ANDIKA BULLETin 8 AUG 2024

For a few brief hours overnight, everything was awesome again after the BoJ folded like a broken deck chair, dovishly backing away from any rate-hikes until market stability resumed.

USDJPY spiked, equity futures spiked higher, and da bullz jumped in with both hands and feet. All that lasted until the US cash equity market opened and the selling began... was escalated by an ugly 10Y auction, and increasing tensions in Ukraine/Russia and the MidEast.

By the close, all the majors were at the lows of the day with Small Caps and Nasdaq the biggest losers (swinging from +2% to -1%)...

ASX 200 futs are pointing down 33 pts...

The only bright news was Oil prices went up overnight with crude testing up towards USD$76, well off the 6-month lows set earlier in the week.

Bitcoin tested up to around $58,000 overnight but selling pressure hit during the US session knocking the coin back down to $55,000 levels.

Finally, the carnage in commodities continues to send warning messages...

...with spot commodity prices one-percent away from three year lows, it's not a message of a 'soft landing'.

Happy Thursday!!

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