Daily Alert – Wednesday 26th August 2020: As predicted, markets moribund
The markets are very quiet as I thought they might be this week. Risk sentiment has just, just scraped into the risk-on category on Monday and Tuesday and today is indecisive.
Equity indices are just up on the week. Oil is flat and GOLD is slightly down. Week-to-date movements in currencies are small and only one currency, the Aussie, has moved in the same direction every day so far. In other words, untradable.
I am in one trade – S&P500 long, taken on Monday night. I am one times my risk in the money but all momentum has evaporated. As always I will not watch it go negative so I’ll move my stop loss to breakeven.
That’s all for now. Your best activity this week is probably sitting in the garden drinking rosé. If only it would stop raining here in the UK.
I’ll be back on Friday.
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