Monday, November 30

Day: October 26, 2020

Stock market turbulence could last until the election, followed by a relief rally, strategists say
Business news

Stock market turbulence could last until the election, followed by a relief rally, strategists say

The stock market turbulence could be a setup for a post-election rally.The roughly 2% decline in stocks Monday came amid new worries about the coronavirus, as average daily cases hit a record high in the U.S. At the same time, the efforts between Congress and the White House to reach a stimulus deal also appeared to have hit a wall."It's a bit of a double whammy. Covid's definitely not going in the right direction in the U.S. right now. I think now there is maybe some diminishing optimism because stimulus just hasn't come together, and the election is just around the corner," said Tom Lee, head of research at Fundstrat Global Advisors. "I think the polling is kind of solidifying. It's looking very much like a Biden White House and then for policy, if it's a Biden win, there's a chanc...
Alibaba’s Jack Ma praises the disruptive nature of digital currencies
Crypto News

Alibaba’s Jack Ma praises the disruptive nature of digital currencies

Jack Ma, the now-retired founder of Alibaba Group, recently spoke to a crowd of bankers and regulators at the Bund Summit in Shanghai about the role digital currencies will likely play in the future global financial system:“Digital currency could create value and we should think about how to establish a new type of financial system through digital currency.”He opined that the current financial system governed by Basel Accords is too conservative and does not fit China’s growing economy:“After the Asian financial crisis, the risk control highlighted in the Basel Accords has been only focused on risk control, not on development, and rarely do they consider opportunities for young people and developing countries.”The Basel Accords provide international regulation for banks that...
Step-by-Step Guide: How to Become a Day Trader with $100
Strategy, Technical Analysis

Step-by-Step Guide: How to Become a Day Trader with $100

Most new and inexperienced traders would like to start trading with a small trading account, and brokers have carefully listened.Most brokers have lifted their minimum deposit requirements, which means that you can start trading with a live trading account with as little as $100.Trading on limited funds has both its advantages and drawbacks. In this article, we’ve tried to cover the most important ones, as well as provide some helpful tips to responsibly trade with a small trading account.Is Day Trading on a Limited Budget Possible?Day trading is a fast-paced trading style that involves opening and closing trades within the same trading day. This means that day traders usually have tighter stops than their swing trading peers, allowing them to actively trade their accounts even o...
NZD/USD steady above 0.6670 despite US dollar strength
Forex

NZD/USD steady above 0.6670 despite US dollar strength

NZD/USD consolidates gains above 0.6670. The kiwi remains steady despite the overall USD strength. NZD/USD, likely to extend rally, aiming to 0.6770/6806 – Credit Suisse.New Zealand dollar is consolidating gains near 0.6700 on Monday after the three-day rally from 0.6550 performed last week.The kiwi remains strong in a risk-of sessionNZD/USD is practically unchanged on the daily chart, after having been oscillating within a 30-pip range, with downside attempts contained at 0.6670 and bulls capped below last week’s high at 0.6700.The strong risk aversion triggered by concerns about the global increase of coronavirus cases has failed to make a significant impact on the risk-sensitive New Zealand dollar. News about record infections in the US and France and a new state...
Spotting Potential Market Bottoms and Tops
Online Trading, Technical Analysis

Spotting Potential Market Bottoms and Tops

Accurately predicting market bottoms and tops is not an easy task even to the most experienced traders and investors. Most of the time, whether a market moves up or down is near 50/50.Even though some conditions can tilt those odds meaningfully in either direction, it’s hardly enough to prognosticate. Instead, the way of thinking should be, how can I spot potential inflection points in markets? Inflection points which are more likely than any random piece of market data to precede increases in volatility or momentum. I liken this to card counting in blackjack.In Hollywood, its portrayed as a get-rich-quick scheme used by eccentric geniuses. In reality, card counting is very much like trading.Most of the time, you’re making small bets with a slight positive expectancy...
Risks abound for emerging markets in final week before US vote
Stock News

Risks abound for emerging markets in final week before US vote

By Netty Ismail, Simon Flint and Sydney MakiEmerging markets head into the last full trading week before the U.S. election with stocks and currencies near their highest levels since January and dollar-bond spreads close to their narrowest since February. Don’t expect it to get much better than that in coming days.Caution is likely to be the watchword for investors, with the Nov. 3 vote set to reveal not just whether Joe Biden’s opinion-poll lead over Donald Trump will propel him to victory, but also determine the fate of the much-anticipated U.S. stimulus package. And there’s always the risk of a contested result.“It makes sense for emerging-market investors to maintain only light (risk-bullish) positions in the remaining days before the U.S. election,” a Credit Suisse SA team incl...
Market is proving Bitcoin is ‘ultimate safe haven’ — Anthony Pompliano
Crypto News

Market is proving Bitcoin is ‘ultimate safe haven’ — Anthony Pompliano

Bitcoin (BTC) “could not be more uncorrelated” with the stock market, Anthony Pompliano says as data shows that BTC is leaving macro assets behind.In a series of tweets on Oct. 26, the Morgan Creek Digital co-founder, also known as “Pomp,” took critics to task over their accusations that Bitcoin was a poor store of value.Pomp on safe haven Bitcoin: “The market is proving it”Pompliano uploaded a chart from behavior analysis platform Santiment, which showed Bitcoin hitting 0 for 30-day correlation with the S&P 500.“It could not be more uncorrelated than it is right now,” he added in comments.Bitcoin vs. S&P 500 rolling correlation chart. Source: Anthony Pompliano/ TwitterContinuing, Pompliano highlighted Bitcoin beating macro asset returns since the Coronavirus crash in M...
Dow drops more than 600 points, on pace for its worst day since early September
Business news

Dow drops more than 600 points, on pace for its worst day since early September

Stocks fell sharply on Monday as coronavirus infections jumped and negotiations for a fiscal stimulus package before the election came down to the wire.The Dow Jones Industrial Average traded more than 600 points lower, or 2% and was on pace for its biggest one-day drop since Sept. 8. The S&P 500 slid 1.6% and the Nasdaq Composite dipped 1.1%.The decline came amid a record surge in new coronavirus cases in the U.S. The country saw more than 83,000 new infections on both Friday and Saturday after outbreaks in Sun Belt states, surpassing a previous record of roughly 77,300 cases set in July, according to data from Johns Hopkins University. The data also showed the country has reported an average of 68,767 cases per day over the past seven days, a record.White House chief of staff...
eToro review 2020
Reviews

eToro review 2020

This eToro review covers everything a trader needs to know about the eToro online platform. From fees, the demo account and becoming a copy trader, to explaining how social trading works and finding the traders who make money. Whether you are trading Ethereum, Bitcoin or Forex, eToro open up trading to everyone via their WebTrader platform.Regulation & ReputationAs a financial services provider that is based in Cyprus, eToro is subjected to the regulatory oversight of the Cyprus Securities Exchange Commission (CySEC).Authorized under the CIF license no. 109/10, eToro has “passported” its authorization to the UK and is registered with UK’s Financial Conduct Authority (FCA).The European Securities and Markets Authority (ESMA) also oversee investment providers across Euro...
AUD/USD Price Analysis: Break below 0.7100 mark to pave the way for further weakness
Forex

AUD/USD Price Analysis: Break below 0.7100 mark to pave the way for further weakness

AUD/USD remained depressed through the early North American session on Monday. Mixed oscillators on hourly/daily charts warrant caution before placing directional bets.The AUD/USD pair struggled to capitalize on its goodish intraday bounce of around 40-45 pips and was last seen trading with modest losses, around the 0.7120-25 region,The pair showed some resilience below the 100-hour EMA and attracted some dip-buying near the 0.7100 round-figure mark. However, the prevalent risk-off mood continued benefitting the safe-haven USD and kept a lid on the attempted rebound.Meanwhile, the recent positive move over the past two weeks or so has repeatedly failed near a multi-day-old ascending trend-line resistance. Expectations of further easing by RBA in November seemed to be a...