Feeling very ill today so this will have to be short, I am sorry:
Chinese Caixin PMI was weak, the lowest reading thus far in 2016 but the markets seemed to shrug it off. Oil rallied, equities rallied and the NZD and AUD rallied. Now this says to me one of two things:
1.) The market is totally irrational as a firmer reading of this in January literally caused trillions to be wiped of markets or…
2.) The market was persuaded by last week’s US data, that all is well in the world and their panic has been overdone.
We will discuss this when I am feeling better.
Over the course of the day keep an eye out for the manufacturing ISM PMI. I feel it may be better than expected as the 30,000 jobs added to manufacturing in the last 2 months may have started to have an impact. Just do not be surprised if it isn’t as soft as many think.
We had 4 trades this morning which we all closed. One loser, three winners. We gained just over 2%, taking out overall gain this week to around 4.7%.
Didn’t do any. Maybe when I am better.
Back to bed now,