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 →
Tag Archives: oil
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 →
Economic data came in as expected except for Philly Fed – a huge miss at -19.4 versus -5.0 consensus and -8.7 prior. But, it was the former dove turned chief hawk Jim Bullard who decided enough is enough, suggesting rates could reach as high as 7% before inflation is tamed. Futures were not amused. It’s … continue reading →
October PPI came in at 8% annually and 0.2% monthly versus expectations of 8.3% and 0.4%. Core PPI remained unchanged at 6.7%. Futures popped up to our 4050 IH&S target on the news, but had already ramped over 40 points prior to the print. continued for members… … continue reading →
Seemingly on a rail, VIX’s bump took it only to the top of the falling red channel in place for over a month. A failure to break out means ES can top its 361.8 Fib extension and reach its IH&S targets. continued for members… … continue reading →