After a choppy trading week with most earnings reports over, investors turn to growth and politics, expect volatility in the GBP and USD this week as rate hike expectations for both Central Banks may change as a string of global central banks embrace negative interest rates. Expect more market news and volatility as finance ministers gather in Shanghai to discuss ways to boost global economic growth, and keep an eye on oil prices as growing concerns about oversupply continue to pummel prices.
Watch WTI Oil at 29.800
WTI Oil @ 29.800
Watch Brent Oil at 32.900
Brent Oil @ 32.900
Watch GBPUSD at 1.4280
GBPUSD @ 1.4280
Watch Gold at 1211.2
Gold @ 1211.2
Trading updates
The S&P 500 continues to rally toward the key 1960 resistance as expected. However, indications continue to show that the rally will stall around 1960 for now until proven otherwise with another move down to 1760 to occur thereafter. This bearish scenario will only be invalidated if the 1990 level is taken out by the Index which we mentioned on Thursday. We plan to use the rally to 1960 to cut our long XIV position which may not break even at this time given market conditions and heightened volatility levels. We will consider taking a position again on the next down leg in the market if conditions prove feasible.
POSITION: LONG 1,000 XIV @ 22.47
Watch SP500 at 1910.0
SP500 @ 1910.0
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