Futures are off modestly on a slow news day as investors continue to game out how the election will affect their portfolios. continued for members… … continue reading →
Tag Archives: gold
Futures are up slightly ahead of another data-heavy week: S&P Services and Manufacturing PMIs today, Philly Fed Non-Manufacturing, Richmond Fed, and the Conference Board confidence data tomorrow, and Initial Jobless Claims, Q2 GDP, and Core PCE later this week. continued for members… … continue reading →
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… … 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 →
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 →
Futures are up slightly as the FOMC begins its July meeting. But, it’s a continuation of the consolidation that began last week. continued for members… … continue reading →
Greetings from Anegada, British Virgin Islands. We continue in vacation mode, with the next post planned for Thursday, May 16. The markets continue to track our forecast, with breakouts in equities and currencies and a breakdown in VIX. Oil and gas continue to hint at a breakdown, buy this remains a wild card. continued for … continue reading →
Gold and silver both came within 1% of our upside targets for them earlier this week. With inflationary pressures once again top of mind, have they exhausted their upside potential? We’ll update our long-term forecasts this morning. continued for members… … continue reading →
Retail sales came in roughly double the Street’s estimates at 0.7% versus consensus of 0.3-0.4%. Ex-auto was just as strong: 1.1% versus 0.5% consensus. Combined with an Empire State Manufacturing index disappointment of -14.3 versus -6.0 expected, futures sold off for all of 30 seconds or so before rebounding to higher highs. The retail sales … continue reading →
As we suspected, Wednesday’s lows weren’t enough to generate a sustainable bounce. We’re seeing the aftermath of that premature technical bounce this morning. Our long held bearish position on EURUSD, for instance, is finally gathering a little momentum.The challenge for bears remains SPX’s 50-day moving average, currently at 5105. If VIX can remain below 18.50, … continue reading →