Our Daily Notes

05/30/2024 10:35 Profit taking increased and volatility increased in the last week of May… With the German CPI data announced yesterday above market expectations, yields on 10-year treasury bonds increased in Europe. The 2-5-7-year treasury bond issuances made in the US this week are also worse than market expectations. This situation is also causing an increase in US 10-year yields. The increases in bond interest/yields are causing “profit taking” in the stock markets. The first pricing reaction of the names that announced their balance sheets after yesterday's session: Salesforce -%17, UiPath -%29!! & C3.AI +%8 US futures are selling today due to Salesforce and UiPath. The technical outlook in clean energy ETFs is gradually improving. Exits from both bond and stock markets are strengthening the dollar index. It is creating selling pressure on precious metals. For the first time since March, gold fell to the 50-Day Moving Average support in the spot market. Closing below the 2,320 ounce level may cause a pullback to the 2,190-2,200 range. We will follow the $30 ounce level in silver after the PCE data to be announced tomorrow. When geopolitical risks do not increase further (Bounce risks), the market is switching to real returns and dollar index-based pricing in precious metals. Oil prices are declining yesterday and today. We expect reaction purchases with the weekly inventory data to be announced today. The Fed's beige book indicates the continuation of the moderate course in growth. Today, we will receive the revision of the US 2024 1st Quarter growth data. The market will focus on personal consumption details. The VIX index is 24% above the low levels it saw after the Nvidia balance sheet