Ethereum price target raised at Standard Chartered. Here’s the new forecast
After hitting a three day low this morning the market was ready to bounce. A dovish FOMC minutes showing a majority willingness to purchase more bonds with increased flexibility gave the market a reason to rally into the close. AAPL also reversed $20 off the low to close higher on mid September Iphone 5 release rumor as some Verizon employees are told not to take time off during that month. It was amazing to see a 600 billion market cap company have such wide intraday swings the past two days. As long as the FED and the ECB are ready to act, bears will continue to have a hard time.
Deflated
Eurozone double talk and economic reports continue to hold buyers at bay. The global PMI numbers show slow growth and weakening demand. US Initial Jobless Claims (372K vs. Exp. 365K (Prev. 366K, Rev. 396K) also stoked fear of a deteriorating economy. Yesterday’s FOMC minutes were talked down by Fed President Bullard saying “the market may have read too much into the minutes.” The QE bubble deflated further as Romney are seen pulling closer on some polls and he had openly criticized QE2 for its lack of effectiveness. In addition, he had stated he will be looking for a new head of the FED if elected.
From Tuesday’s high, the S&P 500 has sold off a little less than 2%, but we still fell short of a >1% down day and back to back down days. The short term trend remain down and intermediate trend is about half way from rolling over. Maybe there is more selloff to come, but we are oversold and there are a few things on the horizon that give buyers hope:
1) eager bulls buying that missed the run up and are chasing performance
2) Jackson Hole speech
3) Month end buying next week
4) Days around the Labor day holiday tend to be positive
5) the first pull back off a high often buyable
Deflated
Eurozone double talk and economic reports continue to hold buyers at bay. The global PMI numbers show slow growth and weakening demand. US Initial Jobless Claims (372K vs. Exp. 365K (Prev. 366K, Rev. 396K) also stoked fear of a deteriorating economy. Yesterday’s FOMC minutes were talked down by Fed President Bullard saying “the market may have read too much into the minutes.” The QE bubble deflated further as Romney are seen pulling closer on some polls and he had openly criticized QE2 for its lack of effectiveness. In addition, he had stated he will be looking for a new head of the FED if elected.
From Tuesday’s high, the S&P 500 has sold off a little less than 2%, but we still fell short of a >1% down day and back to back down days. The short term trend remain down and intermediate trend is about half way from rolling over. Maybe there is more selloff to come, but we are oversold and there are a few things on the horizon that give buyers hope:
1) eager bulls buying that missed the run up and are chasing performance
2) Jackson Hole speech
3) Month end buying next week
4) Days around the Labor day holiday tend to be positive
5) the first pull back off a high often buyable