Futures have slipped about 10 points on quiet trading. continued for members… … continue reading →
Tag Archives: Dollar
We’ve stuck stubbornly to our forecast for the 10Y to reach 4.75 for nearly a year, betting that sticky inflation would force the Fed’s hand. We came within 6 bps of new highs this morning after retail sales soared 0.7% (expected 0.4%) in July. Futures held on to their lows, though the pre-opening shenanigans haven’t … continue reading →
Futures are loitering around the 50-day SMA, leaving SPX’s tag still up in the air. continued for members… … continue reading →
Futures are up moderately, primarily on the DXY stall and the usual overnight VIX smackdown. But, most attention will be focused on Thursday’s CPI print. continued for members… … continue reading →
Futures are up moderately on USD weakness. The EURUSD has backtested its recently broken red TL and its SMA10, sending the DXY back below a TL it was threatening to break above. This supports our thesis that the SMA200 is the most important target, but that the tag might wait until it reaches 1.087 or … continue reading →
Fitch downgraded US debt from AAA to AA+, adding to stocks’ overnight decline. continued for members… … continue reading →
The recent breakout in oil/gas prices has now inspired a breakout in the 10Y. It’s an important headwind for the Fed, which had relied on falling energy prices to keep inflation and interest rates at an acceptable level. continued for members… … continue reading →
Futures bounced off our 50-day MA target and are up sharply on NVDA‘s blowout earnings/forecast, egged on by Speaker McCarthy’s latest promise that a debt ceiling resolution is on the way. Of course, this bullishness is unwarranted from a Fed rate hike perspective. Initial claims came in below expectations and Q2 GDP (the deflator was … continue reading →
Yesterday’s 1.2% spurt higher was driven not only by the usual push in USDJPY and plunge in VIX, but a healthy dose of hopium regarding the debt ceiling crisis. Congressional and White House reps were nearly unanimous in declaring that a deal is as good as done. Whether they’re speaking the truth or simply trying … continue reading →
We’re starting to see cracks in the equities and bond markets related to the debt ceiling. Interest rates are ratcheting higher. And, although OPEX-related maneuvers are working to prop up stocks, we had a momentary breakdown in SPX yesterday. Utilities, a bond proxy for some, have taken a big hit this week as investors shift … continue reading →