Nu er selv råvarer kommet i fokus for spekulanterne på internetmarkedet i USA. Saxo Bank hæfter sig ved, at de er faldet over sølv, hvis futures blev skubbet i vejret med 8,7 pct. til 29,25 dollar pr. ounce. Store prisudsving i enkelte råvarer er dog ikke usædvanlige, og sølv lå højere i august. Men der er tegn på, at spekulanterne mener, at nogle banker med short positioner kan blive presset. Robinhood-mægleren har skåret kraftigt ned på det antal firmaer, det vil handle med.
Market Quick Take
Focus among internet trading forums has shifted to include the silver market, with prices up steeply again overnight on a rush to buy silver bullion of any kind in the US in addition to bidding up silver in spot and futures markets.
Silver (XAGUSD and SILVERMAR21) jumped overnight after taking center stage in the retail investor frenzy that has swept through markets this past week. A questionable belief that bullion banks hold a massive naked short in COMEX silver futures that can be squeezed, was a major focus across social media this weekend. As a result, the future jumped by 8.7% to $29.25/oz on the Asian opening, thereby breaking the downtrend from but not breaking the August peak at $32,16/oz.
Bullion dealers in coins and small bars have seen a dramatic surge in demand with premiums blowing out. With this in mind, the focus today is to watch the exchange for physical (ETP) spread between spot silver and the futures for signs of stress in the system. Big moves in silver, however, is not unusual after witnessing 3 bull and 3 bear market moves last year ranging from 21% and 156%.
Robinhood keeps restriction list on certain stocks to curb speculation. On Friday, Robinhood had compiled a list of 50 stocks that were restricted in terms of trading accessibility due to violent short squeeze and subsequent volatility across all equities. Following the company’s capital increase the list has been reduced to only 8 names which are GameStop, AMC Entertainment, BlackBerry, Koss, Express, Nokia, Genius Brands International, and Naked Brand. Clients can only buy one share in GameStop and five options contracts as of Monday.
What are we watching next?
Does volatility calm this week or stay very elevated? Considering the modest correction in US equity markets last week, it is remarkable that measures of volatility are so elevated, as the recent episode of squeezing of the most shorted US stocks has clearly spooked the broader market and injected considerable uncertainty. The VIX implied volatility index closed Friday at 33, normally a level one would associate with considerable market stress, and yet the S&P 500 had only corrected about 4% from the recent high as of the Friday close.
Big week ahead in the earnings season with Amazon, Alphabet, and Alibaba
It is going to be a big week in earnings with 175 companies out the 2,500 companies we track during the earnings season reporting this week. The most important earnings this week are Amazon, Alphabet, and Alibaba as these companies combined are the best picture into consumer activity and health in the two largest economies in the world.
