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Shorts in energy stocks rise and Bitcoin risks sanctions [Video]

Ipek Ozkardeskaya Swissquote Bank Ltd

The possibility of another round of discussion between Russia and Ukraine and Jerome Powell’s more dovish than expected testimony saved the day for equity investors yesterday.

The S&P 500 rallied 1.86%, while Nasdaq gained 1.62% on Wednesday, but the 50-DMA finally crossed below the 200-DMA confirming a long-awaited death cross formation on Nasdaq’s daily chart.

Elsewhere, according to S&P Global Market Intelligence, the short interest against the energy stocks has peaked to the highest levels in more than a year, as the latest rally in global energy stocks ‘may be petering out, even with oil prices surging to their highest levels since 2014’.

But US and Brent crude continue their jaw-dropping advance this morning as OPEC+ decided to maintain its production target unchanged at 400’000 extra barrels per day from April.

Among safe havens, demand in US dollar remains strong. Gold performs well, but Bitcoin becomes a risky safe haven as the latest news suggests that the US Department of Justice announced a new task force broadly designed to enforce sanctions, which will also target efforts to use cryptocurrency to evade US sanctions.

Author

Ipek Ozkardeskaya

Swissquote Bank Ltd

Ipek Ozkardeskaya began her financial career in 2010 in the structured products desk of the Swiss Banque Cantonale Vaudoise. She worked in HSBC Private Bank in Geneva in relation to high and ultra-high-net-worth clients.

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