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Probably not. Sure the bullish newsflow on Sunday did mark a bit of a top in equities, but the Margin Calls in silver, oil, and ag commodities haven't been helping the "risk on" case.
As I've stated many times in the past, the equity market is directly tied into the carry trade. With the ECB changing it's stance a bit about raising rates and the RBA keeping rates the same, we've seen a carry trade unwind.
It's hitting equities, but hitting commodities harder.
In this episode of IWO Into the Close we discuss:
- How the anticipation of further rate hikes was stamped out, and how that spurred dollar strength
- Why the carry trade unwound, and how the Bank of Japan may be out of the market
- Exactly what happened in the commodity markets this week and why they're getting hit harder than equities
- Potential trades in the commodity space
- Individual requests from the stream.
You can watch the video here: