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FEAR NOT Brave Investors
 

Chilling
 

Strange times But remember The Joker once served as the Iranian ambassador for the United Nations.

Oil - China - Reopening

The Week That Was:

The week saw oil continue to recover with production cuts and hopes of demand creeping back in. Short positions in tne June WTI contract which expires on Tuesday have been helping prices. Remember last month's historic collapse below zero seen last month on the eve of the May contract’s expiry. Another factor is Baker Hughes reported U.S. oil and natural gas rigs operating fell to an all-time low for a second consecutive week. Stockmarkets shrugged most worries off, more job losses, crashing retail sales and the Fed Stability Report warning on what happens if the pandemic worsens. Gold pushed higher to nine year highs, signalling risk is real. The Bitcoin halving came and went with a few chaotic days but not enough to ignite bulls and bears. Geopolitically it is heating up between China and other nations not willing to sit back. China has openenly threatened Australia for having dared to ask about the beginnings of Covid-19, reamped up it's Taiwan rhetoric and continues to throw dispararing remarks at the US.

The backdrop of the Covid-19 crisis. Despite that the stockmarket is up over 30% from lows and stubborn bears and bulls alike are frustrated based on cognitive biases. We continually focus on overcoming our biases and as the accompnaying chart highlights stocks and the economy are NOT the same thing despite what we are told by our influencers and biased or selective recalls.

Fed Warns on Possible Medium To Long Term Risks

Fed Financial Stability Report Risks May 2020

In todays sound bite, partisan world achieving full self-awareness has many roadblocks. Constantly we are faced by new biases from everything from the economy, geopolitics and the pandemic. We are trading in a fluid, constantly evolving world. Understand and admit you have biases is step one, with that be aware of mental obstacles that can be triggered. Remember we can't fix what we don’t know. We aren't all doctors when it comes to cures, sources and pandemics for one. We know we are living in a brutally divided political world and the upcoming presidential election will trigger biases. For your investing (and mental health) maintaining an open mindset, diversify your influener and media sources so you can not get caught with bias inertia or blindness.

Despite Bankruptcy filings picking up, we have J.C. Penney (NYSE:JCP) and Hertz Global (NYSE:HTZ) on death watch and all the uncertainty that persists regarding the coronavirus, optimism is growing that the virus may be peaking in major global hot spots. Have the Fed and Government delivered enough stimulus to provide a safety-net for corporate America?

The reality is we are experiencing unprecedented levels of unemployment claims. The US Labor Department reported the jobless claims of over 34 million in just seven weeks as the Coronavirus hits the economy. This sends the unemployment rate soaring to over 15%.

After the Fed left rates unchanged as expected Fed Chairman Jerome Powell and other Fed Governors were out continuing on low rates and QE forever for struggling businesses and governments to take the edge off the economic damage.  The Fed QE infinity programme is a yield curve control policy with long government bond yields coming down. Bond supply and continued central bank resistance to more negative policy rates limits the move.

Central banks have been cutting rates and adding liquidity to avoid systematic failure. Where to from here?  The world isolates with added financial, fear and psychological damage escalating. Investors will continue to monitor updates related to COVID-19  in the face of depression. The virus and unexpected consequences keep “fat tail risk”, in both directions alive. 

Historically bear market rallies are fast and furious, and we are at the beginning of an economic recession (depression). In 2008 we had a 20% and 25% bounce in the S&P 500 during the total 57% top to bottom price fall. For the virus we have the great unknown with medical expertise not at a consensus how the virus destruction and recovery will play out.

Will virus cases level off in late spring and vanish so things can get back to some sort of normality by late summer? Or will there be a second wave of cases during the autumn/winter, forcing new lockdowns or leading to fear and voluntary social distancing (a W-recession scenario). For how long are you immune after having had the virus, a long time or a couple of months? Will there be a vaccine and when?

What will right the ship? At this point people seek comfort, nothing short of massive fiscal responses will gve that until the disease fear factor is reduced. Forward two weeks and we have warmer climates in the Northern hemisphere and with that hope, but then there is the Southern hemisphere.Meantime be smart and self isolate and stay in contact with loved ones.

Our best advice is stay rational and be prepared for many alternatives, either way. With crisis comes opportunity. From a market point of view this is not unprecedented, many other bubbles have popped with similar results. What is unprecedented is the pandemic, the mass media and social media fear mongering, the massive QE and printing and the strange era of entitlement and no responsibilty fed down from politicians to the youth of today for electoral purproses. Put all that together and we see the result.  Again this isn't unprecendented just a different catalyst and fuel. Stay tuned. take a breath and think clearly.

I Wonder To Myself

This maybe one of the wizard's greatest moments of redirection. "The same extreme bulls are now extreme bears, what did we tell you about the madness of crowds?"

For now the focus is that the virus incubates for around 2 weeks so how many  carriers is an exponential number. Patient zero was from Wuhan, a city of over 11 million. (Yet the infections have slowed dramatically) With this knowledge shrewd investors are looking past past earnings rebound and focusing on the spillover impact from the coronavirus on U.S. corporations.

Remember. nothing is as it seems.

Stay alert to the political and geopolitical shifts with the world in flux. Government policies related to the environment, trade and tech sit high on the watch list.  Political and economic agendas that Influence policy-making is top of the list. For the US it is not just external threats, including increased political tensions between countries but also internal threats highlighted by the partisan impeachment devide. 

Politics influence all, directly or indirectly.  The virus and psychological affect on domestic and trade relationships have the potential to impact growth strategies with unexpected consequences with this markets are also vulnerable.  In a  fully fledged stock mania, nothing matters until it does. That is the feral nature of greed. Is Coronavirus that dreaded black swan?

Behind it all is world wide low interest rates and QE pump priming by the world's major central banks,  the Federal Reserve, Swiss National Bank and ECB all preached more of the same. This has just been ramped up a notch.

Meanwhile tje Fed is committed to about 50 Billion a day in repo, funds  into the system to maintain liquidity, in its not QE4 repo program.The consumer has been keeping the economy robust. How will they act to alleviate the panic of the market drop, this is essential given the security of the repos they have out.

The fear of missing out and blind partisan politics creates intertesting bed fellows. Be alert and put your ear plugs in and watch the whole spectrum its all related, geopolitical, debt markets, commodities, stocks, herds, greed and entitlement,

The spectre of Deutschbank overhangs Europe as does the new British PM, Boris Johnson, who was released from ICU after catching the Coronavirus himself.  Their are other spectres out their we just don't know it, or want to.

"Negative yields on long-dated government securities are more reflective of distorted market conditions than of stronger sovereign credit profiles, Fitch Ratings says. Lower interest service costs support sovereign creditworthiness, but this must be weighed against the impact of the economic conditions leading to lower yields and historically high government debt levels in a number of countries.- Fitch"

We remind you to stay on your toes, ad nauseum we repeat; In this surreal world that market prices can only go up, with bizzare acceptance that we can't go down and you are a fool if you think otherwise. In saying that the old saying, the trend is your friend rings true.

Akio Morita mistakes

The Week Ahead

This week we expect continued volatility with the engulfing uncertainty of the Coronavirus and in commodity markets, particularly in oil and other commodities, not to mention unrest in Iran, Libya and Iraq.  

Geopolitical risk is on high alert with President Trump under pressure at home and abroad. There are a few American economic reports  The biggest risk alert remains valuation, the stock market’s record highs and price earnings ratio of more than 18.5 have still not been rinsed. That has obviously being adjusted after this month's crash and mass stimulus distortion.

The markets are fixated on the COVID-19 news such as the infections count update. On the data front, regional surveys will draw some attention, but most of the focus will remain on jobless claims. Job losses are expected to continue to be steep and it seems at one point that may have to tilt the risk scales. Watch for how much the data indicates further economic destruction after the surge in initial claims already means substantially higher unemployment. We have seen record US unemployment, the Department of Labor reported a 20m surge in the number of unemployed people in April. We got more dismal  reports on retail sales, industrial production and inflation from April,all expected to be brutal after being under lockdown.  This week purchasing manager reports are the go to for clues.

China National People’s Congress

The Chinese Communist Party's congress is this week and is sure to be a political minefield, with both what China says and how the West comments given the threats from China in the past few weeks. The congress usually takes place in early March but was postponed to May 22 this year. Traders are looking for specific stimulus measures unveiled and infrastructure and other projects pushed forward after lawmakers approve the government’s budget.

Trade friction with the U.S. will also force China to focus more on home-grown tech and products to replace imports. With dissppointment building at home on how the outbreak and lockdown was handled Chinese authorities are prioritizing outbreak containment over stimulating the economy. Expect more metropolitan areas and city clusters as can add up to 1 percentage point to China’s economic growth per annum in the next 5-10 years.

 There is some important data in the week ahead,

  • Monday 
    US Business leaders survey NAHB
  • Tuesday
    EU ZEW Survey - Economic Sentiment. UK Claimant Count Rate. Unemployment Rate. Germany - ZEW Survey (GER) - Current Situation and Economic Sentiment US - Building Permits, Housing Starts, Fed Chairman Jerome Powell and Treasury Secretary Steven Mnuchin before Senate Banking, Boston Fed President Eric Rosengren, API Oil Inventories
  • Wednesday:
    UK CBI Industrial Trends Surveys, CPI, PPI, Retail Price Index. EU - Current Account, CPI, ECB Interest Rate. Germany GFK Consumer Confidence, US Mortgage Applications and EIA Crude Oil Invemtories
  • Thursday US Weekly Jobless Claims, Philadelphia Fed manufacturing survey, Manufacturing PMI, Services PMI, Existing home sales, New York Fed President John Williams. EIA Natural Gas Storage, Fed Chairman Jerome Powell and Fed Governor Lael Brainard
  • Friday Baker Hughes Oil Rig Count and CFTC Speculative net positions

For emerging markets the high US dollar means the Fragile 5 continue to shake. Argentina and Turkey are red letter risks. Voters will also be going to the polls in Poland, Indonesia, the Philippines and Thailand this year.

Over $4 trillion of EM debt matures by the end of 2020, of which around a third is denominated in foreign currency, according to the Institute of International Finance. Nevertheless Banks are telling investors to buy, buy, buy, who is selling you should ask? 

If you wanted to play in the big room at Vegas, you are living it. Understand risk and the madness of crowds for your own sanity and wealth.

Focus on yourself and what YOU CAN INFLUENCE, set your trading plan and goals in be set for 2019. One suspects it will be a year long Groundhog day for Trump, the GOP and the Democrats. We still have trade wars.

Earnings 

Analysts expect overall S&P 500 profits to drop by 12.8%, according to IBES data from Refinitiv,  a far steeper decline than the 4.7% drop projected as of April 1. Given that is a known investors (and algos) will focus pn the conference calls and outlooks.  Everyone is expecting the worse. We will see critical updates on production in coronavirus impacted regions and if there is extended halting of operations weighing on multi-nationals.

Last week we heard from AutoNation, Under Armour, Marriott, Cardinal Health, Choice Hotels, Cleveland-Cliffs, Mylan, ON Semiconductor, Zimmer Biomet, Simon Property Group, Ambac Financial, Datadog, Cabot, Caesars Entertainment, Tilray, Toyota, Allianz, Duke Energy, Vodafone, Honda Motor, Ingersoll Rand, Casper Sleep, Cisco, Jack in the Box, Tencent, Sony, Flowers Foods, Dillard's, rookfield Asset Management, Applied Materials, NortonLifeLock, Petrobras, Aurora Cannabis, DraftKings, VF Corp and JD.com

We start off on Monday with earnings from: Softbank, International Game Tech, Trivago, Baidu

Tuesday Earnings Include: Home Depot, Walmart, Kohl’s, Advance Auto Parts,Eagle Materials, Urban Outfitters

Wednesday Earnings Include: Target, Lowe’s, Take-Two Interactive, McKesson, LBrands, Expedia, Shoe Carnival, Analog Devices

Thursday Earnings Include: TJX Companies, Best Buy, Medtronic, Hormel Foods, Nvidia, Splunk, J’s Wholesale, Hormel, Hewlett Packard Enterprise, Agilent, Deckers Outdoor, Intuit, Deckers Outdoor, Ross Stores, Plantronics

Friday Earnings Include: Alibaba, Deere & Co., Foot Locker

-coment section below data-

Geopolitical Tinderbox Radar

Trade Imbalances IMF

Italy CDS
Turkey Geopolitical

Last Week's Big Stories

The Week That Was - Last Weeks Recap

Stocks

 

Stock Markets

US Major Stock Indices

Biggest Stock Winners and Losers Last Week*

SPX W Top 5 5 15 2020

 Which Stocks Moved US ETF's Last Week

SPX W ETF Top 5 15 2020 


 US Stock Indices Performance

US Indices W 5 15 2020
 

S&P 500

The S&P 500 continued its sharp reversal after the initial 3 wave down from the SPX wave 5 extension as Covid19 fed impulse accelerating under the tenkan. From there we have seen the ABC or 1-2-3. Support began at the October 2019 lows  A manic wave 5 or 3 of some degree resolution for the ages.  Recall all hallmarks of a mania, +5/8 Daily MM over the chikou in 5 violent waves.  Note the 100% extension from the emotive element and MM levels when the spit kicks in.

 SPX D 5 15 2020

The violent rebalance in the SPX is mellowing as the market seeks harmony. The spit per channel fractal and Adams rule launched back over the cloud.  Watch Chickou rebalance  off the 3 waves post spit.  Weekly tenkan key, Kijun and tenkan kisses to be watched. Watch if a spit or clear break support as chickou rebalances

SPX W 5 15 2020
 

Semiconductors ETF - SMH

SMH W 5 15 2020
 

Apple $AAPL

( Leading underlying strength of US Indices)

AAPL W 5 15 2020
 

Amazon $AMZN


AMZN W 5 15 2020
 

CBOE VIX INDEX - A Reminder of RIsk Ahead of Time

Data via Ole S Hansen @Ole_S_Hansen

VIX caution: Not only did the net-short hit a record but so did the percentage of total open interest which reached 50%. History tells us that positions this elevated could leave the short side very vulnerable to a sudden change in direction $SPX $SVXY $XIV

Image

Speculators increased their VIX futures net-short by 17k lots to a RECORD 188k lots in the wk to Oct. 29. During the past month the #SPX rally has helped widen the contango thereby fueling short-selling strategies though futures and inverse ETFs $SVXY and $XIV.

 Image

Fixed Interest

10 Year Treasury Note

TNX W 5 15 2020
 

Energy and Commodities

US Crude Oil (WTI)

After WTI workied off the chikou with the outside trend line under $20 in 5 waves it quickly reversed in 3 this week to then collapse to negative -40 for May. For a reversal we need sustained impulse from here. VEry completitive for a major 5. Recall the initial collpase where math and crowd behavior tell the story right to the +2/8 and collapsed back to the break up and now through the channel, accelerating when Tenkan and 50 dma crossed.  Note 1.618 extension of previous emotive wave.

WTI D 5 15 2020

WTI has been a series of fractals. expected in algorithm dominated price action From the larger acceleration lower after broke the weekly uptrend, a fractal of the sharp and all the way to ATL lows to negative pricing we have seen mirror replications. From here we see need traction to work out from 5 waves. Key resistance is Kijun and 50wma confluence (green) which all failed after the violent spike up. Support channel and fib conflageration with MM 0 -8 and -2-8

WTI W 5 15 2020
 

 US Natural Gas (Henry Hub)

Natural Gas is nothing if consistent, another failed break despite the strength of spitting the previous low and -2/8 with an island reversal to test the Kijun and downtrend line but fell back to Tanken The big question is was that a completed move down there or a 3?   Support on downtrend Tenkan.

NG D 5 15 2020 

Natty got above the weekly tenkan but failed to hold it at week's end after the weekly Kijun and 50wma kissed above..  Talking fractals, remember the tenkan/kijun kiss of death.brought it down from the md $2 range  Much work to do here through channels.

.NG W 5 15 2020

  Baltic Dry Index (BDI)


BDI W 5 15 2020
 

Precious Metals

Gold

Gold exuded strength after it back tested the previous wave 3 after finally cracked the Tenkan after correcting in 3 waves from 1556 to Murrey Math +3/8. Concern is the negative divergence between the weekly chikou and the recent highs. Support is Kijun while market decides. From there does the 5 play out?  Watch Fibs and chikou.
 Gold W 5 15 2020

Silver

Earlier Silver diverged further from gold not breaking the previous iii or C as Gold did.  Silver reversed with much more violent impulse than gold after correcting the 3 or C. Given that we have to repsect this is a IV  but  here is also a chance this is an X.

 Silver W 5 15 2020

Currency Markets

Australian Dollar - AUDUSD

Aussie dollar competed 5 waves in emotive balance with vigor spitting the 100% panic muster. It has stalled at the 50 Wma in 5 waves Resistance with the cloud is a long way off. We watch the panic wave fibs for clues. From here we watch for 2 or X

AUD W 5 15 2020

 New Zealand Dollar - NZDUSD

The Kiwi mirrored the AUD spit with a stronger bounce correcting all of the panic muster wave. We are now above the Tenkan, which is pivotal. The Chikou is re balancing. ;


 NZD W 5 15 2020

Canadian Dollar - USDCAD

The Loonie after spitting the 261% Fib & Weekly 8/8 has formed a flag on the old swing line - watch the MM grid and old Fib ext lvls

CAD W 5 15 2020
 

Euro - EURUSD

A lesson in channel spits (false breaks) - spat cloud to collapse, back thru top of channel in classic ABC & then accelerated after held tenkan Kijun kiss of death in 5 waves. Spat bottom and now back mid channel - watch for impulse off Chikou rebalance and Kijun above. Again governed by EURGBP and Bund volatility. 

EUR W 5 15 2020


 EuroPound - EURGBP

Back testing after its classic ABC out of failure following the X wave. Tenkan will give us a clue if normalcy is returning to the channel trade.

EURGBP W 5 15 2020
 

Japanese Yen - USDJPY

Classic channel trade, has been a series of failures and sharp bounces after X led 3 wave panic. Any change will come from the weekly Kijun. Use your Murrey 6/8 0/8 grid for now. #EURJPY #AUDJPY will determine risk on/off

JPY W 5 15 2020

 Mexican Peso USDMXN

The Peso collpased with a 261%  move after it broe the weekly bear flag. We have seen violent moves with outisde uncertainty from oil and COVID19. Use the Gann octave and the extension fibs to help measure the noise.  


MXN W 5 15 2020
 


 Turkish Lire USDTRY

USDTRY impulse higher continued after weekly  Kijun and Tenkan support back above cloud  Impulse is needed to pull away from here. Support is the previous break up and tenkan and Kijun. Keep an eye on geopolitical risk factors.

 TRY W 5 15 2020

Bitcoin

Nothing new for Bitcoin, more of the same as it continues to falter after 61.8% spit. Well under the tenkan and kijun. Needs to test downtrend for higher correction. Use your MM rules as algos control the herd here, support is the cloud - we said be wary of sharp ABC, 1-2 moves.

BTC W 5 15 2020
 

The Week Ahead

Key US Economic and Central Bank Events This Week

Sunday, May 17, 2020

  • 19:00 USD Fed Chair Powell Speaks
  • 19:50 JPY GDP (QoQ) (Q1)
  • 19:50 JPY GDP Capital Expenditure (QoQ) (Q1)
  • 19:50 JPY GDP External Demand (QoQ) (Q1)
  • 19:50 JPY GDP Private Consumption (QoQ) (Q1)
  • 20:30 SGD Trade Balance
  • 21:30 CNY House Prices (YoY) (Apr)

Monday, May 18, 2020

  • All Day Holiday Canada - Victoria Day
  • 00:30 JPY Tertiary Industry Activity Index (MoM)
  • 09:00 EUR French 12-Month BTF Auction
  • 09:00 EUR French 3-Month BTF Auction
  • 09:00 EUR French 6-Month BTF Auction
  • 10:00 USD NAHB Housing Market Index (May)
  • 11:00 GBP MPC Member Tenreyro Speaks
  • 11:30 USD 3-Month Bill Auction
  • 11:30 USD 6-Month Bill Auction
  • 18:45 NZD PPI Input (QoQ) (Q1)
  • 18:45 NZD PPI Output (QoQ) (Q1)
  • 19:01 GBP Rightmove House Price Index (MoM)
  • 21:30 AUD Home Loans (MoM)
  • 21:30 AUD Invest Housing Finance (MoM)
  • 21:30 AUD RBA Meeting Minutes
  • 23:00 NZD RBNZ Offshore Holdings (Apr)

Tuesday, May 19 2020

  • 00:30 JPY Capacity Utilization (MoM) (Mar)
  • 00:30 JPY Industrial Production (MoM) (Mar)
  • 02:00 GBP Average Earnings
  • 02:00 GBP Car Registration (MoM)
  • 02:00 GBP Claimant Count Change (Apr)
  • 02:00 GBP Employment Change 3M/3M (MoM) (Mar)
  • 02:00 GBP Labour Productivity
  • 02:00 GBP Unemployment Rate (Mar)
  • 02:00 EUR Italian Car Registration (MoM) (Apr)
  • 02:00 EUR German Car Registration (MoM) (Apr)
  • 02:00 EUR French Car Registration (MoM) (Apr)
  • 04:00 EUR Spanish Trade Balance
  • 04:30 HKD Unemployment Rate (Apr)
  • 05:00 EUR German ZEW Current Conditions (May)
  • 05:00 EUR German ZEW Economic Sentiment (May)
  • 05:00 EUR Construction Output (MoM) (Mar)
  • 05:00 EUR ZEW Economic Sentiment (May)
  • 05:30 ZAR Gold Production (YoY) (Feb)
  • 05:30 ZAR Mining Production (Feb)
  • 06:00 EUR EU Finance Ministers Meeting
  • 08:30 USD Building Permits (MoM) (Apr)
  • 08:30 USD Housing Starts (MoM) (Apr)
  • 08:55 USD Redbook (YoY)(MoM)
  • 10:00 USD Fed Chair Powell Testifies
  • 10:00 USD FOMC Member Kashkari Speaks
  • 11:00 NZD GlobalDairyTrade Price Index
  • 11:00 USD 52-Week Bill Auction
  • 11:00 RUB GDP Quarterly (YoY) (Q1)
  • 14:00 USD FOMC Member Rosengren Speaks
  • 16:30 USD API Weekly Crude Oil Stock
  • 18:45 NZD FPI (MoM) (Apr)
  • 19:00 JPY Reuters Tankan Index (May)
  • 19:01 GBP Rightmove House Price Index (MoM)
  • 19:50 JPY Core Machinery Orders (MoM) (Mar)
  • 20:30 AUD MI Leading Index (MoM)
  • 21:30 CNY PBoC Loan Prime Rate

Wednesday, May 20, 2020

  • 02:00 GBP CPI (MoM) (Apr)
  • 02:00 GBP PPI Input (MoM) (Apr)
  • 02:00 GBP PPI Output (MoM) (Apr)
  • 02:00 GBP RPI (MoM) (Apr)
  • 02:00 EUR German PPI (MoM) (Apr)
  • 04:00 EUR Current Account (Mar)
  • 05:00 EUR CPI (MoM) (Apr)
  • 07:00 USD MBA 30-Year Mortgage Rate
  • 07:00 USD MBA Mortgage Applications (WoW)
  • 07:00 USD Mortgage Market Index
  • 08:30 CAD CPI (MoM) (Apr)
  • 08:30 CAD Wholesale Sales (MoM) (Mar)
  • 09:30 GBP BoE Gov Bailey Speaks
  • 09:30 USD Seevol Cushing Storage Report
  • 10:00 EUR Consumer Confidence (May)
  • 10:30 USD Crude Oil Inventories
  • 14:00 USD FOMC Meeting Minutes
  • 14:00 CAD BoC Gov Council Member Lane Speaks
  • 17:00 KRW PPI (MoM) (Apr)
  • 19:00 AUD Manufacturing PMI
  • 19:00 AUD Services PMI
  • 19:50 JPY Trade Balance (Apr)
  • 20:30 JPY Manufacturing PMI (May)
  • 20:30 JPY Services PMI
  • 22:30 AUD RBA Governor Lowe Speaks
  • 23:00 NZD Credit Card Spending (YoY)

Thursday, May 21, 2020

  • All Day Holiday Switzerland - Ascension Day
  • 03:15 EUR French Manufacturing PMI (May)
  • 03:15 EUR French Markit Composite PMI (May)
  • 03:15 EUR French Services PMI (May)
  • 03:30 EUR German Composite PMI (May)
  • 03:30 EUR German Manufacturing PMI (May)
  • 03:30 EUR German Services PMI (May)
  • 04:00 EUR Manufacturing PMI (May)
  • 04:00 EUR Markit Composite PMI (May)
  • 04:00 EUR Services PMI (May)
  • 04:30 GBP Composite PMI
  • 04:30 GBP Manufacturing PMI
  • 04:30 GBP Services PMI
  • 04:30 HKD CPI (YoY) (Apr)
  • 06:00 GBP CBI Industrial Trends Orders (May)
  • 08:30 USD Continuing Jobless Claims
  • 08:30 USD Initial Jobless Claims
  • 08:30 USD Jobless Claims 4-Week Avg.
  • 08:30 USD Philadelphia Fed Manufacturing Index (May)
  • 08:30 CAD ADP Nonfarm Employment Change
  • 08:30 CAD New Housing Price Index (MoM)
  • 09:45 USD Manufacturing PMI (May)
  • 09:45 USD Markit Composite PMI (May)
  • 09:45 USD Services PMI (May)
  • 10:00 USD Existing Home Sales (Apr)
  • 10:00 USD FOMC Member Williams Speaks
  • 10:00 USD US Leading Index (MoM) (Apr)
  • 10:30 USD Natural Gas Storage
  • 11:30 USD 4-Week Bill Auction
  • 11:30 USD 8-Week Bill Auction
  • 13:00 USD 10-Year TIPS Auction
  • 13:00 USD FOMC Member Clarida Speaks
  • 14:30 USD Fed Chair Powell Speaks
  • 18:45 NZD Retail Sales (QoQ) (Q1)
  • 19:30 JPY CPI (MoM) (Apr)

Friday, May 22, 2020

  • 02:00 GBP Public Sector Net Borrowing (Apr)
  • 02:00 GBP Retail Sales (MoM) (Apr)
  • 03:15 EUR French Manufacturing PMI (May)
  • 03:15 EUR French Markit Composite PMI (May)
  • 03:15 EUR French Services PMI (May)
  • 03:30 EUR German Composite PMI (May)
  • 03:30 EUR German Manufacturing PMI (May)
  • 03:30 EUR German Services PMI (May)
  • 04:00 EUR Manufacturing PMI (May)
  • 04:00 EUR Markit Composite PMI (May)
  • 04:00 EUR Services PMI (May)
  • 08:30 CAD Retail Sales (MoM) (Mar)
  • 13:00 USD U.S. Baker Hughes Oil Rig Count
  • 15:30 USD CFTC speculative net positions

Saturday, May  23, 2020

Stock Buyback Watch

 

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Note these charts, opinons news and estimates and times are subject to change and for indication only. Trade and invest at your own risk.

Trade Smart!

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