The US market was hitting consecutive all-time high’s this week and slowed down today after today’s jobs report released surprise negative result.
– Another positive week for the US benchmark index as it closes up 1.11% this week.
– As predicted last week, the 2500 level is safe and clear as the index currently sits at 2549
– The negative jobs report did shake and unsettle the markets to end off the week but overall, the current macro environment remains intact
– After a great rally in price for all of September, Oil prices have dipped this first week of October from $52 a barrel to now $49.29 a barrel. We called the imminent drop to and below the key $50 level last Friday and that is precisely what happened. Our short oil trades played out nicely.
– We currently feel that there is room for a slight further drop to high $48’s which seems to be the current medium term sweet spot for oil.
– Gold prices have held steady even as major risk assets like equities have rallied this week. Price is currently $1,278 an ounce
– We believe gold/silver and precious metal stocks in general are an ideal part of a portfolio to hedge and protect against any major risk-off scenario in the markets, which would drive demand into safe-havens and inflation hedges like gold.
– Cryptocurrencies have been rangebound this week in what is the second week of calm and quiet. It seems that the Chinese regulatory tightening on cryptocurrencies has really kept the overall markets stable.
– Bitcoin currently trades at $4,344 a coin. Pretty much flat for the week so far.
– We received a Bitcoin buy signal from our proprietary indicator on October 1st. Take that as you may.
– Same story for Ethereum as it too is rangebound and trades at $303 a coin. It cannot seem to get away from that low $300 level.
– We received a buy signal from our proprietary indicator on September 30th.
I hope you all have had a good trading week. Those that may not be aware, the Canadian markets are closed on Monday October 9th for the Canadian version of Thanksgiving (instead of Turkey, having Moose in an igloo is the tradition).
Have a great weekend everyone!