GLEN, X: Resource names may be building another round of momentum to take out recent highs after a sharp pullback took 25% off the run in names like US Steel.
RUSSELL (IWM): The Russell staged a big move off the lows at 960 and has been consolidating for a few weeks above the important 1075 level ( $108 in the $IWM).
Lots of talk today on Brazil and a potential move to the right with the (all white and all male) Michael Temer government moving into place. What’s clear is that the market locally has enjoyed the political change and maneuvering and hope of a new fiscal backdrop.
Investors need to look closely at the chart of the commodity index (CRB) for a fresh break of the 200dma to the upside that if sustained will be the first time the index has traded above this key technical level since August 2014 or just after the rout in oil began to gain steam.
Alibaba reports BMO tomorrow and is down 3% today on claims that the government regulator is concerned with fraud and oversight. Buy the dip?
We have made our view on Volatility very clear for months: We said you wanted to trade it and own it when it got cheap because we were entering an extended period of heightened volatility.
We have made plenty of noise about the improving China (FXI, quote) macro and the stimulus that is being dripped into the economy (the latter helping the prior) and now it seems that the street is starting to take notice and global and “cross-over” investors are voting with their feet.
Indian equities are at all time highs, and the reverberations around PM Modi’s emphatic victory are widespread for EM.
Look at the MICEX chart and you can see that we are now back to pre-crisis levels on the MICEX.
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- How to trade possible Donald Trump presidencySource: Fast MoneyPublished on 2016-05-26
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- Canada-bound pupils getting younger