24th August 2022: Yesterday trading signals are given -12.227%; S&P 500 trading in tight ranges; Oil production has declined slightly; Hedge funds betting on tech stocks
Symbol: XNGUSD; Type: SELL; Open Price: 8.1858; Close Price: 9.1519; Profit: -10.556%.
Symbol: EURUSD; Type: SELL; Open Price: 1.00646; Close Price: 0.99921; Profit: +0.72%.
Symbol: NZDUSD; Type: BUY; Open Price: 0.6371; Close Price: 0.62389; Profit: -2.073%.
Symbol: AUDUSD; Type: BUY; Open Price: 0.70364; Close Price: 0.69426; Profit: -1.333%.
Symbol: USDCAD; Type: SELL; Open Price: 1.29035; Close Price: 1.29565; Profit: -0.409%.
Symbol: USDJPY; Type: SELL; Open Price: 134.383; Close Price: 136.208; Profit: -1.34%.
Symbol: GOOGL; Type: SELL; Open Price: 116.24; Close Price: 114.3; Profit: +1.669%.
Symbol: EURJPY; Type: SELL; Open Price: 137.665; Close Price: 136.157; Profit: +1.095%.
S&P 500 trading in tight ranges
Ahead of the delivery of Jerome Powell’s speech on Friday, the S&P 500 and the Nasdaq continue to trade within relatively narrow ranges. The technology-heavy Nasdaq 100 index had a little better performance than other benchmarks, with Tesla leading the way. Yields on 10-year Treasury notes traded higher than 3% as the dollar’s value continued its ascent. In the weeks building up to the annual gathering that will be held in Jackson Hole, Wyoming, which policymakers from across the world will attend, there has been no shortage of hawkish talk coming from the Federal Reserve. Kashkari stated that it is “quite evident” that the Federal Reserve has to tighten monetary policy. We anticipate that this is only the first in a succession of official headlines stating the same.
According to data released on Wednesday, pending home sales in the United States hit their lowest level since the beginning of the recession. The scenario might shift in the coming months in the face of rising borrowing prices and unpredictability over the future of economic development. Peloton Interactive’s stock jumped after the company said it would sell bicycles and certain accessories on Amazon, which was reported in the business news.
Oil production has declined slightly
The American Petroleum Institute stated on Wednesday that domestic oil stocks decreased by 5.63 million barrels over the previous week, which led to a rise of up to 1.8% in West Texas Intermediate futures. A count of the inventories will be made public later on by the government of the United States. Traders considered the possibility that Russia may sell crude oil to buyers in Asia at a discount in response to attempts spearheaded by the United States to set a price ceiling. By ten o’clock in the morning in New York, the price of a barrel of WTI crude oil with an October delivery date had increased by 68 cents to $94.41.
A more optimistic technical picture has emerged in the oil market due to the recent price increase. As a result of weaker flows from smaller liquids producers, including Gazprom PJSC, the amount of oil that Russia produces is expected to drop in August for the first time in four months.
Hedge funds betting on tech stocks
Goldman Sachs Reports That Hedge Funds Support Betting Big on Megacap Technology Stocks, and the Average Fund’s Weight in the Top 10 Positions Has Risen to 70% Amazon has overtaken Microsoft to become the most actively traded long position. According to the article, the funds increased their wagers on Tesla, Nvidia Corporation, Apple, Inc., Atlassian Corporation, and other companies. During the past three months, the S&P 500 Index increased by 9%, while technology stocks increased by 10%. The amount of net exposure hedge funds have in the application software sub-sector was increased. Since the beginning of July, the typical fund has seen a return of 4%, bringing the total loss for the year to date down to 9%.
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