We’re back for another week of trading. All the major U.S. indices ended last week down. The S&P 500 lost 2.51%. The Russell 2000 sank 2.48%. The Nasdaq fell 4.06%. The Dow was the best performer last week, only losing 1.66%.
If you followed our trade for Friday, congratulations. ORCL share price is up more than 7% in pre-market trading on news about their role in the upcoming TikTok acquisition. Expect more movement as the story unfolds.
There’s no telling where we are heading this week. At the moment, futures are pointing to a green open. It will be interesting to see how the markets react to the September FOMC Rate Decision on Wednesday. This will be the last time that the Federal Reserve will meet before the election. No big changes are expected. However, more clarity around the economic recovery could steer the ship in either direction.
Many analysts have forecasted a long and bumpy road when it comes to an economic recovery from the Coronavirus interruption. “We could be feeling the pain for years to come when it comes to inflation,” commented Schwab analyst Margo Philips during a recent interview.
Going short on the dollar could be one of the best decisions to make presently. One of our favorite ways of betting against the dollar is through Cryptocurrencies. Earlier this month Bitcoin (BTC) reached a YTD high of $12,486.61. Last week the price for BTC dipped below $10,000.00 briefly, and is now climbing again. This is the type of action we were waiting for and it could mean we are gathering steam here for the next leg up. BTC is currently trading at $10,630.36.
