More wild swings in Stock Markets – Market wrap for the North American session - November 14

Log in to today's North American session Market wrap for November 14

A bloody overnight and early morning session quickly got met with a V-shape reversal in US indices today.

This sharp volatility saw Gold and other metals suffer large outflows, with gold declining sharply and experiencing significant selling pressure.

Today's and this week's all-market action strongly resembled a global portfolio rewiring, similar to what often happens at the beginning of new quarters (even though Q4 is still far from finished).

The Nasdaq led the decline overnight, with futures trading seeing sharp drops, before dip-buyers corrected the entire move.

This rapid V-shape recovery wasn't fueled by many catalysts, but the same could be said about the selloff.

The Dow, which had performed very well earlier this week, did not get as much traction in the subsequent tech-led recovery. However, this tech comeback wasn't global, with Cryptos again seeing bloodshed as participants engaged in broad risk-deleveraging.

The lack of data clarity from the BLS is still creating palpable anxiety in markets, which should persist until more information gets released.

The cloud should begin to dissipate throughout the coming days and weeks.

Actually the BLS just announced that the September NFP report (normally published in early October) will be reported on Thursday, November 20.

Read More:

• Unclear BLS post-shutdown schedule – Markets Weekly Outlook
• Bitcoin Drops Below $95,000 – Market Under Pressure as Investor Confidence Wanes
• Gold (XAU/USD) Price Forecast: Triangle Formation Shows Trader Indecision – Will $4,000 Hold?

Another bad day for Cryptocurrencies – It seems that this theme is turning into quite a trend since October's sudden peaks.

It is normal for Cryptos to see early outflows and up/down overperformance due to their volatile nature and illiquidity, but nonetheless, expect some pain if these moves keep increasing in size, particularly with BTC below $100,000.

The most impressive on the session has been the renewed shift in Oil, but this has been seen again and again this year. Except for a change in fundamentals, expect seesawing action in Energy Commodities.

And for the rest, Stocks really have shown their resilience today (look at the moves on the Red-Nasdaq line). The rest will be to see if this holds next week with the ongoing volatility.

FX movement has been very contained and rangebound throughout this week – Data releases haven't been the norm with the BLS drought, but there was still an impressive lack of volatility today.

Some outflows from traditional G7 currencies towards other fiats such as the Chinese Yuan, Hong Kong dollar (HKD) and many others.

The weekend calendar is relatively light, with attention ongoing G20 meetings.

Sunday brings New Zealand’s Business NZ PSI, which remains in contraction territory, and a full set of Japanese preliminary GDP figures.

Monday however should be busier, as per usual, with European Commission Growth Forecasts at 6:00 A.M. to start the week, and continued with Canadian CPI data later at 9:30 A.M.

There will be quite a few speakers from the ECB and even more from the Fed.

US central bank speakers have gathered quite some attention with the December meeting being gradually more uncertain as time goes – It is only priced at 50% for now.

Safe Trades!

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