Cautious Weekend

Traditional Markets

All eyes are on Buenos Aires today where 20 of the worlds most notable leaders have gathered with the goal of making the world a better place. The official theme for this years G20 summit is "fair and sustainable development" though I'm sure many of those gathered might have things other than sustainability on their minds.

The headline last night that Trump has canceled his one on one meeting with Putin managed to penetrate the news of a critical update in the Trump/Russia investigation.

Through all this, the stock markets held up pretty well. It was really the news at the end of the day that erased gains from earlier in the session.

The fact that Navarro is coming at all may further reduce the chance that any kind of deal will be struck at this summit between the US and China.

Stocks have been having a great week so far (last five candles to the right) but Thursday was a bit of a dud. At least the Dow Jones is holding above its 200-day moving average (blue line) for now.

Oil traders will also be watching for a meeting between President Putin and Saudi officials. Putin had previously indicated that he was happy with the current prices of oil, but that was when it was at $60 a barrel. Now that it's dipped below $50, it's possible he'll reconsider and try to strike a deal to decrease production.

Keep an eye on the markets today, as the geopolitical climate is far from predictable

Crypto In-line

In line with what's happening in the stock markets, the cryptos have shown a strong push off the floor this week but have stalled a bit in the last 24 hours.

Unlike the stocks, cryptos can be traded through the weekend and will likely not be influenced at all by the G20 meetings.

As I'm writing, bitcoin has fallen below $4,000 again giving back about half the gains accumulated this week. If it doesn't turn around soon, it's very possible we could get another test of the yellow line at $3,500.