As of Thursday morning at 9AM the S&P was trading down -0.31% to 4,200, the Dow was down -0.23% to 33,828, with the Nasdaq down -0.38% to 13,918, and the Russell down -0.32% to 2,302.60. The rose 2.5% to 18.61, while the dollar continued it's spectacular bounce to 91.81, up 0.46%. The US10Y yield also rallied hard after the FOMC minutes - but we're cooling lightly here before the open and sitting at 1.557%.
Gold is crashing and is down over 4% on the day. We're sitting at 1,785 and losing the 100DMA at 1,797. We're back in the , and looking at further downside as we approach the end of the trading week. Oil continues to rise, and is sitting just below a 72 handle, up 0.39% on the day.
Lastly, we saw jobless claims come in higher than expected moments ago. Initial claims rose to 412k vs the 350k expected, while continuing claims remained flat at 3.518MM (3.517 prior). Needless to say, investors are finally considering the fact that the cost of servicing debt is going to rise soon putting pressure on (debt fueled) asset prices, and in short order (by June 26th), roughly 1.5 million Americans will lose unemployment benefits. In September, apparently another 9 Million or so will lose benefits. Stagflation here we come...
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* I am/we are currently long HUV , UVXY
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