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Coronavirus Vaccine Talk Supports Risk, GBP Boosted by PMI Data, Tesla Bubble - US Market Open

Coronavirus Vaccine Talk Supports Risk, GBP Boosted by PMI Data, Tesla Bubble - US Market Open

2020-02-05 13:30:00
Nick Cawley, Strategist

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

  • Market chatter that a cure to the Chinese coronavirus sends risk-on markets higher.
  • Sterling got a lift as UK PMI data surprises to the upside.
  • Tesla’s manic price action under the microscope.

Coronavirus Cure Chatter Sends Oil & Equities Higher

Risk-on markets received a leg-up in early trade on news reports that a cure for the Chinese coronavirus had been found. Equity markets added 1%+ while oil dragged itself of its recent multi-month lows, adding around 2%. Later in the session, a WHO spokesman seemingly poured water on the rumor, saying that there are no known therapeutics against this virus, taking the edge off the risk-on rally.

The British Pound received some positive news from the latest PMI release which showed business activity picking up, beating expectations and December’s outturn. GBP/USD is in a trading range and will need a strong impulse to break higher or lower.

Sterling (GBP) Boosted by Robust PMI Data, Euro-Zone Sentiment Nudges Higher

The stock of the moment Tesla (TSLA) has swung violently, mainly to the upside, this week and is now trading nearly 500% higher than last year’s low print in early June. The question now is how long the short-squeeze can go on for – Tesla is the most shorted stock in the US market – and is the market setting itself up for a sharp fall?

Tesla (TSLA) – Manic Price Action Suggest it’s a Bubble Set to Burst

Oil has picked itself up from its multi-month lows and is now around 2.5% better for the day. US crude is trading either side of notable support and if it is to stem the bear market sell-off will need to consolidate above the $51.00/bbl. level to start with before the $52.00-$52.20/bbl. is targeted. The chart bias remains negative, while the CCI indicator suggests oil is oversold.

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Daily US Crude Oil Price Chart (February 2019 – February 5, 2020)

US crude oil price slumps
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