Good Morning Everyone!
Yesterday the S&P made history by falling 4% in a single trading day with the VIX closing the same day under 30. Remember, tough times don’t last but tough investors do.
Prices as of 4 pm EST, 9/13/22; % YTD
MARKET UPDATE QQQ (NASDAQ: QQQ) had their worst day since March 2020 yesterday but in reality, the market just gave back recent gains
- Yesterday’s move brings us back to Tuesday after the long weekend levels (no panic)
- Volumes were slightly higher than the 20-day moving average
10yr 3.4%
U.S. PPI decreased 0.1% m-o-m to 8.7%
- Numbers are in-line with expectations
- No impact on yields this morning
US$ 109
C$ 75.8
VIX 27
Crude 87 flat
- API weekly numbers for Crude and product inventories were mixed
- Biden administration leaked that they would start to buy crude for the strategic reserves at under $80
- Ongoing discussions in Europe on the market structure for gas and power windfall profit tax
- IEA reduced it’s 2022 global demand outlook by 110,000 b/d
China
- The Beijing government announced on Monday that employees and students must show a negative test taken within the previous 48 hours to return to work and school on Tuesday after the three-day Mid-Autumn Festival holiday.
- That led to chaos on Tuesday morning when commuters found subway gates would not open because they could not verify their Covid-19 tests.
- Reuters stating that Moderna (NASDAQ:MRNA) CEO is talking with the Chinese government to supply vaccine to the country
Earnings: None
CRYPTO UPDATE Crypto dominance
- Since June:
BTC - ETH perpetual funding rate spread
- Near all-time high
- Traders heavily short ETH vs BTC
- Hedging ahead of Merge
Source: DailyShot/Glassnode
MEME OF THE DAY
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Read the original article on Benzinga
