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  • Marc Bentin

The Daily Close


* US stocks started the year with a bang and the s&p gained +0.7%, supported by more broad dollar weakness. Nasdaq rose 1.7%. Defensive and rate sensitive sectors were the weakest (utilities dropped -0.9%). Semis gained 3.2% as cryptos stabilized. * The dollar index dropped further -0.3%. MXN rallied as did most other EM currencies. * For the same reason as US stocks rose, European stocks ... dropped -0.5%. * Strength was most notable across the EM space as the twin effect of currency gains (on dollar weakness) and stronger local debt and equity markets took effect. * Precious metals rallied further with gold adding +1.1% to USD1317 and silver +1.4% on dollar weakness ... and whatever else gold is smelling that is not right. * Yesterday’s casualty was the bond market. 10y us and eur govt yields rose 6 and 4bps respectively. * Bitcoin rallied +11.7% from the new year’s eve low as bitcoins readies for another hard fork this week and another technical reason to squeeze with too many analysts perhaps also now too bearish. Bitcoin is heading for deep trouble in our view but the manipulative forces at play are powerful and it will not go without a fight. * Not long after the US cut funding to the UN by more than USD200mn, US Ambassador to the UN Haley said she’ll call for an emergency session of the UN Security Council regarding unrest in Iran. “We must not be silent,” said Haley, who rejected Iranian government accusations that the protests have been orchestrated from abroad. “The people of Iran are crying out for freedom.”, she said. The US will vote on imposing new sanctions on Iran despite the international accord in 10 days. D. Trump also tweeted about reducing aid to Pakistan and Palestine. In a separate tweet, he compared the size if his nuke button to that, much smaller, of the North Korean leader...

BentinPartner Advisers, Basel There is more to our research than the Morning Call. To receive a comprehensive wrap up every day and our tactical FX and global models positioning or if you wish to be notified 24/7 with updates on key macro economic releases and/or technical breaches on our comprehensive investment universe covering world equity indices, bonds, FX, precious metals and commodities, take a free trial to the Bentin Daily, our premium research service.  Important Disclaimer © Copyright by BentinPartner llc. This blog is not intended as a recommendation, an offer or solicitation for the purchase or sale of any security or underlying asset referenced herein or investment advice. Investors should seek financial advice regarding the suitability of any investment strategy based on their objectives, financial situation, investment horizon and particular needs. This blog does not include information tailored to any particular investor. It has been prepared without any regard to the specific investment objectives, financial situation or particular needs of any person who receives this report. Accordingly, the opinions discussed in this blog may not be suitable for all investors. You should not consider any of the content in this report as legal, tax or financial advice. The data and analysis contained herein are provided "as is" and without warranty of any kind. BentinPartner llc, its employees, or any third party shall not have any liability for any loss sustained by anyone who has relied on the information contained in any publication published by BentinPartner llc. The content and views expressed in this report represents the opinions of Marc Bentin and should not be construed as guarantee of performance with respect to any referenced sector. We remind you that past performance is not necessarily indicative of future results. Although BentinPartner llc believes the information and content included in this report have been obtained from sources considered reliable, no representation or warranty, express or implied, is provided in relation to the accuracy, completeness or reliability of such information. This blog is also not intended to be a complete statement or summary of the industries, markets or developments referred to in the blog.  


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