US Market Ends Low Fri, 23 June? Buying Opportunity?
In a “surprise” turn of event, both S&P 500 and Nasdaq ended Thu, 22 June’s trading in “positive” territory.
When Market Called It A Day:
DJIA: -0.01% (-4.81 to 33,946.71).
S&P 500: +0.37% (+16.20 to 4,381.89).
Nasdaq: +0.95% (+128.41 to 13,630.61).
There wasn’t anything “new” particularly that Mr Powell has touched on in his meeting with US Senate Banking Committee.
Still tolling the same execution line to the tune of:
More interest rate increases are likely, to bring down inflation.
A holistic review of capital requirements for US bigger banks. There was more discussion on this subject as a result of questions from the Committee.
FedWatch - CME tool
After Mr Powell’s speech, the latest FedWatch CME tool hints “very strongly” that a July 2023 interest hike of +0.25% is coming in at 76.9% probability.
Could it be the “classic” Pavlov Effect permeating the US market yesterday?
Where the more Mr Powell talks about interest hike, capital requirement review of the bigger US banks - the more US market response’s turned positive?
Guessed we will never know the full extent of it as officially, Mr Powell session with Capitol Hill ended yesterday.
It will be another 6 months before the next meet up.
US Weekly Jobless claims
There were other analysts who said that the latest US weekly jobless claims (for week ending 17 Jun) have not been factored in during yesterday’s trading.
Jobless claims rose to 264,000 versus market expectations of 260,000.
There has been no let up on jobless claims between last last week and last week (see above diagram). Isn’t this what the Fed was hoping to see so that official data will justify the slow down in interest hike?
If Wall Street analysts’ claim is “true”, then today’s trading will be impacted by the latest jobless claims’ data.
US market - Fri, 23 Jun trading forecast
Latest US pre-market indicators hint “strongly” of negative trading on Fri, 23 Jun 2023.
If we look at US market past few days’ performances, it has been downwards trending.
While there is “nothing” much we could do about this Friday’s trading behaviour, the flip side of things is “will there be any bargains to be had this Fri, 23 June”?
JP Morgan is one of the bank stocks that I am monitoring.
Past 5 “falling” trading days have hardly dented its stock price; only down -0.53% only.
It is still way-off its 52-week low of $101.28.
Meaning still requires a lot of patience with this pedigree stock.
With a lawsuit still on hand awaiting unraveling, wonder if this will be the catalyst that will bring the stock price “down” further? To be seen…..
Do you think the US market will continue to trend downwards today ?
Do you think you will be keeping a close tab of JP Morgan ?
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我沒有買摩根大通所以........
As long as these people are around. Its ALL BAD.
Hope u consider "Follow me" so that you get first hand read of my Daily new posts. Tks!
SPY 4350 area is key, and it's being defended pretty hard right now.
May pullback but still think good to buy
Great ariticle, would you like to share it?
Great ariticle, would you like to share it?