The copper opportunity in one chart
Source: Bloomberg
Roche on a very important level
Roche (ROG SW) has consolidated 47% since April 2022 all time high ! It's now entering a very important support zone 206-215. Keep an eye over the next few days for price action. Source : Bloomberg
Looks like Japan is coming in hot with their second FX intervention.
Source: Lyn Alden
The gains in equities & bonds during the Fed meeting were completely wiped out by the market by the end.
Nasdaq 100 closed 0.7% lower, and US 10y yields pared most of their drop. Source: HolgerZ, Bloomberg
The tightest labor market in US history continues to loosen with Job
Openings moving down to 8.49 million (lowest since Feb 2021) and the Quits Rate moving down to 2.1% (lowest since Aug 2020). Source: Charlie Bilello
Fed's Powell: Very pleased we haven't seen pain originally projected.
The chart below summarizes it well: despite rates hikes and rates staying higher for longer financial conditions kept easing Source: Bloomberg, HolgerZ
Interest rate futures have been wildly inaccurate over the last 12 months.
In September, just 2 rate cuts were expected by December 2024. In January, 6 rate cuts were expected by December 2024. Now, we will be lucky to get one rate cut over the next year or so. In fact, prediction markets are showing a 40% chance of ZERO rate cuts in 2024. Prediction markets also see an 11% chance of a rate HIKE in 2024 despite Powell saying he thinks it's unlikely. Source: The Kobeissi Letter, Kalshi
The Fed just eased its policy stance into this...
Source: Lawrence McDonald, Bloomberg
