Daily Alert – Thursday 2nd December 2021: Powell poops on equities, again

Mark NugentDaily Alert, Dec 2021

Daily Alert – Thursday 2nd December 2021: Powell poops on equities, again

Good morning.

Well I said yesterday that Fed Chair Powell had probably made his major contribution to asset prices on Tuesday when he testified before the Senate Banking Committee and drove down equities and oil. I was wrong. He said the same thing yesterday to the House Financial Services Committee and turned what was a nice risk-on day into a risk-off day with equities and oil taking another leg lower.

My second bite at each of the Japan225 and WTI were taken out at breakeven, as were the first bites earlier in the week. I hesitated to place a third pending order on each as that felt like pushing my luck.

However, things do look a bit brighter this morning with signs of risk-on sentiment and prices moving up. The calendar is also light so hopefully in the absence of any news flow the markets can get back to old-fashioned irrational exuberance and push up those prices.

I’ll be back tomorrow with brief videos of all closed trades and your Performance Report for November and year-to-date.

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