The View from 5th Avenue

The View at Two – 5 June 2020

Markets have been showing true signs of re-risking the last few days. Treasuries finally broke out of their tight Covid range (0.60-0.80%), and the Dollar was moving lower (Aussie back to pre-Covid levels). It was the much better than expected ADP on Wednesday that finally pushed some off the sidelines, and the data proved prescient.  Today’s NFP not only beat estimates, but surprised EVERYONE with a gain.  Animal spirits are alive, and the S&P 500 moved back above 3200.  Nasdaq is also just a couple points away from All Time Highs.  All sectors are green, but Value is outperforming.  And in the Small Caps joins the other global indexes above their 200 day moving averages.  All point for the potential for further upside as momentum funds are forced to pivot.

The content on this site is available to all Redburn clients as part of Redburn Execution’s standard service. It is not considered substantive research and there are no commercial implications to viewing these pages.

Please enter your email address below to view this page. If you are still unable to access the page, please speak to your account manager.