Daily Market Analysis
2023-10-16
Review our intraday commentary to learn how we interpret price action and build a market narrative.
Drag the blue slider to reveal the day's price action. Dots on the timeline represent comments and can be clicked. View the table below for all market-related comments and annotated charts (including those from after hours).
Abbreviated Comments View all
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| 09:31:53 Pete |
Good morning! |
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| 09:43:39 Pete |
Market struggling to hold the opening price. Bonds (TLT) gave back the gains from Fri |
| 09:45:32 Pete |
It's important to note that I am not longer term bearish. I am neutral and the market is trapped in a range. I am simply looking where our best opportunity lies and for price action that aligns with it. |
| 09:48:41 Pete |
Is central bank easing bullish? Not always. The PBOC injected liquidity and they reduced bank reserve requirements. China's market was weak overnight. The fear is that they might be propping up underlying weakness. |
| 09:50:50 Pete |
China also made it harder to short stocks to prop up their market. Anytime the government tries to control price, the effort fails. This is akin to changing the calibration on a thermometer because you don't like the temperature. |
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