Cameco consolidating, potential box-breakout, jump above $11.10 is a buy...
Meanwhile, commodities across the board are bid, CPI surprised to the upside today in the US, crude oil CL2 is right on key resistance as well.
Aussie dollar, another inflation expectation proxy, falling through the support trend just as the macro is pointing to deflationary risks returning to the forefront.
AUD/USD has exploded higher since late March. Downside risk in Aussie dollar is heavy right now. Especially with Beijing seeing rising cases as well...
Silver breaking the uptrend. Second wave of virus is accelerating in both the US and Beijing. Protests around the world only increase the probability of a meaningful second wave. This is deflationary and bad for silver. USD proved it is still the safe-haven this past week. Even with the virus risk the 'worst' in the US. USD still rallies on the global asset...
The most important stock in the world right on important trend support. Need Apple to close red tomorrow to "confirm" the trend break. But I would short here...
I am sorry to inform all the ALLY bulls on here, but this is not an under-valued company. This is a company over-exposed to US auto-loans and is screwed. Trend break. Short. Largest liquidity juicing in history and the thing could barely bounce...
US equities traded within a clear down channel during early/mid March. The relief rally has also been in a tight channel, this was broken overnight Thursday. No target, but clearly downside risk here.
The Lira is nearing its all-time wides relative to the dollar. The Fed’s foreign CB repos and swap lines can tame the USD a bit, but they can’t save the weakest EMs like Turkey and South Africa. Some of Turkey’s largest exports are cars, trucks, and vehicle parts (the 3 are roughly 14% of exports). COVID transportation pain not going anywhere... TRY is. (weaker).
Mainly due to the Fed’s accommodative actions in the past month, high yield credit markets have rebounded significantly. However, crude oil remains near its lows, with OPEC’s cut not enough to overcome unexisting demand. I see downside risk in HYG over the next 30-60 days.
