BM Market Report 12/09 – 2018: New iPhones, Overstock, GBP, and Ethereum

BM Market Report 12/09 – 2018: New iPhones, Overstock, GBP, and Ethereum

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Markets and Index

Tuesday turned out to be another quite uneventful day on the markets although we did see more movements than we have in the past week.

  • The S&P 500 rose 10.76 points or 0.37 percent.
  • The Nasdaq Composite rose 48,31 points or 0.63 percent inching its way back to 8,000 points
  • The Dow Jones Industrial Average rose 113 points and is now less than 200 points from its all-time high.

Stocks

The biggest news of the day is that Apple is rumored to be launching their new iPhones. Apple has yet to confirm what will happen at today’s planned event in the Steve Jobs theater, but a product launch is the safest bet.

  • Overstock CEO sold 10 percent of his shares for a value of $10 million and also issued a letter to shareholders where he urged them to “not worry” and that he’s “still in the game.”
  • Snap has been upgraded after the company hired new executives that could help increase results and boost the stock.

Forex

No major reports that could affect the market are planned for today.

The GBP is experiencing high future volumes that might indicate a sharp drop in GBP/USD this coming week, at least if we look at previous behavior. Sterling experienced similar volumes in May and in July and both times the currency dropped significantly immediately after.

EUR/USD, on the other hand, is looking fairly bullish.

Commodities

The US weekly crude oil supply is published later today and a usually a good indication of how to trade the commodity.

Cryptocurrencies

Another sell-off has been initiated hurting most of the market and causing all the top 50 assets to drop between Tuesday and Wednesday.

  • Bitcoin is currently down 1.05 percent which is one of the smallest declines on the market today.
  • Ethereum has fallen 9.34 percent in the past 24 hours and is currently trading for $177 which is the lowest level this year.
  • XRP is down 3.64 percent and has more room to fall.

Top gainers this past day are Emercoin, Chainlink, and Dragoncoin, while Nano, Waves, and Bitcoin Diamond is found on the opposite side of the spectrum. 

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