Barclays downgraded Apple this morning, sending all of the mega caps down 2%. Whilst at the same time the small caps are marginally higher. We are seeing very strong action in the crypto miners thanks to the holiday run higher in cryptos and we have early strength in oils, tankers,risk averse and biotechs.
It’s a confusing tape, with decent breadth and many cross currents, such as the US 10YR +6bps. I went to cash, +9bps early going.
The first week of January is the most important week of the trading year. The tone will be set early and the January effect never ceases to fascinate me.
I’ll tread carefully until I see a fat pitch.
Geopolitically, risk is very high. We had been trending higher the past two months thanks wholly on new FOMC schemes and the collapse in rates. Do not believe for a second markets can continue to trade up with rates also ticking up.
The Nasdaq is -233 and the Russell is now following it lower, -0.33%.
It’s over fucked faces.
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