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[Platinum Insights] (7.6.23)
[Platinum Insights] (7.6.23)
August 22, 2023
Good morning.
Wall Street futures are down this morning as investors digest minutes of the Federal Reserve’s June meeting.
Markets will be focused on U.S. jobless claims, JOLTS and private payrolls data due later in the day as well as the Institute for Supply Management’s (ISM) non-manufacturing PMI numbers.
Federal Reserve Bank of New York President John Williams said on Wednesday it was the right move for the central bank to hold rates steady three weeks ago, while hinting at some point it may have to raise rates again amid ongoing economic strength.
Mortgage applications in the US fell 4.4% in the week ended June 30th, 2023, the first decline in four weeks, weighed by a rise in mortgage rates, data from the Mortgage Bankers Association data showed. Applications to buy a home were down 4.6% and those to refinance a home loan dropped 4.1%.
WTI crude futures held near $72 per barrel. Gold traded around $1,920 an ounce while the yield on the US 10-year Treasury note maintained its position above the 3.9% threshold.
Yesterday in the Platinum Channel Paper Trading Portfolio, sell alerts were triggered for PM and ABT providing gains of 0.76% and 1.59% respectively in a down market day.
A trading plan can help you stay disciplined and avoid making emotional trades. Your trading plan should include your risk tolerance, your trading goals, and your trading strategies. Our educational Swing Trading Guidelines can be found on the Platinum Channel.
Have a great day! This information is being provided for educational purposes and is not a recommendation to buy or sell a security.
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