Tuesday, 11 August 2015

Financial Orbit wrap 11/08/15

Five sentences or graphics which sum up the Financial Orbit output over the last 24 hours across the website, twitter account and anything else thought about...

Wow, what a day...probably not the best day to have some 'off-time'.  Nevertheless a few observations...

1. Foreign exchange/the yuan - PBOC Fixes Yuan Reference Rate At 6.2298 (prev 6.1162) biggest one-day loss (c. -1.9%) since China unified official and market exchange rates in January 1994 as this chart from Fast FT shows:


Can we be that surprised however after such a big real FX increase?


And what a reaction...

2. ...from mining stocks


...to Apple which was down 5%


3. Meanwhile the Dow Jones has flashed a 'death cross' (although I note that it is not always a successful signal)...


...and the high yield index is also flashing an interesting signal.  Will the J(U)NK index hit the '35' level again?

 4. Still, however, Google (or Alphabet) did rather better today.  Well there is nothing like an opening up strategy...



 5. And a few tweets of interest during the day I found during the day:


is close to breaking through its March 2009 low. Anything below $42.33 would be a new bottom (via )

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