Daily Alert – Wednesday 3rd March 2021: Markets well behaved, volatility low

Mark NugentDaily Alert, March 2021

Daily Alert – Wednesday 3rd March 2021: Markets well behaved, volatility low

At the midweek point, equities are just up and no more, and all the gain was made on Monday. My Nasdaq long, entered intra-day on Monday, closed out yesterday at breakeven as sentiment soured. Oil and GOLD are doing nothing on the weekly charts.

Currencies are a bit better, although the correlation with sentiment usually seen in the JPY and commodity currencies is less than we are used to. I went long on AUDJPY on Monday at the close, the theme being weak JPY. So far, it’s around 1.4 x risk in the money but it is definitely dawdling upwards, with no great momentum. Still, my stop loss is at breakeven, so at this point I cannot lose.

My bias on the other major currencies (short USD and EUR and long GBP) is playing out. However, again, moves are small and there is little profit to be had.

There are few major risk events for the rest of the week so I will be looking at sentiment to drive opportunities from here on in.

I’ll be back on Friday.

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