86 replies to this topic

[dTraderB]

"Another shock came from a dud of an auction for 30-year Treasury notes. The scheduled event wrapped up shortly before Powell spoke, with fairly tepid investor uptake. The weak demand sent yields spiking for long-duration government bonds; bond yields rise when prices fall.

Wall Street is also on high alert for hackers. It emerged yesterday that the U.S. unit of Industrial and Commercial Bank of China, considered the worlds biggest financial institution, was hit by a ransomware attack that sent ripple effects through the bond markets. (Its not clear if that was enough to torpedo yesterdays lackluster Treasury auction.)" -- NYT

[dTraderB]

While these below are important, THE FACT IS THE MARKETS WERE OVEREXTENDED & looking for any reason to pullback

"A multi-headed strike to the markets
The S&P 500 was on its way to a ninth straight day of gains yesterday when investors got hit by a double whammy: a lackluster auction for 30-year Treasury bonds and more hawkish words from Jay Powell, the Fed chair, that prompted a sell-off in stocks and bonds.

The snapped winning streak which would have been the indexs longest since 2004 was a reminder that inflation and global growth concerns remain high, especially given the wars in Ukraine and the Middle East. Stock futures this morning are pointing to another weak open.

Powell hasnt dismissed the possibility of raising rates. The subdued jobs report released last week led many on Wall Street to predict that the Fed would stop increasing borrowing costs. Not so fast, the central banks chief suggested at an event hosted by the International Monetary Fund in Washington.

He called out the head fakes posed by fluctuating inflation data, and reiterated that the door remained open for further interest rate increases. (Speaking of doors: Powell appeared to lose his cool when climate change protesters disrupted his speech, issuing a profanity as they were escorted off the stage.)

If it becomes appropriate to tighten policy further, we will not hesitate to do so, Powell said, adding that the central banks goal to push inflation down to its 2 percent target is not assured.

"Another shock came from a dud of an auction for 30-year Treasury notes. The scheduled event wrapped up shortly before Powell spoke, with fairly tepid investor uptake. The weak demand sent yields spiking for long-duration government bonds; bond yields rise when prices fall.

Wall Street is also on high alert for hackers. It emerged yesterday that the U.S. unit of Industrial and Commercial Bank of China, considered the worlds biggest financial institution, was hit by a ransomware attack that sent ripple effects through the bond markets. (Its not clear if that was enough to torpedo yesterdays lackluster Treasury auction.)" -- NYT

NY TIMES

Edited by dTraderB, 10 November 2023 - 08:12 AM.

[dTraderB]

"What Powell said Thursday, technically, isnt much different from what he said at the last interest-rate decision. Much of what he said is true at all times, regardless of whatever situation the Fed happens to find itself in. But he knows what hes doing: By choosing what to emphasize and nuance, hes guiding the market.

Brian Swint

[12SPX]

This is getting exciting once again as futures are being way to strong here before the open, average ndx short 15285, ES still 4355....

[12SPX]

Continuing  on interesting, average ndx short 15307, ES, 4360....

[12SPX]

Ugly consumer report, interesting to see movement here....

[12SPX]

Going on an airplane, hope everyone has a great weekend and next week as we go into expiration, posts may be spotty we'll see, as I like to say I've never really had a holiday for 40 years but does it really matter when you love what you do lol!! 

[dTraderB]

Closed 4395.25

Will reopen lower

ES 4365 hedge long

[redfoliage2]

The market still wants to go higher and I see SPX likely to clear 4400 next week .........................

Edited by redfoliage2, 10 November 2023 - 12:20 PM.

[redfoliage2]

The market still wants to go higher and I see SPX likely to clear 4400 next week .........................

Dips got bought vigorously as the market is only halfway in this IT rally, even Powell was unable to stop it .........................

Edited by redfoliage2, 10 November 2023 - 12:30 PM.