Daily Alert – Wednesday 7th December 2022: Recession fears reign during Fed blackout

Mark NugentDaily Alert, Dec 2022

Daily Alert – Wednesday 7th December 2022: Recession fears reign during Fed blackout

Good morning.

the Fed blackout. Also, everyone with an opinion about 2023 is getting ready to let us know what it is, so this is driving doom and gloom.

But it’s all opportunity. As I said yesterday, I was watching the S&P500 and if it went below Monday’s low I would get in, intra-day. Well, it did, and I did. By yesterday’s close it was 1 x ATR in-the-money, so I closed half the trade for a gain of around 1 percent. My stop loss is now quite tight to the prevailing price, so I should get another 0.8 percent out of it as a minimum.

Elsewhere, the Chinese authorities really do seem to be moving away from their zero-covid policy, having enacted ten new measures to ease the return to normality. But some things never change: the EU has finally been driven to take the Chinese authorities to the World Trade Organisation over patent abuse.

Looking ahead, we have Eurozone and Japan GDP, as well as a rate announcement and statement from The Reserve Bank of Canada.

Gloom and doom are the prevailing messages. Trade accordingly.

I’ll be back tomorrow.

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