Charts I’m Watching: Oct 28, 2014

The website seems to be up and running just fine again.  Thanks for your patience during yesterday’s maintenance.
Durable goods orders gave back almost all of last month’s gains.  Headlines per Bloomberg:

  •     Durable goods new orders fell 18.3% in Aug., the Census Bureau said
  •     New orders ex-trans. fell 0.2% in Sept. after 0.7% rise
  •     New orders ex-defense fell 1.5% in Sept. after 19.1% fall
  •     Non-defense capital goods orders ex-aircraft fell 1.7% in Sept.
  •     Non-defense capital goods ex-air 3 mo. avg. annualized rose 10.4%
  •     Non-defense capital goods shipments ex-aircraft fell 0.2% in Sept. after 0.1% rise

It seems even more dramatic in graphical form:

Screen Shot 2014-10-28 at 5.54.08 AM

Of course, the S&P futures gave back only a smidge of last night’s USDJPY-fueled ramp (so far.)  It remains to be seen whether bad news is still good news in the post-QE world.

2014-10-28-USDJPY v ES 0600

SPX came within 2 points of tagging the SMA50 (1967.08) yesterday.  I’d be very cautious around that level — particularly if USDJPY dips below its SMA20 at 107.68.

2014-10-28-USDJPY 0600GLTA.

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