Market Snapshot – Cryptos Steady

Stocks Continue Higher

The stock markets continued to remain buoyant through the course of the day as the traders began to ignore the geopolitical developments and have instead chosen to focus on the fundamentals and the data as well. The shares of Netflix have already risen by 7% and this points to  a very strong opening for the stock markets in the US. This is likely to rub off on the rest of the stock markets around the globe and hence we believe that the markets would continue to move higher in the short term. But it has to be remembered that the political issues and the situation in Syria could escalate at any point of time and if and when that happens, the markets are likely to come under pressure once again. This is something that the traders should guard themselves against and hope that things do not turn worser than what is already there and they would then be able to focus on their trading.

Cryptos Correct and Consolidate

The cryptocurrency markets have undergone a period of correction and are now expected to undergo some ranging and consolidation before the next bullish leg begins. The regulations in Japan has forced one of their major crypto exchanges to shut down but this is unlikely to cause too much of a pressure on the prices. The crypto prices are set to move higher as the bulls continue to remain in full control of the prices and it is likely that the target of the bulls for the medium term could be $10,000. But this is still some way off and it would require more and more traders to join in on the bull run and believe that the price is going higher but the beginning of the bull run has been quite strong and seems to have enough momentum.