For performances this week, Cambridge Futures managed another 2% for their autotraders, having got in early in the week but then cashing out before the FTSE sank back down to end the week pretty much unchanged.
September 22, 2021
This week was another relatively quiet one even though on Friday we saw a much weaker than expected US jobs report. Employers in the US added another 235,000 jobs in August, the government’s monthly non-farm payrolls survey showed. Economists had predicted this figure to be a lot higher at roughly 3 times this number.
Wages rose more than expected which kept stocks little changed although whether this will prove even more inflationary, only time will tell.
Most of us were waiting for the report to see if it might provide a catalyst for a market correction after the rally we have seen, despite Jay Powell signalling that the central bank would reduce its $120bn of monthly purchases this year.
It might be that this trigger never comes and the markets take tapering in their stride, but we would certainly urge caution at this moment in time; many of the traders on The Portfolio Platform are either flat, or short, signalling a bigger risk to the downside than the upside for the economy.
Next week may or may not provide more clarity for positioning, but at some point in the near future, the FED will have to let us know how they plan to reduce the massive amount of stimulus that is still being pumped into the global economy.
As for performances this week, Cambridge Futures managed another 2% for their autotraders, having got in early in the week but then cashing out before the FTSE sank back down to end the week pretty much unchanged.
We saw a similar performance for the FTSE Market Traders who increased their portfolio by 1%.
In Europe the CAC was flat on the week and the Dax lost -0.44%, meaning it wasn’t a week of significant moves.
The Dow Jones also lost a little with -0.25% dropping off the value of the index. Only the Nasdaq managed to make much headway after adding an impressive 1.55% on the week, but still below Cambridge Futures.
Well done to them and all those currently linked to them. Have a great weekend.
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