Updated: Feb 18
In this week's Macro Insight call we discussed...
Market price action last week was dominated by the massive short squeeze in Gamestop and other “Meme" stocks such as AMC and Blackberry.
The rise of the “retail army” formed on the Reddit forum WallStBets that managed to orchestrate a painful squeeze that brought some hedge funds to their knees.
As margin requirements increased due to the extreme volatility in some stocks, overall de-risking of portfolios led to a market correction that saw SPX retrace 5% from it’s recent all time highs.
This looked like a clear “buy the dip” opportunity given that the macro backdrop was largely unchanged and the market continues to favour a positive outcome on vaccine rollouts and government stimulus.
DXY continued to rally towards the 92 target but in an orderly fashion. GBP threatened to break down out of an ascending “wedge” pattern which could be quite bearish. UK economic outlook also worrying given Brexit impact on financial services.
Gold remains heavy whilst silver shines due to the Reddit crowd showing some love.
Filmed on Tuesday 2nd February 2021.
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