The View from 5th Avenue

The View from 5th Avenue – 3 October 2024

Traders have been singing their own version of Stuck in the Middle With You this week, as the Middle East conflicts have created a bigger reason to wait for the all-important Nonfarm Payrolls tomorrow morning. Volumes in the S&P 500 have been declining all week with today being the lightest (S&P 500 -17% versus the 20d) as investors have watched the CME data move from a 50:50 chance of another 50bps Fed cuts in November, to the current 34.6%. Economic data is the driver for those changes as bot…

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