10. Evil Empires: The Yankees and Dodgers will square off in the World Series with their ultra expensive rosters competing for the championship. Maybe this is exactly what the U.S needs so people can take their minds off of U.S election concerns. A contest between Los Angeles and New York is a big selling card. TV ratings should soar as Shohei Ohtani, Juan Soto, Mookie Betts, and Aaron Judge battle for the supremacy of baseball.
9. Vision: SpaceX achieved magical results as a Falcon 9 rocket booster was caught by 'chopsticks' as planned for and engineered. Elon Musk proved again that his preposterous ramblings are frequently correct. SpaceX is in a solid position to provide logistics for outer space exploration and development, but to also create new business endeavors as it evolves. The implied value of SpaceX mid-2024 was estimated to be around 200 billion USD.
8. 2017: Bitcoin was around 1,000.00 USD in January of 2017. The price of the digital asset is now approximately 68,500. The perception and betting that a Trump victory may be putting a spring in the step of the cryptocurrency market is intriguing. Bitcoin trades based on behavioral sentiment and not intrinsic value. Trump has spoken about crypto favorably time to time. A more welcoming SEC and CFTC regarding crypto could help values. For those looking for further correlation to BTC/USD and Trump, when he left office in January of 2021, Bitcoin was near 31,000 USD.
7. Downturn: Environmental, social and governance investing has taken a hit compared to results from the past couple of years as outflows from investment vehicles led by the likes of BlackRock and others make noise. ESG has lost its luster as the race for superior profits has run into headwinds and analysts question values and revenues. What will happen over the next few years, particularly if ESG investing finds that it has fewer friends in the U.S halls of power?
6. Data: U.S economic statistics will be rather lacking this week, the highlight may be the Flash Manufacturing PMI numbers on Thursday. Some may try to make the weekly Unemployment Claims a spectacle too, particularly brokers who may be trying to entice day traders into Forex positions. However, the rather calm seas regarding data will turn tumultuous next week because U.S Advance GDP, Core Personal Consumption Expenditures, and the Non-Farm Employment Change results are all on the schedule.
5. Underwater: WTI Crude Oil started to flirt with the 70.00 USD mark last Tuesday, and after a few days of remaining within a rather tight range, support was proven vulnerable. As of this writing WTI is near 69.65. The lack of an attack on Iranian oil infrastructure by Israel has seemingly calmed the energy sector. Fearmongering and bombastic rhetoric have not caused WTI Crude Oil to sustain highs. The commodity is within the lower elements of its long-term price range technically.
4. 24 Carat: Record values in gold are being traversed. As of this writing the precious metal is near 2,734.00 per ounce. Gold was around 1,200.00 USD in January of 2017. Inflation, speculation and concerns about central banks are likely helping gold shine. Some may say the rise in value is a derivative of safe haven investing. Day traders may view the price as speculatively high and dangerous because of its intraday volatility, but long-term gold bugs know the historical track record of the precious metal and its ability to preserve wealth.
3. FX: Major currencies paired against the USD are finding increasingly choppy waters near-term. The USD/JPY is dangerously close to the 150.000 mark, the USD/MXN is within sight of 20.00000, and the GBP/USD is hovering above 1.30000. The EUR/USD is battling too and scuffling below the 1.09000 ratio. With no major data coming this week, but major risk events approaching on the horizon, now is the time for Forex traders to remain cautious and not get too ambitious. Forex may provide technical traders with the ability to wager on perceived support and resistance near-term. But soon, a huge wave of volatility is going to hit currency speculation and financial institutions are certainly getting prepared for the storm.
2. Tick Tock: The U.S election is only a bit more than two weeks away. This may be the last week for any huge surprises which could sway the decisions of voters. Harris and Trump and campaigning hard and receiving intense media coverage. Early voting is underway, but November the 5th is the date everyone is focused on. When the clock strikes November the 6th in the U.S, global investors will react.
1. Behavioral sentiment: Key market barometers will continue to get plenty of attention in the coming days. U.S indices serve as a heat check regarding the potential outcome of the U.S election. Equities are near highs and this seems to be a rather solid indication risk appetite remains the dominant feature. While some will not want to hear it, this likely means many folks in the investment world are starting to believe Donald Trump might win the U.S election.
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