For anyone expecting Powell & Co. to spill this morning on the extent and pace of future rate cuts, don’t hold your breath. Since assuming the chair four years ago, Powell has become increasingly adept at avoiding any substantive revelations. Of course, sometimes investors draw their own conclusions, which can make for interesting trading sessions. … continue reading →
Futures are up moderately, tagging our .886 Fib target well ahead of schedule in anticipation of Jackson Hole Fedspeak which confirms the market’s rate cut expectations. continued for members… … continue reading →
Futures are up moderately ahead of FOMC minutes and mortgage applications. continued for members… … continue reading →
In our last dedicated Update on Gold and Silver in April, we noted that gold had reached our Fibonacci target of 2466.50 but could have further to go. GC is fairly straightforward. There’s a large IH&S pattern which completed around Mar 7 targeting 2557, a short distance above the white 1.618 at 2466.50. GC reached … continue reading →
The Fed’s annual symposium in Jackson Hole, Wyoming is historically an excellent opportunity to suss out the Fed’s thinking on next steps. While investors agree that a cut is coming in September, there is some divergence on how big a cut and what to expect over the balance of the year. Futures are generally flat … continue reading →
Futures are off moderately after weaker than expected housing data and in anticipation of next week’s Jackson Hole Fedspeak. ES reached our next upside target a little ahead of schedule, and is now backtesting the purple TL from recent lows. continued for members… … continue reading →
In the Goldilocks version of the economy, the Fed is nervous enough about a recession that they cut interest rates in spite of data that isn’t so terribly concerning. That’s what we’re seeing this morning, with retail sales coming in at +1.0% versus +0.4% expected but yet another negative Phiidelphia Fed index. The algos are … continue reading →
CPI came in on target, supporting the notion of a September rate cut. Equities are responding as expected. continued for members… … continue reading →
July YoY PPI fell to 2.2%, below estimates of 2.3%. MoM, the index increased by 0.1% versus estimates of 0.2%. Futures responded positively to the lower than expected inflation print and are up over 0.5% ahead of the open. continued for members… … continue reading →
Futures are slightly higher in a week certain to be buffeted by a bevy of important economic data. continued for members… … continue reading →