Chief Market Strategist at FXTM
After a brief celebration
of a new intraday record high on the S&P 500 and a two trillion Dollar
market cap for Apple on Wednesday, the music suddenly stopped and with it, the
‘rally of everything’. Buy
into #Ibeju #Lekki plots of #land. Click: http://www.tectono-business.com/2019/07/have-share-of-new-lagos-by-investing-in.html All major US indices began
to stumble, the Dollar woke up from a 27-month low, Oil declined and gold lost
3.5% in value.
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Asian and European stocks
are following Wall Street lower today and US futures are also indicating
further declines to the start of the trading session across the pond. The
change in mood has been clearly down to the release of the minutes from the
FOMC’s July meeting which reminded investors that the economy is still not in
good shape. You can own a #land
@ #Ajah #Lagos. Click: http://www.tectono-business.com/2020/02/urban-prime-two-estate.html The surge in Covid-19
infections over the summer has muted the recovery and anyone still believing in
a V-shaped recovery needs to do some reassessment. However, this was not the
only reason why investors turned defensive. The fact that the Fed appeared
reluctant to step up further stimulus efforts imminently, disappointed the
bulls who were expecting further clues on the trajectory of monetary policy.
While the Fed did not rule
out the idea of yield curve control or targeting specific maturities on the
yield curve, policymakers do not seem committed to following this path yet. Start #export #business. Click:
http://www.tectono-business.com/2016/02/contemporary-step-by-step-guide-to.html The
other disappointment came from a lack of commitment towards more forward
guidance on the path of the federal funds rate. That was a significant change
from the previous minutes which indicated the need to provide longer-term
forward guidance and to only raise rates when specific economic thresholds are
met. Despite the fact that the Fed has been clear that rates will remain low
for a long period, market participants needed more assurance and they did not
get this.
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The
failure of Wall Street to build on Tuesday’s record closing high may be
worrying. The rally over the past five months has been mainly driven by Tech
firms which have become a defensive sector in the Covid era, but there were
hopes that the more economic sensitive sectors, commonly known as ’cyclical
stocks’, would follow suit. Now with concerns over valuation in tech stocks
growing bigger, improvements in economic data likely to cool down and the scale
of fiscal stimulus still unknown, expect to see further profit-taking and a
return to a more volatile market.
The problem that many
investors will face today in a market downturn is the high correlation between
asset classes. There is no place to hide and diversification is no longer
effective in such connected markets. You
can own a #land @ #Ajah #Lagos. Click: http://www.tectono-business.com/2020/02/urban-prime-two-estate.html The only way to protect
portfolios is through increasing cash allocations and buying expensive put
options.
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