Hi Everybody,
Congratulations to South Korea on your recent victory over tyranny and corruption. May this success lead to further successes. Wishing you a swift and smooth election process and the hope that your new government will be kind and fair.
-Mati
Today’s Highlights
– Happy Birthday Bulls
– NFP Day!
– Bitcoin Decision Imminent
Please note: All data, figures & graphs are valid as of March 10th. All trading carries risk. Only risk capital you can afford to lose.
Market Overview
Happy 8th birthday to the bullish stock market. Ever since March 10th 2009, the stocks have been getting high with a little help from the Fed.
Mario Draghi’s speech yesterday stirred things up a bit. Super Mario did not back down from Europe’s aggressive monetary policy but he did change the tone of the ECB’s narrative, displaying more optimism than we’ve seen in years from this institution and positioning themselves to maybe possibly begin to try and shift their policy over the course of the year.
Stocks are mostly flat around the world. The big exception is in Japan with the Nikkei 225 up 1.5% today due to a weaker Yen.
Commodities are under pressure as gold broke below its support of $1,200 and Oil fell below $50 a barrel. Neither are in freefall at the moment but if they close weak this week investors will take notice.
Jobs Day
The monthly jobs report will be coming out from the USA today and expectations are high. Analysts estimate that the United States has added upwards of 200 Thousand jobs in February but the number to watch is the Average Hourly Earnings.
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With the USA close to full employment, improvements or deteriorations will be most noticeable by whether people are earning more or less money at the end of the day.
Expectations of a rate hike in March have largely been priced into the market already. However, there are plenty of economists out there who feel the Fed is moving too fast. Some strong numbers today could give a massive vote of confidence that the USA is indeed ready to shake off 2008 and return to normal monetary policy.
Ready to trade Bitcoin
The big decision from the SEC is due to come out any moment and investors at eToro are giddy with excitement.
At the moment 84% of our users who are trading on bitcoin are buying while 16% are selling short. This number is actually quite low as we usually see more than 95% buying. So there are definitely more short sellers than usual but the majority of the network is still buying strongly.
You can see all the discussions happening now on the Bitcoin page of the world’s greatest social investment network: https://www.etoro.com/markets/btc
The deadline is supposed to be on Saturday but the SEC is allowed to defer the decision until the following business day on Monday. Many analysts, including the Economist and ZeroHedge are confident that we’ll hear the news today, before the closing bell on Wall Street.
If there is no decision by Monday evening, the ETF will be approved by default and we can all rejoice.
Bitcoin trading in eToro will be open for business throughout the weekend so that our clients may take advantage of this unique opportunity and we will do our best to ensure smooth trading throughout the event. However, due to liquidity concerns, please note that there may be hiccups in this highly volatile market, so proceed with caution.
Many thanks for your participation in these daily market updates. I always appreciate your responses, questions, comments, related articles, and top notch feedback. 🙂
Wishing you a very fun weekend!
