Was reading earlier on Zero hedge , the strong week on Wall Street was mainly all technical related factors mainly relating to short covering by CTA’s ( Wall Street acronym for commodity trading advisors , big funds that take technical positions using derivatives, our friends over at GS are included here ) .
Also Wall Street on Friday came out of the regulatory black out window for reporting season that prevents buybacks which has put a huge support in place this year to the fundamental weakness coming from rising rates . Plus the other big factor was short covering , the week started about 89 Bn of equities short , so a a huge amount of short covering in the week was tipped off by a S&P level to the higher side being breached. The big funds then don’t muck around they just close out .
Essentially Wall Street is dominated now by momentum traders , they trade it up and down and the massive volume of shorts in the market now exacerbates these movements up and down . That’s why despite little change in the underlying fundamentals we saw a big week and big month on Wall Street . But the general feel is a pivot on rates is coming and the peak of the Fed Funds may now be fully priced in with many calling 4.75 % the likely top in Fy 23.
Still implies quit a bit of further tightening to come and hence for mine we are not out of the woods yet . Property market in Us and here will definitely remain under pressure as Dulles mentioned for some time yet ( likely all the way through 23) to come as it tends to respond in a lagging way to rate rises , equities tend to be far more forward looking .
- Forums
- ASX - By Stock
- GLN
- General Discussion Banter GLN
General Discussion Banter GLN, page-9230
-
- There are more pages in this discussion • 6,445 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
Featured News
Add GLN (ASX) to my watchlist
(20min delay)
|
|||||
Last
12.5¢ |
Change
-0.025(16.7%) |
Mkt cap ! $61.71M |
Open | High | Low | Value | Volume |
12.5¢ | 12.5¢ | 11.5¢ | $810.3K | 6.630M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
8 | 618141 | 12.0¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
12.5¢ | 38235 | 2 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
8 | 618141 | 0.120 |
16 | 769545 | 0.115 |
12 | 495580 | 0.110 |
6 | 717833 | 0.105 |
14 | 689290 | 0.100 |
Price($) | Vol. | No. |
---|---|---|
0.125 | 38235 | 2 |
0.130 | 131250 | 3 |
0.135 | 147700 | 5 |
0.140 | 403415 | 5 |
0.150 | 50000 | 1 |
Last trade - 16.10pm 06/08/2024 (20 minute delay) ? |
Featured News
GLN (ASX) Chart |