Reply
Futures are again backtesting the 200-day moving average as we approach the open. continued for members… … continue reading →
What a difference a day makes. Or, in this case, just a few minutes. The futures before the hot jobs report… …and, after.The number of jobs exceeded expectations. But, it was the 0.6% increase in average hourly wages that should convince the Fed not to slow their tightening. Since the hopes of a slowdown in … continue reading →
The good news is that PCE increased by only 6% in October (0.3% monthly) – down from 7% last summer. The bad news is that financial conditions remain quite loose, particularly from the standpoint of the 10Y, which has dropped from 4.33 on October 21 to as low as 3.57% this morning. While algos not … continue reading →
Powell’s speech will take on added importance following the release of this morning’s hotter than expected Q3 GDP print on the heels of a big ADP miss. Futures are flat after completing the backtest of the trend line from October we had been expecting. continued for members… … continue reading →
Futures are flat following yesterday’s sharp selloff credited to the economic slowdown in China and hawkish Fedspeak. SPX closed below its 10-day moving average for the first time in 3 weeks, but is clinging to an important Fib level. continued for members… … continue reading →
ES came within 10 points of tagging its 200-day moving average on Friday and is backtesting its 3.618 Fibonacci extension yet again. continued for members… … continue reading →
I want wish all our members a safe and enjoyable holiday. We will take Friday off and be back on Monday, Nov 28. Markets staged a little celebration of their own yesterday, with ES slipping back up above the 10-day moving average and 3.618 Fib – a gizzard’s throw away from the 200-day. Otherwise, not … continue reading →
This morning is essentially the mirror image of yesterday, with futures up modestly on the usual algo drivers: VIX, USDJPY and CL. This is the 8th session in a row of treading water, making it the longest “stall” of the year so far. continued for members… … continue reading →
Futures are off modestly in light trading… … in the lead up to Wednesday’s important economic data dump. From Briefing.com: In what is starting out as a quiet week, everything is doing as expected. continued for members… … continue reading →
Japan’s inflation hit a 40-year high in October, driven by a policy of placing stock market gains above all else. When Japan first adopted negative interest rates, the argument was that it would help end the country’s deflationary spiral and return inflation to a 2% goal. Now that inflation is nearly twice as high as … continue reading →