What is going on out in the world?
Macro Man notes the silent crash in the dollar as the Euro hits a new all time high against the dollar. However, it is like pulling teeth to have any kind of volatile reaction.
Overnight markets were a sea of red. Asia was down big and EM's are stumbling. A little discussed story was spanish property stocks took a nosedive earlier in the week. It does beg the question is the global real eastate boom finally cooling?
Over the last month markets have seemed to go back to there methodical ways. Yen down, carry trade on. Buy aussie, kiwi dollars. A couple of things to note. Australia's dollar got hit hard earlier in the week on a slower cpi report. There may be some evidence that the global economy is cooling. Anecdotally, Chicago is still building condo's, but I think there are any new projects coming online. Just finishing existing that started a couple of months ago. Which happened to be the top.
Macro Man notes the silent crash in the dollar as the Euro hits a new all time high against the dollar. However, it is like pulling teeth to have any kind of volatile reaction.
Overnight markets were a sea of red. Asia was down big and EM's are stumbling. A little discussed story was spanish property stocks took a nosedive earlier in the week. It does beg the question is the global real eastate boom finally cooling?
Over the last month markets have seemed to go back to there methodical ways. Yen down, carry trade on. Buy aussie, kiwi dollars. A couple of things to note. Australia's dollar got hit hard earlier in the week on a slower cpi report. There may be some evidence that the global economy is cooling. Anecdotally, Chicago is still building condo's, but I think there are any new projects coming online. Just finishing existing that started a couple of months ago. Which happened to be the top.
Other signs of possible top forming include. Small caps starting to underperform bigs and the mo trade has returned. So who really knows, maybe we head higher in mo phase for a couple of more months.
These are the charts from this morning.
The nasdaq 100 seems to be holding above yesterdays lows which is giving the rest of the market some support. The dow also got some buying around 930.
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