If any one is keeping score the BOJ no cut, RBA 25 basis point cut with the BoE meeting on Thursday where we expect nada. Crude was down 5% today and without a bullish inventory report tomorrow prices look poised to revisit $45. Asssuming the H/L ytd a 61.8% Fibonacci retracement in May is $45.40. [...]
RBA cut 1.0% to 4.25%, RBNZ cut 1.50% to 5.0%, ECB and BOE expected to cut bright and early tom morning. The March Japanese yen hit our target of 1.08, see Monday’s commentary. We suggested for clients to buy February n.gas $8 calls for $2000 today, target $3500. Use the pullback in sugar # 11 [...]
The United States is officially in a recession and there are very few countries in the world that have gone uneffected. Real estate, stocks, bonds, currencies, commodities are all being effected; we expect extreme volatility and irrational moves to persist for some time. The lack of follow thru in equities leads us to believe there is [...]
