Monday: The final estimate for July’s Manufacturing Purchasing Manages’ Indices will see light worldwide. In the U.S., June’s Personal Income and Personal Spending data will be released – analysts expect both of these to present minor increases. June’s Construction Spending will also see light in the U.S., as well as the ISM Manufacturing Survey. Tuesday: July’s Nationwide…
After gold’s breakdown on Sunday July 20th, we have seen an avalanche of negative commentaries. Admittedly, from a chart perspective the breakdown does not bode well. We have to get that straight. The technical breakdown is going to lead the price of gold in US dollar terms towards $1,000 /oz, potentially lower. But if we…
The Shanghai gold exchange experienced it’s largest withdrawal week in eighteen months. 73.3 tonnes of gold was hauled off. Keep in mind that this is pure physical demand and not churn. Churn is very challenging in China as SGE rules dictate bars withdrawn are not permitted to re-enter the vaults unless remelted and assayed by…
Thursday’s GDP release incorporated an annual data revision extending back to 2012. In this recovery, output is 4% lower (in log terms) than the corresponding point in the previous recovery. In Ch.2009$, 2015Q2 output was 92.9 billion lower (at quarterly rates). The comparison (in log levels, normalized to troughs) is shown in Figure 1. Figure…
Recent weeks have emphasized markets (especially declining commodity prices) as a read on the economy. This week’s full slate of data will provide a reality check on that interpretation. The punditry will be asking: Will July economic data confirm the weakness signaled by commodities? Prior Theme Recap In my last WTWA I predicted that discussion would focus…
■ Fed rate announcement proves pivotal for weekly trading session ■ Markets price in ambiguous Fed statement ■ Friday weak U.S. wages data helps push equity, lowers yields ■ U.S. equity markets conclude with nice weekly gains, Eurozone less so ■ Gold stabilizes after yield drop Last week’s trading session was split pretty much in…
Many traders use moving averages as support and resistance indicators, or focus on whether a candlestick has closed above or below a particular moving average. These methods are not necessarily the best way to utilize moving averages. They can actually be used much more profitably by treating moving averages as momentum indicators, indicating the strength or…
Unlike many recent quarters, the transportation sector lagged in Q2 as a strong dollar ate away most of the revenues of big transporters. This is especially true as total earnings from 98% of the sector’s total market capitalization reported are up 9.4% while revenues declined 1.9%. This is much lower than Q1 earnings growth of…
Exactly three months ago, the Swiss National Bank issued a report which everyone was eagerly anticipating: its interim results for the quarter ended March 31 in which it laid out just how much it had loss after it took on an “artificially strong” Swiss Franc market back in September 2011… and admitted defeat when on January…
Joe Deane, bond fund PIMCO‘s head of municipal bond portfolio management, Dave Hammer, municipal portfolio manager, and Sean McCarthy, the head of municipal credit research, sat down last week to discuss the evolving Puerto Rican Debt Crisis. The first thing the PIMCO execs did in the piece was to toot their own horn a bit. They noted the…
