- This topic has 28,427 replies, 54 voices, and was last updated 1 hour, 31 minutes ago by .
-
GME Shares Surge Nearly 8% After Michael Burry Goes Long On Stock
Burry also noted CEO Ryan Cohen’s investment in the video game firm, saying he believes in Cohen.
The investor added that he likes the setup, the governance, and the strategy of the firm.
Cohen bought 500,000 shares each on Jan. 20 and Jan. 21, according to filings with the U.S. Securities and Exchange Commission.
Shares of GameStop Corp. (GME) popped nearly 8% on Monday after “The Big Short” investor Michael Burry said he is buying the stock.Next hurdle is at 28.10
Durable Goods Orders beat (volatile report and subject to revisions)
(Right click on any image (or chart) to open a full screen in a new tab)
USDJPY UPDATE: Mind the gap
- JP has said many times that OPENING gaps on FX charts almost always get filled.
- Well, while there are layers of supports ahead of it, the USDJPY gap from Oct 6, 2025 is visible on this chart (red arrow).
- In the meantime, expect 153.50 to be pivotal as above it puts 155 in play and below it targets 152.
- Key will be whether Japanese officials overplay their hands by threatening intervention or sit back and let the technicals and charts do the work for them.
USDJPY DAILY CHART
Newsquawk Daily US Opening News
(Right click on image or any chart to open a full screen in a new tab)
Source: Try Newsquawk free for 7 days
XAUUSD (GOLD) UPDATE
-
- To state the obvious, standing in front of a runaway bullet train (e.g. trying to pick a top) has been a prescription for disaster while the pace and magnitude of the XAUUSD (especially the XAGUSD rocket to the moon) surge argues for caution.
- I am not calling for a top but rather looking for levels to guide trading.
- In this regard, big figures (round numbers) take on added importance although 5000 put up no resistance.
So here are some levels to watch:
- 5100 (high 5110)… if it becomes support then a clear path to 5200
- If not, then dependent on 5050 holding to keep a strong bid pointed higher.
- Below 5050 would put 5000 back in play BUT
- Only below 5000 would slow the threat. Expect a bid as long as it trades above it,
Forex Market Snapshot
- The dollar has started out the week where it left off on Friday, which is on the defensive. It remains down but off opening week gap lows except vs. the jpy which has extended its upside, both vs. the dollar and on its cdrosses. Vernal and actual but unreported intervention have turned out to be well-timed as the dollar has come under selling pressure across-the board.
- The key focus continues to be on the surge in precious metals, which is being taken as a vote of no confidence in the USD. So far it has not spilled over to a Sell America Trade with US stocks trading a choppy session after a bounce from an opening week gap down and US bond yields lower on a flight to safety.
- There is no key data from the US where the key focus will be on Wednesday’s FOMC decision, a full slate of corporate earnings and risk of another government shutdown..
USDJPY UPDATE
- Opening gap lower found support just below 154.33 support (low 154.20)
- Now that stops have been run, bounce back to 155 confirms this as the pivotal level (i.e. offered below, above 155 cools it off)
- No more sell stops unless 154.20 is broken BUT
- 155.55+ needed to negate the opening week gap.
USDJPY DAILY CHART
Newsquawk Daily Asia-Pac Opening News
(Right click on image or any chart to open a full screen in a new tab)
Source: Try Newsquawk free for 7 days
Gold is doing something it doesn’t do often, it’s rewriting the history books.
In our blog
What’s Really Behind Gold’s Surge to All-Time Highs?
Fed rate checking is an old trick before there was electronic trading to spook bank traders over the risk of intervention. Now the Fed has access to the same rate feeds as banks so it knoiws where FX pairs are trading. If it did intervene, it would be in this case on behalf of the BoJ. In any case, it helped do the trick as USDJPY extended iots slide.
‘
(Right click on any image (or chart) to open a full screen in a new tab)Newsquawk US Market Wrap
(Right click on any image (or chart) to open a full screen in a new tab)
Stay tuned over the weekend for trilateral talks news
(Right click on any image (or chart) to open a full screen in a new tab)
- You must be logged in to reply to this topic.