👀 FTMO broker coming soon, True Forex Funds Insolvent, Markets 'Risk-on'

Hey guys, it’s Kieran! Another week is upon us so let’s get prepared to make it a profitable one. Lot’s going on, so let’s get straight into it.

📢 Prop Firm Industry News

The biggest industry news of the week was True Forex Funds, one of the oldest and most reliable firms, has announced that they are insolvent and have closed down. They cannot honor payouts and will no longer continue operating. Many firms are facing difficulties right now, and unfortunately they will probably not be the last. A sad day for the industry, the firm, and all affected traders. ☹️. The best that we can do is stick to trusted, well backed firms, and even then, caution is advised as we go through this period of instability.

On a more positive note FTMO have announced plans to launch their own brokerage which is an exciting move for them and the industry. Very interesting times ahead for the undisputed leading prop firm.

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🕜 Economic calendar

Here are this week’s red folder news events. Lot’s on deck, so if you are trading with firms with news restrictions, make sure you plan accordingly.

📈 The Macro View

S&P500 Positioning now ‘Extremely Streched’. New all-time highs in equites last week, longs continue to be added and futures are green this morning. We remain very much risk-on, but be aware that positioning is at an extreme level and the long trade is crowded, so stay risk managed.

Big move down in interest rate expectations so far this month, which has helped risk assets and commodities. However on a technical basis the US10Year rate is bouncing hard off the 200 DMA and medium term trendline, so things could get more difficult from here.

Silver up 20% in the last 10 days. Crazy move, even for Silver. Chart below shows previous spikes on a very long term basis. Not inconceivable that we could still go much higher from here.

US election polling. Biden’s lead in the prediction markets has now gone, with Trump pulling ahead for the first time since March. A hugely significant election lies ahead this year, with potentially vastly different outcomes for financial markets. Always keep the big picture in mind.

OK guys, I hope you enjoyed this week’s newsletter, have a great week and i’ll speak to you next Monday!

Kieran

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