Ash Bennington welcomes Tony Greer back to the Daily Briefing to make sense of price action in equities, bonds, currencies, and commodities.
- Monday’s rout in U.S. stocks saw a pullback from the 3400 level on the S&P; the market is taking a pause here and that is setting the tone for the week.
- There are no major macro tailwinds behind this pullback, but stocks will likely continue to see volatility until the election. The VIX rallied sharply above the 200-day moving average right with that equity move.
- FX volatility is low and there have been no big moves in emerging markets—even for the Turkish lira, which has been coming apart at the seams.
- PayPal’s Bitcoin support is a great way for the cryptocurrency to buy into their distribution network; Bitcoin is finding a seat at the macro table.
- Going into the middle of the week, we’ve got pressure on the markets, some volatility that equity traders have been expecting, and we’re once again seeing that familiar lockdown rotation.
Brought to you by : www.realvision.com