House of Cards Rally — Nick Santiago 7-28-23 #513
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1.This morning, we got the highly anticipated PCE number. Apparently it was slightly better than expected. This number is supposedly the Feds favorite inflation indicator. At the moment, the markets are higher and rallying after a reversal sell off yesterday. Yesterday was interesting because the markets reversed downward after news was released that the Bank of Japan (BOJ) would possibly change its yield curve control policy. Well that news is now out and the Bank of Japan left the policy rate unchanged, but surprised with a tweak to its yield curve control policy, saying it will allow greater flexibility, allowing the 10-yr JGB yield to rise up to 1.0% while maintaining the target at 0.50%. The bottom line, the market doesn't seem to care today about the carry trade being affected right now. 2. Earnings are pouring in and we still have Amazon and Apple scheduled to report next week. Apple will certainly be the more important of the two and that should be watched closely by every market participant. 3. Gold is snapping back today after a sharp decline yesterday. The pattern that forms over the next week will tell me more. Right now there is still a lot of daily chart resistance at $1985 and that level has been important lately. 4. Bitcoin is slightly higher today by 0.5%. The daily chart pattern looks like chaos, but the weekly pattern is still constructive for more upside. Visit Nick at: https://InTheMoneyStocks.com Visit Kerry at: https://FinancialSurvivalNetwork.com This show is part of the Spreaker Prime Network, if you are interested in advertising on this podcast, contact us at https://www.spreaker.com/show/4295686/advertisement
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