Market Talk – October 28, 2016

by Martin Armstrong
Armstrong Economics

The Nikkei continued its march despite the weakness seen in other Asian markets as currency continues to be the counterbalance. In late morning trade we did see a retracement back towards unchanged level but that was short-lived and as soon as the afternoon session resumed trading the buyers lifted it again and we closed near the highs of the day.

Europe traded heavy initially on the back of data but really wanted to wait for US GDP, especially ahead of next week! Even though we saw some poor results from banks (UBS and RBS), it would appear shares had priced much of that in for todays release. Next week we have the election and the FED. It should be no surprise we trade nervous into the weekend especially when we see results like Amazon (30% miss this morning)! US opening in sympathy with Europe but starting to recover as data picks-up and traders square off ahead of the weekend.

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