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BABA stock pops as Jack Ma reappears

AUD/USD – 4hr Candlesticks
Source: GKFX / MT4 (January 21, 2020)

AUD/USD continues to trend higher within a steady rising channel while consolidating in the short term within a horizontal range. If the next test of the rising trendline coincides with a test of the short-term range, it is a confluence of support. 

TAKEAWAYS


•    Alibaba stock jumps as Jack Ma reappears in public
•    US stock indices reach record high as Joe Biden sworn in as 46th US President
•    Gold pops over 1% amid focus on Biden stimulus
•    Biden plans to re-join Paris climate agreement, stop construction of border wall
•    Insider sell-buy ratio reaches a record high as company executives dump stock
•    Bitcoin back under $35k despite news Blackrock will invest into futures
•    DAY AHEAD: BOJ rate decision, ECB rate decision


 

GURU WISDOM


“Beginners focus on analysis, but professionals operate in a three-dimensional space. They are aware of trading psychology their own feelings and the mass psychology of the markets.” - Alexander Elder
 

MARKETS


*Daily closing price
↘ EUR/USD    1.2106        (-0.19%)
↗ GBP/USD    1.3659        (+0.20%)
↘ USD/JPY    103.54        (-0.35%)
↘ S&P 500    3851.85    (+1.39%)
↗ Hang Seng    29,962.47    (+1.08%)
↗ Gold        1870.70    (+1.68%)
↗ Oil (WTI)    53.28        (+0.57%)
↘ Bitcoin    34,978        (-2.73%)
 

NEWS

Jack Ma appears


The founder and former Chairman of Alibaba has been out of sight since the cancelled listing of the Ant Group IPO. His disappearance put the jitters into investors of his company’s stock, although he is taking a less formal role at Alibaba, the firm is a key stakeholder in Ant Group, where the future looks less certain after officials in Beijing decided to tighten regulation of the Chinese fintech industry.
 

Gold gains


A pullback in the US dollar after a weekly gain has fuelled demand for gold amid rising bets the USD has further to fall. The catalyst for the dollar weakness was rising stock prices which diminished its haven appeal as well as the near term prospect of Congress agreeing to Biden’s Stimulus plan.
 

Insiders selling


Company executives known as ‘insiders’ sold $300 million-worth of shares through last Friday, which was 16 times the amount they purchased. The ratio between the selling and buying hit a record high. Insiders understand the workings of their companies best so the large amount of selling is not a good sign for confidence in their businesses.
 

DAY AHEAD 


*Times in GMT
00:30 – Australian Employment Change s.a.(Dec) [50 K Exp vs. 90 K Prev]    
03:00 - BoJ Interest Rate Decision [-0.1 % Exp vs. -0.1 % Prev]
12:45 - ECB Deposit Rate Decision [-0.5 % Exp vs. -0.5 % Prev]
13:30 - ECB Monetary Policy Statement and Press Conference 
21:45 – New Zealand Consumer Price Index (YoY)(Q4) [1 % Exp vs. 1.4 % Prev]