Equities are up slightly ahead of Wednesday’s important FOMC rate decision.
continued for members… (more…)
Month: September 2024
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NFP Supports Rate Cut Expectations
August nonfarm payrolls came in at 142k versus 165k expected while the unemployment rate ticked lower to 4.2%, underscoring the Fed’s assessment that the economy is slowing enough to justify a 25 bps rate cut later this month.
Futures rallied on the news and are slightly higher after tagging our next downside target overnight.
Just a reminder…I will be off next week but will post on an occasional basis if anything unexpected occurs in the markets.continued for members… (more…)
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Mind the Gap
Futures are flat this morning following unemployment data that supports the widely held expectation of a rate cut when the FOMC meets Sep 17-18.
The algos are presently concerned with the yield curve, which continues to warn of further downside, tomorrow’s jobs report, and a pesky gap which refuses to be ignored.continued for members… (more…)
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Update on Oil & Gas: Sep 4, 2024
Oil and gas futures have both tagged our next downside targets from June [see: Update on Oil & Gas, June 6, 2024.].
We’ll take a look at the road ahead and what it means for the equity and bond markets.continued for members… (more…)
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Charts I’m Watching: Sep 4, 2024
Lots of targets were tagged yesterday, beginning with SPX which nailed our 50-day moving average target.
There’s a reason, however, that futures are off even more this morning.
continued for members… (more…)
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Charts I’m Watching: Sep 3, 2024
Futures are off moderately this morning as ES spends its twelfth day in a narrow range around its .886 Fib retracement.
August ISM manufacturing will be released at 10am ET, which should determine on which side of the trend line from Aug 28 futures will fall.continued for members… (more…)
