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Corrective Forces Still Dominate

June 21, 2020
After a run-up in risk assets from the middle of May, broad consolidation was the main feature of the capital markets last week.  Markets were calmer.  The three-month implied volatility of all the major currencies fell, led by the usually high-beta dollar bloc. The VIX, which measures the volatility of the S&P 500 snapped a five-day decline a…
Corrective Forces Still Dominate Corrective Forces Still Dominate Reviewed by Marc Chandler on June 21, 2020 Rating: 5
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Separating the Wheat and Chaff

June 20, 2020
The recent price action, and in particular, the sideways trend in many segments of the capital markets, reflects the challenge investors are having in separating the wheat from the chaff. The strong co-movement of risk assets has weakened. There is a lack of near-term visibility and contradictory signals, while the trends in place since March have…
Separating the Wheat and Chaff Separating the Wheat and Chaff Reviewed by Marc Chandler on June 20, 2020 Rating: 5
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New Optimism Lifts Sentiment Ahead of the Weekend

June 19, 2020
Overview: China's new pledge to meet its trade commitments under the Phase 1 agreement with the US coupled with signs that the virus flare-up in Beijing may have been brought under control is helping underpin risk appetites today.   Led by Chinese shares, equities in the region rose, giving the MSCI Asia Pacific Index a four-day advance to car…
New Optimism Lifts Sentiment Ahead of the Weekend New Optimism Lifts Sentiment Ahead of the Weekend Reviewed by Marc Chandler on June 19, 2020 Rating: 5
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Markets Finding it Difficult to Rebuild Bullish Momentum

June 18, 2020
Overview: There is a nervous calm in the capital markets today after a late sell-off in US equities yesterday on the back of concerns about new virus cases in some states and revelations in a new book by former National Security Adviser Bolton.  Asia Pacific equities were mixed, though, of note, China, Hong Kong, Taiwan, and Indian markets rose.  …
Markets Finding it Difficult to Rebuild Bullish Momentum Markets Finding it Difficult to Rebuild Bullish Momentum Reviewed by Marc Chandler on June 18, 2020 Rating: 5
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Correction Phase does not Appear Over

June 17, 2020
Overview:  Investors have not yet completely shaken off the angst that saw equities slide last week.  All equity markets in the Asia Pacific region, but Japan, edged higher today, including China, India, and South Korea, where political/military tensions are elevated.  Europe followed suit, and the Dow Jones Stoxx 600 is firm near yesterday's …
Correction Phase does not Appear Over Correction Phase does not Appear Over Reviewed by Marc Chandler on June 17, 2020 Rating: 5
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Correction Scenario Tested

June 16, 2020
Overview: Shortly after the US stock market opened sharply lower, the Federal Reserve announced that it's Main Street facility was up and running. US stocks never looked back. After the S&P 500 recouped its full decline, the Fed announced it would begin buying corporate bonds. Up until now, it had been buying representative ETFs. Stocks ra…
Correction Scenario Tested Correction Scenario Tested Reviewed by Marc Chandler on June 16, 2020 Rating: 5
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China’s Digital Currency

June 15, 2020
(co-authored with Bob Lynch, a global macro strategist, focusing on currencies, interest rates, and cross-asset solutions. He consults and provides investment advisory for institutional money managers, corporations, family offices, and high net worth individuals. He previously worked with J.P. Morgan Private Bank, HSBC, and BNP Paribas. www.linked…
China’s Digital Currency China’s Digital Currency Reviewed by Marc Chandler on June 15, 2020 Rating: 5
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