Day Trading Pre Market 12.1.24

Morning Gang

ASX SPI Futures +16

A late rally in the US to see the SP 500 close relatively flat has pushed local share futures into the green after US Indexes were well lower on US Dec consumer price data pointing to a probable delay for anticipated US rate cuts in March

It has been a choppy night with shares falling sharply off a positive open before recovering the losses in the afternoon with the Nasdaq closing mildly positive

US treasury yields fell with the 10yr back under 4%

Mega Weed stock Tesla continued to underperform down 3% after Hertz said they planned to sell 1/3 of their electric vehicle fleet and replace them with petrol powered ones. The decision highlights overall underlies falling demand for electric vehicles

The Bitcoin ETF thing debuted with Bitcoin probing 2 year highs over $49000 before falling to approx $47k

ETF ARK head Cathie Wood showed she may well be smoking her Tesla shares after reiterating her base case Bitcoin price of $600,000 by 2030

The Dec consumer data came in 3.4% higher underscoring a longer transition to lower interest rates closer to their 2% target
ANZ Research observed : “In ANZ’s view, the market is well ahead of itself, pricing a high likelihood of a Fed cut by March. Economically, the easing in US financial conditions since 1 November is consistent with a re-acceleration in growth, not deceleration, and on that basis it would be prudent for the [Federal Open Market Committee] to hold rates high for longer, as NY Fed president [John] Williams reiterated on Wednesday.”

Locally November housing finance data drops at 11.30am


highlights from AFR

On a personal note today is my last as bench warmer for @highlandlad it has been peachy

Enjoy the session