In this podcast Jonathan & Adam scan the markets, with the current theme being the trend is your friend!
This morning the markets were thin after thanksgiving on Friday, but we did see a slight pickup as the day went on. Markets are currently directional which is great for traders, the DXY remains bearish & stocks are soaring with market sentiment firmly risk on, as we approach the Christmas period.
Jonathan discusses how over the early years of his trading journey he let his bias dictate his decision making, regardless of the trend & even went through a period of counter trend trading. In recent years he has found his success rate increase when he aligns his bias with the trend. This lessens the amount of trading opportunities but has substantially increased the success rate of his trades.
Adam goes on to discuss how he feels there maybe a short term market shift about to happen as he believes the markets are currently overextended & we may see some cooling off, this might be the time to reassess the shorter term direction. However Adam feels that 2024 will be a strong year with Tech & AI growing rapidly. Adam also believes that global economies will recover next year & we may see a strong pick up, however Jonathan disagrees & feels it will take more time to fully recover.
The blokes go on to discuss the impact rising interest rates have had on the markets, plus how the world is adapting to a new way of life in this faced paced environment.
The blokes move on to scan the markets looking at US Indices which are currently flying, with most of the blue chip companies taking advantage of the Santa rally. Jonathan goes on to give his opinion on Oil & Gold with the latter reaching 6 month highs. The blokes then look at some USD pairs with most markets taking advantage of Dollar weakness.
To conclude the episode, Adam shares his hot tips on the market, which are Disney & ASML, whereas Jonathan feels Nvidia has further to go due to It’s domination of the AI chip market, which is expected to grow by 38% annually for the next decade, almost ensuring continued upside for Nvidia.