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Portnoy backs Reddit ETF

 

 

TAKEAWAYS


•    Stocks dip, consolidate after huge Monday gains
•    Aussie dollar leads modest FX gains as greenback pulls back
•    Euro rises, ignores warning from ECB’s Panetta that “tightening will not be tolerated”
•    Oil price losses extended after unexpected crude oil inventories build, WTI closes under $60
•    Gold price gains some lost ground, rises $10
•    Comments from Chinese banking regulator about market valuations weigh on sentiment
•    Schumer says votes are there to pass $1.9 trillion stimulus
•    Dairy prices jump- GDT price index +15%
•    Barstool Sports’ Dave Portnoy backs a new ETF that tracks hot Reddit stocks
•    Tesla stock tanks after Monday jump
•    Zoom Stock rolled over from afterhours gains, drops 9% after earnings
•    DAY AHEAD: Australia GD, Services PMIs, Snowflake Q4 earnings
 

BEST CHART
USD/JPY – Daily Candlesticks
 

Source: GKFX / MT4 (February 10, 2021)

USD/JPY faces resistance from the 107 round number, the 61.8% Fibonacci retracement of the decline from June 5, 2020 through January 2021 as well as the October highs. 

 


GURU WISDOM


“Our chief want in life, is someone who shall make us do what we can. This is the service of a friend. With him, we are easily great.” - Ralph Waldo Emerson


MARKETS


*Daily closing price
↗ EUR/USD    1.2087        (+0.33%)
↗ GBP/USD    1.3961        (+0.28%)
↘ USD/JPY    106.70        (-0.05%)
↘ S&P 500    3870.29    (-0.89%)
↗ Gold        1738.00    (+0.77%)
↘ Oil (Brent)    62.53        (-1.82%)
↘ Bitcoin    47,835.0    (-3.50%)

 


NEWS


Barstool Sports founder and probably 2020’s biggest stock promoter said on Tuesday he was staking his reputation on an ETF that would build a portfolio based on stocks recommended on Reddit.

Some uncertainty crept back into markets on Tuesday following the big comeback rally on Monday. Stock markets in Europe saw modest gains while equities in the US ended lower as tech stocks, including Apple and Tesla unwound half of Monday’s gains. 

The losses were attributed to bearish comments form a banking regulator in China that saw equites in the region edge lower despite the big gains the fay prior on Wall Street. Guo Shuqing, Head of the China Banking and Insurance Regulatory Commission said that “Financial markets are trading at high levels in Europe, the US and other developed countries, which runs counter to the real economy.”

US bond yields inched lower so the dollar dropped and commodity FX pairs were the biggest beneficiaries. Gains in the euro came despite the ECB’s Panetta adding to a number of recent comments suggesting the ECB will not tolerate a jump in bond yields, suggesting a dovish tilt to the monetary policy outlook for Europe.

DAY AHEAD 


*Times in GMT
00:30 – Australia Gross Domestic Product (QoQ) (Q4) [2.5 % Exp vs. 3.3 % Prev]
01:45 – China Caixin Services PMI(Feb) [52 Prev] 
08:50 - France    Markit Services PMI(Feb) [43.6 Exp vs. 43.6 Prev]
13:15 – US ADP Employment Change (Feb) [177 K Exp vs. 174 K Prev]
15:00 – US ISM Services PMI(Feb) [58.7 Prev vs.     58.7 Prev]
19:00 – US Fed's Beige Book
 

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