Need to Know: This chart flashes an S&P 500 warning from slide for key metal
The end of the first quarter is being met a few celebratory fireworks, even if it has felt like a marathon to the finish line.
— Steven Mnuchin March 29, 2019 Also generating excitement, Wall Street will get a much-anticipated IPO via Lyft, though some are cautious over perhaps too much fanfare over the ride-sharing group. “Snap had a similar pop higher in its first weeks of trading before falling flat on its face,” CMC’s Michael Hewson told clients in a note. More on Lyft in the buzz.
In the above chart, he explains, that the dashed, vertical lines represent “cracks in palladium” and “they show that each time palladium cracked just as SPX was about to begin vicious downtrends after a year or more of top-making,” he said. Major and the team note that the market is now pricing in lower probabilities of higher interest rates in 2020, and replacing that with expectations for lower rates. They see a pause this year before two interest-rate cuts next year. “However, the risk is that the cuts come earlier, or even if it is net year, we should expect the bond market to price it in beforehand,” said Major and the team.
Among Fed speakers, highlights include Dallas Fed President Rob Kaplan and Fed Vice Chairman for Banking Supervision Randal Quarles. Late Thursday, St. Louis Fed President James Bullard said it was “premature” to talk about rate cuts because any weaker data will be a “temporary.”
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