Investors wanting to make sure. It is a shortened week so some traders might be taking off after all of the action earlier this year. David it has been exhausting for traders. He mentioned we had the best quarter last year. You mentioned. That might not be good news because i saw a note from you that said historic as we go back to big shift in the market and there is a recast in the bottom. Recast sixere was a or seven months after the 1929 low. A similar situation in the mid1970s. In 2000 there were several that went lower. 1987, the longterm is as of 2008. All of history does suggest that there is some sort of a significant testing of the s p 500 lows. There are also some options that i talk about saying that there are signs of that coming. When that may come is unclear. Investors are going with the fed and central bank liquidity. Unless there is a systemic shock that undoes what the fed has been able to emblem it and support markets implement, it seems that stocks could go higher. H
Year yield. Really talking about when you look at the 10 year yield, you look at the charts, it is starting to make an uninversion of the yield curve. When that starts to happen, call your mom or head for the exits. Again, 4. 2 a and new home prices, nothing much to say there. The big story we are continuing and some ofbrexit the key crosses here on sterling. The headline is we are weaker on cable, but if you take a trend from 124, it is something we are trading right now. Lets stay on for brexit now, Boris Johnson will make a fresh attempt to deliver on his pledge to deliver out of the European Union. Supporters say he has enough votes to get a deal out of parliament. The u. K. Prime minister has formally, but reluctantly asked the eu to delay brexit until january 31. Here, justheadlines bring us up to speed. Saturday, he faced a defeat and parliament when he was supposed to be able to bring forward his boat, a meaningful vote to get parliament to this side whether or not they were on
Draghi said the ecb will keep as much stimulus as the eu economy needs. We have an exclusive interview minister,s finance Pier Carlo Padoan. In london, european stocks, little changed. One hour into the trading day, up marginally for the fourth consecutive day. Best run since september. We have had fresh threats from north korea, sending money into haven assets. The euro falling for a second day post the german election down to 1. 1813. Falling five basis points in the wake of the german election. Brent crude is just a low 60 a barrel, down by. 6 . Why we saw gains in the last 24 hours, turkey threatened to shut down curtis shipments shutdown kurdish shipments through its territory. There is no a seven dollar spread between the benchmarks. Greece willank of start stress tests to determine if they need fresh capital before the greek bailout program. The results of the test could be ready in early may. That comes as maria draghi said yesterday the single supervisory mechanism might hurt
Index is telling us . I think we have to ask this question on another rather sedate day. So where the heck did all the fear go . And more importantly, should this lack of caution be making us nervous . Lets unpack the situation, next we know the vix measures the level of volatility, that traders are expecting in the near future. Its often viewed as an index of the overall level of fear in the marketplace. Some people think its out of date. Since these days there are many other ways to bet against the market. More efficient ways, frankly. In other words the fear gauge may not be as relevant as it once was. But the vix may not be obsolete. While the s p 500 is much more representative of the broader market. I always mention it at the top of the show, and given that it broke down below 10 today, its a signal that there is a lot les fear now than at any time in a decade. We have to deal with this. Are we right to not be afraid . So a certain degree yes, the market hasnt moved much in ages,
The underperformer over in europe is Deutsche Bank hit. Again. E is down we are at a twoyear low. It is the opposite for copper trading at a twoyear high. The vix is a lower again. That is the wrap of the market. Now twitter earnings are crossing the wire. Jonathan Quarterly Earnings helping by video advertising even as the social Network Field to add any new monthly losers and thus dock is down. Second Quarter Sales fell 4. 7 to 573. 9r earlier million and that beat the average estimate of 537 million. Alix this is a big deal. A big question is can a growth continue . The answer from the Second Quarter is no, no second monthly quarter growth. And putl be rough twitter in a difficult position. Not be surprised and that is the number they focus on top that is what they care about. Butthan revenue was ok user growth is why it is getting punished in the premarket. Up on this green for you this is how we trade. Down by three full percentage points. The revenue to beat, user growth is a mes