There seems to be profit taking in stocks and bonds following bounce on cooler than expected CPI report last week
U.S. stock futures fell on Monday as the market caught its breath folowing the dramatic rally of recent sessions.
What’s driving markets Perhaps a touch of profit taking was inevitable. U.S. equity futures were a bit softer on Monday as bulls took stock after a remarkable surge at the end of last week. Jim Reid, strategist at Deutsche Bank, noted that a batch of factors had helped spark the latest recovery. “Impressive levels of European gas storage due to the weather, very short positioning in US equities, mid-terms being out the way, positive seasonals, less event risk in the Russian/Ukraine war, and now softer U.S. inflation than expected are all helping,” said Reid in a morning bulletin.
“The market gapped up cleanly and ferociously through that 3900 level. Now its next test is looming: the 200-day moving average and that downtrend line tracing the previous sequence of highs,” said Callum Thomas at ChartStorm.
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