evening wrap
market vibes
October 30… )
Today’s financial news was worse than trading might imply. Super Micro fell >30% because Ernst & Young resigned as the auditor citing concerns about “integrity” and the company’s governance. Jesus, how bullish is that?
Janet Yellen said, “[I absolutely agree] with the premise (banking) fraud is becoming a huge problem,” addressing the American Banker’s Assn. She added that fraud is now seen nationwide, including a big increase in fraud in government checks.
BBG@markets said on X Trafi might take a $1.1 billion hit after discovering fraud in its Mongolian oil business.
UBS briefly traded at the highest in 16 years following a near 100% earnings beat but then snatched defeat from the jaws of victory. CEO Ermotti said Q4 might not be so good in an interview before the market opened. The stock fell 6% (chart below).
NDX and S&Ps made new lows for the session in the closing range with losses ca .50 bps. E Bay fell 21% after bell on bad earnings as Coinbase, Robinhood, DoorDash and META all missed estimates. MSFT beat overall but missed on cloud rev.
The VIX doesn’t want to trade below 20 despite a slew of melt up forecasts and steadfast BTD rips in hourly data. I wonder why.
Silver and gold got hit around mid-morning for no reason. Gold recovered and silver finished down .50 cents. It’s getting close to another Friday SLV expiry so the gamma guards will probably be active if Dec Comex gets over $34/toz. (previous expirations noted below). let’s take a closer look at silver:
