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What do you mean quickly unwind, as in continue the rally?

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Omzie

156 Posts.

26

16/06/23

08:59

Post #: 68316199
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Originally posted by convexity: ↑

Despite a notable drop in IO overnight, resource stocks (and equity markets as a whole) continued to rally, although expected gains in Australia are just a fraction of that in the US due to an almost 1c gain in the AUD. All currencies gained significantly against the USD overnight, so don't expect much from your international ETFs today.

Tonight, is June option expiry in the US - one of the largest option expiries of the year - thus the higher volume, especially tonight. Quarterly index option expiries can significantly distort market movements and I suspect we will see the 6 straight days of gains US markets have experienced into this expiry quickly unwind thereafter as those gains are more likely than not to be derivative related. Bull markets are built on excess liquidity, higher interest rates, quantitative tightening and the replenishing of the Treasury General Account are in significant contradiction to that.

It's also worth noting the Bank of Japan meets today and any loosening of yield curve controls will be a further drain on global liquidity.

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What do you mean quickly unwind, as in continue the rally?

FMG Price at posting: $22.48 Sentiment: None Disclosure: Not Held
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(20min delay)
Last $21.21		Change -0.310(1.44%)		Mkt cap ! $65.30B

Open	High	Low	Value	Volume
$21.60	$21.64	$21.15	$128.2M	6.026M

Buyers (Bids)

No.	Vol.	Price($)
2	3190	$21.20

Sellers (Offers)

Price($)	Vol.	No.
$21.22	1058	2

View Market Depth

No.	Vol.	Price($)
1	190	21.200
1	5000	21.190
3	3599	21.180
1	100	21.160
6	41434	21.150

Price($)	Vol.	No.
21.220	1058	2
21.230	500	1
21.240	3000	1
21.250	15284	4
21.260	2053	1

Last trade - 16.10pm 23/07/2024 (20 minute delay)

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