Skip to Content
News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

Free Trading Guides
Please try again

Live Webinar Events


Economic Calendar Events


Notify me about

Live Webinar Events
Economic Calendar Events






More View More
Global Indices Bid, USD, Gold & Oil Stabilize, Tesla Shorts Incinerated - US Market Open

Global Indices Bid, USD, Gold & Oil Stabilize, Tesla Shorts Incinerated - US Market Open

Nick Cawley, Senior Strategist


US Market Open – US Dollar, Gold,Crude Oil,Indices

  • Risk-on tone despite increased spread of Chinese coronavirus.
  • US dollar underpinned ahead of US President Trump’s speech.
  • Tesla (TSLA) makes yet another record high as short sellers get carried out.

Risk-on Tone But Problems Still Lurk.

A better start to the European session as equity markets ignored ongoing Chinese flu risks and pushed into positive territory. While the number of people in China now infected exceeds 20,000 and with least 420 fatalities reported, European bourses took their cue from a positive session in the US on Monday and moved higher. Most European exchanges registered gains of 1%+ and now traders will be looking to see if this short-term turnaround is sustainable.

Dow Jones, Nasdaq 100 Forecast & Charts: Sell-Off Over Already?

Tesla (TSLA) short-sellers are having another horror session with the electric car maker up over 13% @ $895 and climbing. The stock has soared from the low $170s in summer last year as short-sellers continue to get burnt. According to media reports, Tesla is the most shorted stock in the US with around 18% of its publicly available shares sold short.

Tesla share price soars

Chart via

The US Dollar has kept hold of its recent gains as markets look ahead to tonight’s State of the Union address by US President Donald Trump. The greenback’s gains have been fueled by strong US data prints over the last few days, while the monthly US Non-Farm Payroll release is out on Friday at 13:30GMT.

US Dollar Outlook Bullish Ahead of the State of the Union Address

Crude oil continues to press into support, but pressure has alleviated marginally during the session as talk swirls that the OPEC+ meeting - today and tomorrow - may see oil output cut by another 500,000 barrels a day to help counterbalance slowing demand. US crude oil trades around $51.00/bbl while Brent crude traded around $54.75/bbl.

Crude Oil Gains as Risk Appetite Revives, Production Cuts Possible

Traits of Successful Traders
Traits of Successful Traders
Recommended by Nick Cawley
Traits of Successful Traders
Get My Guide

For a full rundown of all market moving economic data and events see the DailyFX Calendar

Crude Oil Daily Price Chart (July 2019 – February 4, 2020)

Crude oil plunges then stabilizes
How to Use IG Client Sentiment in Your Trading
How to Use IG Client Sentiment in Your Trading
Recommended by Nick Cawley
Improve your trading with IG Client Sentiment Data
Get My Guide

Gold Price Testing Support as US Dollar Strength Trumps Coronavirus Fears For Now

Traders may be interested in two of our trading guides – Traits of Successful Traders and Top Trading Lessons – while technical analysts are likely to be interested in our latest Elliott Wave Guide.

What is your view on the market’s as they stand – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact via Twitter @nickcawley1.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.