Futures are sagging after powering through another key Fibonacci level. At this point, the only question is whether or not we see a backtest. With OPEX coming up tomorrow, it’s unclear whether we could get a full backtest of the .786 at 4534.63. continued for members… … continue reading →
Tag Archives: silver
Futures are off slightly on low volume on a slow news day. Some significant Fibonacci levels have been reached, however, setting up potential large moves in equities. continued for members… … continue reading →
Futures are off modestly after the usual overnight VIX slump. Markets are focused on this week’s economic data, with CPI coming out Wednesday and PPI and initial claims on Thursday. continued for members… … continue reading →
ES nailed our initial downside target yesterday and is currently off about 10 points this morning following weaker than expected nonfarm payrolls. continued for members… … continue reading →
The Fed will release its June minutes this afternoon, potentially shedding some light on why they paused their rate hikes. But, thanks to plenty of Fedspeak – including Jay Powell’s testimony – we already know that they are as confused and conflicted as everyone else. As always, they are more concerned about markets than anything … continue reading →
May PCE and core PCE were in line with expectations at 0.1% and 0.3% MoM respectively. YoY core came in at 4.6%, slightly below expectations of 4.7%. The most notable surprise was MoM personal spending which tumbled from 0.6% to 0.1%. Futures, already up moderately following VIX’s overnight drop, ramped even higher. continued for members… … continue reading →
“Inflation pressures continue to run high, and the process of getting inflation back down to 2% has a long way to go,” Powell asserted in prepared remarks in advance of his testimony before the House Financial Services Committee. Our charts certainly agree. As posted last week, there is little chance of inflation not bouncing back … continue reading →
Futures are off modestly following the long holiday weekend, OPEX and much hotter than expected housing starts. continued for members… … continue reading →
“I can’t believe stocks rallied so strongly into options expiration!” said no one. Between VIX’s plunge, the euro’s ramp, and the yield curve’s decimation, bears have had no chance – even as fundamentals argued otherwise. continued for members… … continue reading →
According to futures and talking heads, there’s a 94% chance that the Fed will pause its rate hikes this afternoon – though perhaps with a hawkish tilt. By our reckoning, equities have piled on at least 6% in the past few weeks in anticipation of this outcome.Is it justified? continued for members… … continue reading →