Daily Close | Forex, Metals, Oil, Agriculture February 24, 2021



The US stock market has been generally firm to help support ideas of a better economy here and potentially increased demand for Cotton products. Mexican crop conditions otherwise are called good with rains, but earlier dry weather might have hurt production. USDA chief economist Seth Meyer projects $4.20 corn. Trends in Cotton are up with objectives of 9340 May.


The overall weaker US Dollar has helped demand ideas as well although the Dollar has started to firm recently. Meanwhile, an unprecedented stimulus coupled with near-zero interest rates will fuel demand and lift inflation, thereby putting pressure on the U.S. dollar. A weak dollar makes dollar-denominated assets cheaper for foreign investors, potentially spurring demand for the red metal. China was able to borrow at negative rates for the first time last year in a three-part euro-denominated debt sale.


Among the things we bought were gold mining stocks, small-cap stocks, and some tech stocks. Surging copper prices are also providing a boost to miners, driving up the stock prices and raising the prospect of more blockbuster returns to shareholders. What about gold stocks ratio with other stocks? This signals that the copper market is tightening and demand is robust, paving the way for the rally in base metal. After Monday’s (Feb. 22) supposedly “groundbreaking” rally, the situation in gold developed in tune with what I wrote yesterday.
After trading lower for six consecutive days, gold managed to muster a three-day winning streak. less As U.S. Treasury yields rise, gold, which is seen as an inflation hedge, is hurting. Radomski is the author of Sunshine Profits’ Gold & Silver Trading Alerts and many of company’s investment tools. In particular, copper skyrocketed to a decade-high and has doubled since the March lows as the world recovers from the pandemic.
10-Year Treasury yield ratio signaled a further downside for gold. For weeks, I’ve been warning that a declining copper/U.S.


On the Crude Oil front, a robust recovery in demand from the Covid-19 pandemic had banks and traders projecting further oil price gains. Oil prices have been extraordinarily strong, and energy companies have finally started enjoying the fruits of those higher commodity prices. Sure, the 2007 surge in oil prices offered some concern but the financial crisis killed any thoughts of inflation. The OPEC+ decision looms a major risk event for the oil market,” Stephen Brennock, an analyst with PVM Oil Associates.
One of the most oil-dependent countries in the world, Saudi Arabia has regularly tapped international bond markets since 2016 to balance its budget amid crude price swings. A multi-year resistance/breakout test is in play for Crude Oil and Bond Yields at the same time at (1). Saudi Arabia and Russia are heading into an OPEC+ meeting March 3rd and 4th.

United States

Nevertheless, equity weakness may persist in the coming days as investors ponder portfolio allocations amid the shifting market environment and the Nasdaq 100 appears exceedingly vulnerable. less The Nasdaq 100 and Dow Jones have continued lower this week as rising Treasury yields give investors a reason to consider exposure elsewhere. The rising trendline had guided the Nasdaq 100 higher since March and a break beneath is a substantial blow to the index’s technical landscape.
Unlike the Nasdaq 100, the Dow Jones has been able to tread water near record levels and create a series of long lower wicks in the process. The Census Bureau’s mid-month population estimates show a 76% increase in the US population since 1963. 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. less Investing.com Follow Tech juggernaut (NASDAQ:AMZN) went public in May 1997 at only $18.
Amazon, the largest e-commerce company in the world, and electric vehicle (EV) darling (NASDAQ:TSLA) have the highest weighting, with 20.8% and 11.50%, respectively. He has been quoted in a variety of financial news publications, such as CNBC, the Wall Street Journal, and the New York Post. Tech juggernaut (NASDAQ:AMZN) went public in May 1997 at only $18. One of the best performers on the Nasdaq today is . Alphabet Inc. (NASDAQ:GOOGL), Microsoft Corporation (NASDAQ:MSFT) and Qualcomm Inc. (NASDAQ:QCOM) are among companies urging anti-trust officials to intervene.
The data since January 1963 is available in the St. Louis Fed’s FRED repository here.
S&P 500 -3.5% S&P 400 -3.9% Russell 2000 -6.4% Nasdaq 100 -9.9% On the surface, it was fairly mild and the Dow Industrials barely pulled back at all. It is rather unsurprising, then, that the Nasdaq 100 has seen its losses outpace that of the S&P 500 and the Dow Jones. Other top names in the roster are (NYSE:BABA), (NASDAQ:MGNI), (NYSE:CHWY) and (NASDAQ:ETSY).