Hello traders everywhere. Geopolitical events have a way of popping up when you least expect it. Case in point, we were looking and waiting for the U.S. stock market too high record highs with the S&P 500 within a whisker of hitting its record only to wake up this morning to a sharp down move on the Turkey news. That news has ended what looked to be the S&P 500's six straight weeks of gains, it's first such streak since November, with the S&P 500 currently floating between a weekly loss and gain.
The DOW was down over 200 points in early trading and has backed off the lows a tad but now posting a weekly loss while the NASDAQ remains in a strong position to close out the week in positive territory.
The Turkish lira tumbled to a record low against the dollar due to concerns over the country's economy and a deepening rift with the United States. President Trump doubled tariffs on aluminum and steel imports from Turkey, deepening the currency's losses and raising concerns that the crisis could weigh on other economies. In turn, that led U.S. investors to safe-haven assets, with the dollar rising to a 13-month high, up +1.3% for the week and U.S. bond yields slipping to a three-week low.
Gold continues to head lower for the week losing -.35% and maintaining its long-term downtrend with five straight weeks of losses. Even though crude oil is up today, +1.23%, it is posting its second straight week of losses with a -1.15% loss this week.
After issuing a new red weekly Trade Triangle on Wednesday Bitcoin posted a gain on Thursday and is relatively unchanged today, but it will post a weekly loss of -7.9% after losing a little over -14% last week.
Key Levels To Watch Next Week:
S&P 500 (CME:SP500): 2,796.34
Dow (INDEX:DJI): 24,988.31
NASDAQ (NASDAQ:COMP): 7,933.31
Gold (NYMEX:GC.Z18.E): 1,225.60
Crude Oil (NYMEX:CL.UN18.E): 69.37
U.S. Dollar (NYBOT:DX.M18.E): 93.87
Bitcoin (CME:BRTI): 8,476.34
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4 thoughts on “Turkey Crisis Rattles Stock Market”
Countries using substandard materials and components to manufacture knockoffs to deprive workers of their jobs in receiving countries making legal, quality products, needs pushback in some form. President Trump is simply trying to restore and protect job opportunities for his country and people.
As you have begin with line like, "Geopolitical events have a way of popping up when you least expect it" but since the beginning of Trade War, when such results were likely to be sure within just near future, one must anticipate and become ready for such sudden instances, so if it was least expected, perception required to be get more sharpen.
In my earlier posts, I had very clearly pointed-out that there will be a worldwide spiral effect and impacts of Trade War, so post Trade War, it will be a matter of great surprise for us, if we don't find any such shocking unexpected outcome, now onwards constantly or periodically, from different parts of world.
At present, US Dollar is quite strong against all most major Currencies, and also increasing in a even more stronger way. However, considering changing equations at currant juncture, at this stage, probability of very sudden and sharp fall in US Dollar cannot be ruled-out, and that’s too,will be in an absolutely unexpected manner,
Even for the safety and sustainability of US Economy, "Weakness of US Dollar" is believed to be essential so far as concerned probabilities materialize at this point.
I meant TRQ. Sorry.
Could you tell me any news on MDRPF, in Idaho? Why exactly is it taking so long to get started, if the gold is so close to the top?
Is it difficult to get the roads to the area? Is it impacting the residents' drinking water? Do the residents want the mine to reopen? I thought the mine was going to get going after Barrack Gold became involved. Are they having trouble because of environmental issues?
Also, I never hear about TTQ anymore. Is their stock down because gold is down, or is something else going on?
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