Did FTX-Binance Bust Markets?

(11/10/22) [NOTE: This segment recorded before CPI for October was reported at 7.7% YOY, and down from September's 8.2%] Markets sold off more than 2% following a"meh" midterm outcome, breaking through the 50- and 20-DMA, holding on somewhat tenuously. It's important that markets rally above those levels today, otherwise there'll be a retest of lows seen back in June of this year. The MACD sell-signal is close to flipping, suggesting markets will try to move lower, short-term. If today's CPI comes out better (lower)-than-expected (it did), stocks could rally higher, staving off that sell signal. Where we close this week will dictate the markets' next move. The implosion of the FTX-Binance deal roiled markets yesterday, with many high-dollar and high-profile investors sucked into the vortex. Part of yesterday's activity was due to margin calls and selling assets to cover those calls. Also on Wednesday, a terrible 10-year Treasury auction: No one wants 'em. All of today's action will be focused on this morning's CPI Report.

Hosted by RIA Advisors' Chief Investment Strategist, Lance Roberts, CIO
Produced by Brent Clanton
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