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FEAR NOT Brave Investors
 

Memorial Day Graves
 

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

Memorial Day - China - Reopening

The Week That Was:

The week saw equity indexes gap up after Fed boss Powell appeared on 60 minutes saying the Fed has unlimited options. Markets ended with strong gains as the markets largely shrugged off rising U.S.- Sino tensions and remained hopeful that the impact of coronavirus on corporate earnings will be relatively short-lived. All 50 states are engaged in some stage of business restarting plans. President Donald Trump said Thursday that he wouldn’t move to shut down the U.S. economy to stem the spread of a potential second wave of COVID-19. For the week, the Dow rose 3.3%, the S&P 500 advanced 3.2% and the Nasdaq Composite rose 3.4%. The Russell 2000 notched a 7.8% weekly rise.

Oil continued to recover with production cuts and hopes of demand creeping back. Another factor is Baker Hughes reported U.S. oil and natural gas rigs operating fell to an all-time low for a third consecutive week. Expect the Fed Stability Report warning on what happens if the pandemic worsens to be the got to by Fed speakers. Gold pushed higher to nine year highs, signalling risk is real. 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 Warnings 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 have a shortened week with the Memorial day holiday in the US. With the US-Sino rhetoric heating up and spilling over into Hong Kong. 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   On the feelgood front we have SpaceX (SPACE)  launching U.S. astronauts into space for the first orbital crew flight from U.S. soil since 2011.The biggest risk alert remains valuation, the stock market’s record highs and price earnings ratio.. That has obviously being adjusted after this month's crash and mass stimulus distortion.

Economic reports of interest include updates on new home sales, mortgage applications, consumer confidence, trade and jobless claims (38 Million over the last eight weeks). 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.

China National People’s Congress

The Chinese Communist Party's congress continues 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 
    Memorial Day holiday Markets closed
  • Tuesday
    Philadelphia Fed survey S&P/Case-Shiller home prices FHFA home prices New home sales Consumer confidence
  • Wednesday:
    St. Louis Fed President James Bullard Beige book US Mortgage Applications and API Oil Inventories
  • Thursday Weekly jobless claims Durable goods (April) Q1 GDP (second reading)Pending home sales EIA Natural Gas Storage, EIA Crude Oil Invemtories ew York Fed President John Williams
  • FridayPersonal income and spending Advanced economic indicators Chicago PMI Consumer sentiment 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 Softbank, International Game Tech, Trivago, Baidu, Home Depot, Walmart, Kohl’s, Advance Auto Parts,Eagle Materials, Urban Outfitters,Target, LAutoZone, Booz Allen Hamilton, DouYuowe’s, Take-Two Interactive, McKesson, LBrands, Expedia, Shoe Carnival, Analog Devices 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 Alibaba, Deere & Co., Foot Locker

We start off on Monday with earnings from:

Tuesday Earnings Include: AutoZone, Booz Allen Hamilton, DouYu

Wednesday Earnings Include: HP, Toll Brothers, Autodesk, Ralph Lauren, Box, Plantronics, NetApp, Royal Bank of Canada, Bank of Montreal

Thursday Earnings Include: Costco, Dell, Nordstrom, Salesforce.com, Ulta Beauty, VMWare, Dollar General, Burlington Stores, Steve Madden, Marvell Tech, Pure Storage

Friday Earnings Include: Canopy Growth

-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 22 2020 1

 Which Stocks Moved US ETF's Last Week
 

SPX W ETF Top 5 22 2020 1
 US Stock Indices Performance

US Indices W 5 22 2020
 

S&P 500 Index via @KnovaWave

The S&P 500 has been flagging since its sharp reversal after the initial 3 wave down from the SPX wave 5 extension as Covid19 fed impulse accelerated under the tenkan. From there we have seen the ABC or 1-2-3 spinning around the 61.8% of the move. Support began at the October 2019 lows  A manic wave 5 or 3 of some degree was a 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 22 2020

The violent rebalance in the SPX is mellowing in flag as the market seeks harmony. Keep an eye on the putcall ratio BUT keep in mind the stimulus distortion  The spit per channel fractal and Adams rule launched back over the cloud which we have been encased.  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 22 2020

Semiconductors ETF - SMH


SMH W 5 22 2020 

Apple $AAPL

( Leading underlying strength of US Indices)


 AAPL W 5 22 2020

Amazon $AMZN


AMZN W 5 22 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 22 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 22 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 22 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 22 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 22 2020

  Baltic Dry Index (BDI)


BDI W 5 22 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 22 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 22 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 22 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 22 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 22 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 22 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 22 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 22 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 22 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 22 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 22 2020
 

The Week Ahead

Key US Economic and Central Bank Events This Week

Sunday, May 24, 2020

Monday, May 25, 2020

  •  All Day Holiday United States - Memorial Day
  • All Day Holiday United Kingdom - Bank Holiday
  • All Day Holiday Singapore - Eid al-Fitr
  • All Day Holiday India - Ramzan (Id-Ul-Fitar)
  • 01:00 JPY Leading Index
  • 02:00 EUR German GDP (QoQ) (Q1)
  • 03:00 EUR Spanish PPI (YoY)
  • 04:00 EUR German Business Expectations (May)
  • 04:00 EUR German Current Assessment (May)
  • 04:00 EUR German Ifo Business Climate Index (May)
  • 04:30 HKD Trade Balance
  • 17:00 KRW Consumer Confidence (May)
  • 18:45 NZD Trade Balance (MoM) (Apr)
  • 19:50 JPY Corporate Services Price Index (CSPI) (YoY)
  • 20:00 SGD GDP (QoQ) (Q1)

Tuesday, May 26 2020

  • 00:30 JPY All Industries Activity Index (MoM)
  • 01:00 JPY BoJ Core CPI (YoY)
  • 01:00 SGD CPI (YoY) (Apr)
  • 01:00 SGD Industrial Production (MoM) (Apr)
  • 02:00 CHF Trade Balance (Apr)
  • 02:00 EUR GfK German Consumer Climate (Jun)
  • 02:30 CHF Employment Level (Q1)
  • 02:45 EUR French Business Survey (May)
  • 06:00 GBP CBI Distributive Trades Survey (May)
  • 08:30 USD Chicago Fed National Activity (Apr)
  • 09:00 USD House Price Index (MoM) (Mar)
  • 09:00 USD S&P/CS HPI Composite - 20 s.a. (MoM) (Mar)
  • 10:00 USD CB Consumer Confidence (May)
  • 10:00 USD New Home Sales (MoM) (Apr)
  • 10:30 USD Dallas Fed Mfg Business Index (May)
  • 11:30 USD 3-Month Bill Auction
  • 11:30 USD 6-Month Bill Auction
  • 13:00 USD 2-Year Note Auction
  • 17:00 KRW Manufacturing BSI Index (Jun)
  • 17:00 NZD RBNZ Financial Stability Report
  • 21:30 AUD Construction Work Done (QoQ) (Q1
  • 21:30 CNY Chinese Industrial profit (YoY) (Apr)
  • 21:30 CNY Chinese Industrial profit YTD (Apr)

Wednesday, May 27, 2020

  • 02:45 EUR French Consumer Confidence (May)
  • 04:00 CHF ZEW Expectations (May)
  • 04:00 EUR ECB Financial Stability Review
  • 05:45 EUR Italian 6-Month BOT Auction 0.227%
  • 07:00 USD MBA 30-Year Mortgage Rate
  • 07:00 USD MBA Mortgage Applications (WoW)
  • 07:00 USD Mortgage Market Index
  • 08:30 CAD Building Permits (MoM) (Apr)
  • 08:55 USD Redbook (MoM)
  • 09:30 USD Seevol Cushing Storage Report
  • 10:00 USD Richmond Manufacturing Index (May)
  • 10:00 USD Richmond Services Index (May)
  • 10:30 USD Dallas Fed Services Revenues (May)
  • 10:30 USD Texas Services Sector Outlook (May)
  • 13:00 USD 5-Year Note Auction
  • 14:00 USD Beige Book
  • 16:30 USD API Weekly Crude Oil Stock
  • 21:00 KRW Interest Rate Decision (May)
  • 21:00 NZD ANZ Business Confidence (May)
  • 21:30 AUD Building Capital Expenditure (MoM) (Q1)

Thursday, May 28, 2020

  • 02:00 CHF Trade Balance (Apr)
  • 03:00 EUR Spanish CPI (MoM)
  • 03:00 EUR Spanish HICP (MoM)
  • 03:00 EUR Spanish Retail Sales (YoY) (Apr)
  • 04:00 EUR Italian Business Confidence (Apr)
  • 04:00 EUR Italian Consumer Confidence (Apr)
  • 05:00 EUR Business and Consumer Survey (May)
  • 05:00 EUR Business Climate (May)
  • 05:00 EUR Consumer Confidence (May)
  • 05:00 EUR Services Sentiment (May)
  • 05:00 EUR Industrial Sentiment (May)
  • 06:00 EUR Italian PPI (MoM) (Apr)
  • 06:00 EUR France Jobseekers Total
  • 06:30 EUR Spanish Business Confidence
  • 08:00 EUR German CPI (MoM) (May)
  • 08:00 EUR German HICP (MoM) (May)
  • 08:30 USD Continuing Jobless Claims
  • 08:30 USD Core PCE Prices (Q1)
  • 08:30 USD Corporate Profits (QoQ) (Q4)
  • 08:30 USD Durable Goods Orders (MoM) (Apr)
  • 08:30 USD GDP (QoQ) (Q1)
  • 08:30 USD GDP Price Index (QoQ) (Q1)
  • 08:30 USD Goods Orders Non Defense Ex Air (MoM) (Apr)
  • 08:30 USD Initial Jobless Claims
  • 08:30 USD Jobless Claims 4-Week Avg.
  • 08:30 USD PCE Prices (Q1)
  • 08:30 USD Real Consumer Spending (Q1)
  • 08:30 CAD Current Account (Q1)
  • 10:00 USD Pending Home Sales (MoM) (Apr)
  • 10:30 USD Natural Gas Storage
  • 11:00 USD Crude Oil Inventories
  • 11:00 USD KC Fed Composite Index (May)
  • 11:00 USD KC Fed Manufacturing Index (May)
  • 11:30 USD 4-Week Bill Auction
  • 11:30 USD 8-Week Bill Auction 13:00
  • USD 7-Year Note Auction
  • 19:00 KRW Industrial Production (MoM) (Apr)
  • 19:00 KRW Retail Sales (MoM)
  • 19:00 KRW Service Sector Output (MoM) (Apr)
  • 19:01 GBP BRC Shop Price Index (YoY)
  • 19:01 GBP GfK Consumer Confidence (May)
  • 19:30 JPY Tokyo Core CPI
  • 19:30 JPY Tokyo CPI (YoY) (May)
  • 19:30 JPY Unemployment Rate (Apr)
  • 19:50 JPY Industrial Production (MoM) (Apr)
  • 19:50 JPY Retail Sales (YoY) (Apr)
  • 21:30 AUD Housing Credit (Apr)
  • 21:30 AUD Private Sector Credit (MoM) (Apr)
  • 22:00 SGD Bank Lending (Apr)

Friday, May 29, 2020

  • 01:00 JPY Construction Orders (YoY) (Apr)
  • 01:00 JPY Household Confidence (May)
  • 02:00 GBP Nationwide HPI (MoM) (May)
  • 02:00 EUR German Import Price Index (MoM) (Apr)
  • 02:00 EUR German Retail Sales (MoM) (Apr)
  • 02:45 EUR French Consumer Spending (MoM) (Apr)
  • 02:45 EUR French CPI (MoM)
  • 02:45 EUR French GDP (QoQ) (Q1)
  • 02:45 EUR French HICP (MoM)
  • 02:45 EUR French PPI (MoM) (Apr)
  • 03:00 CHF KOF Leading Indicators (May)
  • 04:00 EUR Italian GDP (QoQ) (Q1)
  • 04:00 EUR Spanish Current account (Mar)
  • 04:00 EUR M3 Money Supply (YoY) (Apr)
  • 04:00 EUR Private Sector Loans (YoY)
  • 05:00 EUR Italian CPI (MoM) (May)
  • 05:00 EUR Italian HICP (MoM) (May)
  • 05:00 EUR CPI (MoM)
  • 08:30 USD Core PCE Price Index (MoM) (Apr)
  • 08:30 USD Goods Trade Balance (Apr)
  • 08:30 USD PCE price index (MoM) (Apr)
  • 08:30 USD Personal Income (MoM) (Apr)
  • 08:30 USD Personal Spending (MoM) (Apr)
  • 08:30 USD Real Personal Consumption (MoM) (Apr)
  • 08:30 USD Retail Inventories Ex Auto (Apr)
  • 08:30 USD Wholesale Inventories (MoM)
  • 08:30 CAD Corporate Profits (QoQ)
  • 08:30 CAD GDP (MoM) (Mar)
  • 08:30 CAD RMPI (MoM) (Apr)
  • 09:45 USD Chicago PMI (May)
  • 10:00 USD Michigan Consumer Sentiment (May)
  • 11:00 CAD Budget Balance (Mar)
  • 12:00 USD Dallas Fed PCE (Apr)
  • 13:00 USD U.S. Baker Hughes Oil Rig Count
  • 15:30 USD CFTC speculative net positions

Saturday, May  30, 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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