Dow plunges more than 800 points in worst drop since February, Amazon and tech shares lead the rout

  • The tech sector had its worst day in seven years, leading the Dow to its worst day in eight months.
  • “People are getting out of the high-flying tech names right now,” says Larry Benedict, CEO of The Opportunistic Trader. “I think people are under-hedged; there could be more pain ahead.” Read more @ https://www.cnbc.com/2018/10/10/us-markets-bond-yields-and-data-in-focus.html

Trump says the Federal Reserve has ‘gone crazy’ by continuing to raise interest rates

  • “I think the Fed is making a mistake. They are so tight. I think the Fed has gone crazy,” the president said after walking off Air Force One in Erie, Pennsylvania.
  • The U.S. central bank has raised interest rates three times this year and is largely expected to hike once more before year-end.
  • Fears about rapidly rising rates helped cause the Dow Jones Industrial Average to drop more than 800 points Wednesday.
  • “Actually, it’s a correction that we’ve been waiting for for a long time, but I really disagree with what the Fed is doing,” the President added. Read More @ https://www.cnbc.com/2018/10/10/trump-says-the-federal-reserve-has-gone-crazy.html

Mnuchin warns China against devaluing currency, says yuan agreement must be part of trade deal

  • Treasury Secretary Steven Mnuchin tells the Financial Times he wants to include an agreement on currency in the China trade deal.
  • “The renminbi has depreciated significantly during the year,” he said. “We are going to absolutely want to make sure that as part of any trade understanding we come to that currency has to be part of that.” Read More @ https://www.cnbc.com/2018/10/10/mnuchin-warns-china-against-weakening-its-currency.html

WHAT IS THE USD SAYING?

USD is breaking slowly but still firm as the FED is all optimistic of the economy. Today CPI data will give some great volatility for the USD. SP500 & DOWN have taken their first plunge after the recent FED tightens the liquidity and cheap borrowing money. Be cautious as the market will go into swings and get you on the wrong side. Have good moment management and don’t rush into a trade.

TODAYS NEWS THAT MIGHT AFFECT YOUR TECHNICAL TRADES.

  1. 1.00pm – Mark Carney (BOE); speaks – volatility expected and GBP favoured.
  2. 2.45pm – France will release their CPI – expected to be good. We BUY EURO.
  3. 4.30pm – BOE Credit condition – It’s correlated with spending and confidence – rising debt levels are a sign that lenders feel comfortable issuing loans, and that consumers and businesses are confident in their financial position and eager to spend money. Volatility expected in favor of GBP.
  4. 5.00pm – Mark Carnet speaks – Volatility is expected.
  5. 7.30pm – EURO – Monetary policy meeting accounts – It’s a detailed record of the ECB Governing Board’s most recent meeting, providing in-depth insights into the economic conditions that influenced their decision on where to set interest rates – expect volatility in favor of EURO.
  6. 8.30pm – US will release their CPI – Expected to be good – volatility is expected to be MIX as President Donald Trump is against raising rates – https://www.cnbc.com/2018/10/10/trump-says-the-federal-reserve-has-gone-crazy.html
  7. 11.00pm – OIL INVENTORIES – expected to be good – we SELL OIL.

The market is still fragile and will continue to be fragile. Be cautious and gave good money management at all times.

High Risk Investment Warning:

Please note that Forex and other leveraged trading involves significant risk of loss, It is not suitable for all traders and you should make sure you understand the risks involved, it is recommended that you seek an independent advice, if necessary.

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