break, and even consider stopping trading for the day if you are not able reset your mental state.
  • Cultivate self-awareness of emotions, positively reframe your thoughts
  • Read a motivational piece, think of what you are grateful for
  • Smile, adjust your posture straight, stand, deep breathing, 5 secs in, 10 secs out.
  • If you look at life as something to be enjoyed, you take everything as it comes, then that’s the way your trading’s going to be. It’s going to be enjoyable, it’s going to be relaxing.

The real cause of China’s Alibaba crackdown: The company threatens China’s monetary authority

  
  Analysis

This article suggest that the authorities’ moves in China against Alibaba are related to:

  • its mobile payment system, Alipay, might generate financial risks, and what specific problems they create for the regulators. Nor do many link Alibaba’s drama to another hot spot: the issuance of digital renminbi by the People’s Bank of China (PBOC). In fact, as this article will try to illustrate, the two stories are deeply related. The tension between Alibaba and the monetary authority of China lies in the nature of a privately operated mobile payment system.
A great weekend read! Link here

PBOC sets USD/ CNY mid-point today at 6.4566 (vs. estimate at 6.4570)

  
  Analysis

People’s Bank of China set the onshore yuan (CNY) reference rate for the trading session ahead.

    • USD/CNY is permitted to trade plus or minus 2% from this daily reference rate.
    • CNH is the offshore yuan. USD/CNH has no restrictions on its trading range.

 

  • The previous close was 6.4560
  • Reuters estimate was 6.4570. A significantly stronger or weaker rate than expected is typically considered a signal from the PBOC.

PBOC injects 10bn yuan via 7-day reverse repos

  • 10bn RRs mature today
  • thus net neutral on the day
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