Emerging Money Daily Audio Call September 5 – Markets come back from the beach and must confront tactical and fundamental questions.
At a minimum, quiet markets drifted higher last week and that alone means pressure this week. Add in not just N Korea but the Trump acrimony and dysfunction is getting amped up again and expectations for anything fiscal are moving south in-line.
But the biggest issue for the markets may be coming later in the week as the ECB readies yet again to talk to the market about their bond unwind plans.
We are not sure they will say anything substantive or that they know what they should and can say. If we get a more hawkish tone from the ECB it could ignite fear in markets who have taken their eye off the Fed and global central banks’ leaving of the party after almost a decade.
Energy remains a trade that can be supported from a trader’s perspective even if the industry is long term in transition. We discuss OFS and XLE postions.
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