While it's convenient to blame Russia for the plot to kill Zelensky, the dissatisfaction with his puppet-like leadership and corruption means his greatest threat is much closer to home.
If the ASX breaks the lower trend line then downside to around 7,300
Weird overnight session... no macro, no FedSpeak, no notable geopolitical malarkey and yet, markets had a conniption (early on)...
VIX spiked up, modestly reminiscent of last Thursday's manic episode (but we note that the market is implying just a +/-0.8/0.9% implied move in the S&P 500 to tomorrow's close)...
US Stocks puked early (and dip-buyers stepped in). With around 30 mins left in the day Fed's Bostic said some crap and the market went into panic-bid mode. You decide if it made sense to rip higher:
*BOSTIC: IF JOB DATA SIGNALS PAIN TO COME, OPEN TO EARLIER CUTS
*BOSTIC: IF DISINFLATION PACE RESUMES, COULD PULL CUTS FORWARD
*BOSTIC: CPI COMING IN AT CONSENSUS WOULD BE WELCOME DEVELOPMENT
*BOSTIC: POSSIBLE MAY NEED TO DELAY CUTS "EVEN FURTHER OUT"
Seems like exactly more of the same 'data-dependent' crap from The Fed, but as you can see the algos loved it. That fit of buying lifted the Nasdaq green (and S&P at the death)...
Source: Market Watch
Away from stocks, crypto crashed with Bitcoin erasing all of yesterday's gains and some...
Crude was clubbed like a baby seal after WTI tagged $87 to the tick overnight...
The US dollar was weaker overnight but jumped higher as the market conniptions struck early on to end modestly higher...
Despite US dollar gains, gold managed to hit new record highs once again at USD$2,365...
Finally, for everyone anxious about a hot CPI print tomorrow...
Source: Bloomberg
...there, that should help calm any fears.
Happy Wednesday!
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Andy is the founder of ANDIKA Pty Ltd, a licensed securities & derivatives dealer. He's the author of fiction and non-fiction books and has been a University lecturer on risk and investment.
