NAS100 Is Regaining Leadership – This Bodes Well For Stocks
The NAS100 is showing signs of leadership. If it sustains, this will bode well for the risk side of the market, in general.
Senior Market Strategist
Russell Shor is a Senior Market Strategist at FXCM, having been promoted to the role in 2025 in recognition of his depth of insight and consistent delivery of high-impact market analysis. He originally joined FXCM in October 2017 as a Senior Market Specialist.
Russell holds an Honours Degree in Economics from the University of South Africa, is a certified FMVA®, and a full member of the Society of Technical Analysts (UK). With over 20 years of experience in financial markets, his work is renowned for its clarity, precision, and strategic value across asset classes.
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The NAS100 is showing signs of leadership. If it sustains, this will bode well for the risk side of the market, in general.
The Wall Street Journal, citing insider sources, reports that Intel stands as the prime contender to secure financial backing for the establishment of chip-manufacturing facilities aimed at diminishing the U.S. military's reliance on imports from Asia, most notably Taiwan.
Shares of AMZN.us have been positively buoyed by the company’s strong Q3 earnings, which beat Wall Street expectations on 27 October. As we look ahead to the coming year, Amazon stands out as a potential success story for investors. Amazon Web Services (AWS) is poised for significant growth, North American operating income has exceeded expectations, the international business is approaching break-even, and revenue continues to maintain a robust double-digit growth…
A week into November and the SPX500 is already up over 4% for the month. The index is currently near 4,360 but a close above 4,400 (green horizontal line) will be regarded as a bullish development.
The jobs data on Friday has affected the real yield and this, in turn, has filtered through to other instruments. The non-farm employment change printed at 150K, which was lower than the 178K expected. Moreover, the previous print was revised lower to 297K. Average hourly earnings m/m were also lower than anticipated at 0.2% (0.3%), whilst the unemployment rate crept up to 3.9% from 3.8%.
The spread between the UK and US 2-year notes (top chart) remains a strong driver of GBPUSD (middle chart). The current longer correlation is an impressive 86% (bottom chart). This suggests a strong positive relationship between the spread and cable.
Yesterday, the Federal Reserve kept interest rates on hold for a second consecutive meeting. Chair Powell recognised that inflation is slowing as opposed to emphasising how strong growth has been. Whilst keeping the door open for further hikes, there is a strong possibility that this rate hiking cycle has peaked. As such, the real yield dropped yesterday by 7.5% to close at 2.32%. It has dropped further today and is…
Yesterday's European core CPI (flash estimate) came in at 4.2% y/y, which is lower than the previous 4.5 y/y, registering as a two-year low. The spread between the German and US 2-year notes also declined by about 1.5% on the day.
The real yield has found support at the 2.36% level (green horizontal line). This, in turn, has seen a bid emerge for FXCM’s USDOLLAR, which is up 0.26% today. However, market participants are looking ahead at the FOMC Statement at 6:00pm (GMT) tomorrow. The CME FedWatch Tool has the probability at 97% that rates will be held steady at the current target rate of 525-550. The market is looking to…
Tesla dropped by 4.79% yesterday to close at $197.36. The catalyst was a disappointing forecast from automotive chip maker ON Semiconductor, which said Q4 sales will be around $2bn, short of Wall Street’s expectations of $2.2bn.
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