Gold, Oil, JPMorgan - Missed these big trades (and the new record high)?
AI Summary
Show More
Quickly grasp the article's content and gauge market sentiment in just 30 seconds!
Well, we did give you a heads up.
On Monday (July 13), we shared a preview of the 3 high-impact events scheduled for Tuesday, July 14th.
Here's how they panned out:
1) JPMorgan earnings
Despite warning about rising expenses ahead, the largest bank in the US reported its highest-ever quarterly profit of US$ 21.2 billion.
It also set a record haul of US$ 6 billion from stocks trading alone!
2) US June inflation* data release
*as measured by the consumer price index, CPI
US inflation came in soft (below market expectations):
The headline CPI fell 0.4% from June through May 2026 (month-on-month) - marking its first decline since 2020
Core CPI (excluding food and energy prices which tend to be more volatile) stayed flat (0% change) compared to May.
These lower-than-expected US inflation data prompted markets to dial back their bets for a Fed rate hike in September - from 100% certainty to now just 66%.
3) Fed Chair Kevin Warsh's testimony before Congress
Despite the soft CPI prints, Fed Chair Kevin Warsh says he's not yet going to "say mission accomplished".
Instead, he reiterated his commitment to "unstick" stubborn price pressures and hinted at deploying the Fed's tools for subduing inflation.
Overall, traders and investors worldwide primarily latched on to the slowdown in CPI!
Yesterday (Tue, July 14), riskier assets such as stocks and cryptos were a sea of green, notably:
Bitcoin soared 3.8% to mark its biggest one-day gain since March. BTC also breached $65k for the first time since June 22nd, reaching a 3-week high
Ethereum rose 6.2% - its biggest one-day gain in a month - to flirt with the $1.9k level as it posted a 1-month high
Major assets fulfilled our forecasted trade scenarios
Here's a look at recent assets we'd featured in our Market Pulse report:
1) Gold rebounds off $4,000 level - as expected
"Gold could re-test the psychologically-important $4k level for immediate and critical support ..."
Gold chart at the time of writing on Friday, July 10th:
Gold - What's happened since:
Gold then sank to the $4k mark on higher oil prices amid a resurgence in Iran War tensions, before rebounding off that psychologically-important $4k price level on the softer-than-expected CPI figures.
READ MORE (published June 24th): Here's what could happen to gold prices after forming "death cross"
2) Brent Oil respects $86 upside target - for now
"UPSIDE: A major escalation in the Iran war that prolongs the tanker traffic gridlock in the Strait of Hormuz could see Brent punching above its 200-day SMA and trying to reclaim the $86/bbl mark."
Brent oil chart at the time of writing on Monday, July 13th:
Brent Oil - What's happened since:
Oil indeed reclaimed and is respecting the $86/bbl handle for the time being, after the US resumed its attacks on Iran this week, with the latter also launching strikes around the region.
3) JPMorgan teases BOTH upside and downside targets
"JPMorgan could set a new record high ..."
We'd also drawn $325.90 and $346.00 as the downside and upside targets respectively, given market's forecasts for a 3% up/down move post-earnings.
JPMorgan chart at the time of writing on Monday, July 13th:
JPMorgan - What's happened since:
Indeed, JPMorgan's shares hit its highest ever price on Tue, July 14th!
And not just that.
Yesterday's moves whipsawed between gains and losses, JPMorgan stocks got within 0.4% of its upside target, and within 0.5% of its downside target.
This shows that both targets were set prudently, with prices respecting our pre-set levels.
But wait - there's more!
There's 1 more remaining asset, of our chosen "3 Assets to Watch" for this week, that has yet to live up to the trading scenarios we'd outlined since Monday (July 13th).
Given that we've only hit the mid-week mark, and with the Iran war still present in the market's collective mind, there's bound to be more trading opportunities over the rest of this week.
Stay tuned to Market Pulse.
DISCLAIMER:This article is provided for general information and reflects the author’s views only. It does not constitute investment advice, nor an offer or solicitation to buy or sell any financial instruments or digital assets. Your ability to access or use any products or services mentioned may be subject to the laws and regulatory requirements of your jurisdiction.