Daily Close | Forex, Metals, Oil, Agriculture February 08, 2021



In the overnight electronic session, the March corn is currently trading at 550 which is 1 ½ of a cent higher. image source On the Corn front, we ended up a penny lower in Friday’s action. Traders will also be looking at tomorrow’s USDA report with corn for ethanol use.


It‘s my view that we‘re on the way to making another dollar top, after which much lower greenback values would follow. The weak non-farm employment data certainly helped, sending the dollar bulls packing.


This candle marked the end of this rally which had taken gold to a high of $2100 per ounce before pausing at the $1800 per ounce region. So for gold bugs, it is now a question of waiting for those signs of inflation for which gold then becomes the natural safe haven and hedge. Friday brought a reprieve, helped along by some softening in the USD, and Gold bulls have continued that late-week bounce so far into the start of the early week. Having been at the financial markets when the Great Recession arrived, she experienced many bull and bear markets – be it in stocks, bonds, gold and silver.
Gold, and Silver to a lesser extent, were noticeably absent from that risk-on participation. Gold did recover on Friday and didn‘t disappoint after Thursday‘s slide.


There is a consistent theme of high pivots at $64/bbl on crude oil. less The commodity oil has continued to surge higher. Let’s not forgot back in April 2020, oil was -$40/bbl. Oil is now hovering just below $58/bbl.

United States

The controversial move made millions of Trump supporters angry, creating some business implications for Twitter due to its relatively small user-base when compared with other social media giants. The activity also occurred alongside significant activity in fellow semiconductor stocks Advanced Micro Devices, Inc (NASDAQ: AMD) and Taiwan Semiconductor Mfg Co Ltd (NYSE: TSM). WSJ analyzed how Reddit posts, YouTube videos and tweets by personalities including Elon Musk spread online and fueled a trading craze that turned Wall Street upside down.
The top performer on the Nasdaq today is after the pharmaceutical company announced a $23 million stock offering. This amazing move has been driven by the re-opening trade as well as the continued Fed and U.S. government stimulus (inflation trade). Today, Wall Street continues to use Zacks research including the Zacks Rank and Zacks Equity Research, which combines the best of quantitative and qualitative analysis.
Elsewhere there are various sentiment surveys from the US, along with industrial production results for many of Europe’s largest economies. less No, this isn’t a Super Bowl story about chip consumption, but rather U.S. based chip-maker Nvidia Corp (Nasdaq: NVDA). Moreover, every person on the Fed is either an economic dunce who cannot spot bubbles or a bold-faced liars about what they are doing. The Fed will “continue to monitor for signs of excess in financial markets,” just like they did in 1998, 1999, 2000, 2005, 2006, 2007, 2008, and of course now.
Mester is part of the groupthink culture at the Fed that does not know what inflation is. Research from our team of in-house analysts has been quoted by The Wall Street Journal, Bloomberg, MarketWatch, USA Today, Kitco, Reuters, US News & World Report, CNBC, and more. Trump’s account had roughly 90 million followers. The Fed either does not see it or prefers to ignore it and is being disingenuous about it. Unheard of in the days when all Wall Street could say was “Buy”.
The blue-chip Dow Jones gained 3.9% while the S&P 500 and the tech-heavy Nasdaq Composite Index spiked 4.7% and 6%, respectively.