S&P 500 futures are up nearly 30 points after hour on strong earnings from Netflix (NFLX +15%). Have stocks bottomed?
I think it's way too early to make that call but there's a great chance of a tradeable bounce, similar to in July. Sentiment is ultra-bearish.
Or maybe the Fed won't want to see that and delivers a surprisingly-hawkish decision in early November?
In the world of FX, the US dollar has been the trade of the year but in today's Bank of America survey of fund managers, it was voted as the most-overcrowded trade. Time to fade it? Or wait for a Fed pivot?
In the UK, the budget U-turn is complete but the pound continues to flounder. Does it need to retest the lows? Or is it waiting to explode higher?
In Europe, TTF natural gas prices have fallen and the weather forecast is good. Does that mean all the negativity priced in needs to unwind? Or does Russia have another card to play?
There are certainly opportunities out there, we'd love to hear your ideas.
