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FEAR NOT Brave Investors
 

Depression Line
 

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

Jobs - China - Riots

The Week That Was:

The week saw equity indexes finish higher after President Donald Trump made no mention of tariffs during his press conference on China. He said in a press conference on Friday that he is terminating the relationship between the U.S. and World Health Organization, accusing the organization of being protective of China during the coronavirus pandemic.

Trump also announced removing Hong Kong's special trade status and that a working group from his administration will study Chinese companies that are listed on U.S. stock exchanges. “Investment firms should not be subjecting their clients to the hidden and undue risks associated with financing Chinese companies that do not play by the same rules,” Trump said

However brewing unrest continues in the nation sparked by a white policeman's murder of a black man, George Floyd. The initial official inertia ignited simmering race tensions. The kindling was there in a country that has been in lockdown, many without jobs and a sharply divided nation, along partisan lines, income lines and racial lines in many areas. Despite the policeman charged with murder the protests have morphed into an organized violent uprising ion some areas. The coming week will be telling for calm, martial law or further distruction.

The focus for traders was the S&P 500 200 day moving average which we flirted with all week and closed above. As the below chart shows it is a key pivot point.

Oil had another big week and 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 near nine year highs and silver had a sharp rally, 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  the US-Sino rhetoric is 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. 

We have major civil unrest in the US with mass protests and riots over the Geoerge Ford murder. 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..

Economic reports of interest include updates on Global PMIs and Central Bank meeting in Australia, Canada and the EU. In the US Manufacturing PMI, ISM manufacturing, Construction spending, Monthly vehicle sales, ADP employment, mortgage applications, Services PMI, ISM nonmanufacturing, jobless claims (40+ Million over the last eight weeks) Factory orders, International trade, Productivity and costs, another brutal Employment and Consumer credit. 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 and we will see how large it was in May this week. 

 There is some important data in the week ahead,

  • Monday 
    Manufacturing PMI, ISM manufacturing, API Oil Inventories
  • Tuesday
    Monthly vehicle sales
  • Wednesday:
    US Mortgage Applications, ADP employment, Services PMI, ISM nonmanufacturing, Factory orders, EIA Crude Oil Invemtories
  • Thursday Weekly jobless claims, International trade Productivity and costs, EIA Natural Gas Storage
  • Friday Employment, Baker Hughes Oil Rig Count, Consumer credit 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 AutoZone, Booz Allen Hamilton, DouYu, HP, Toll Brothers, Autodesk, Ralph Lauren, Box, Plantronics, NetApp, Royal Bank of Canada, Bank of Montreal, Costco, Dell, Nordstrom, Salesforce.com, Ulta Beauty, VMWare, Dollar General, Burlington Stores, Steve Madden, Marvell Tech, Pure Storage, Canopy Growth

We start off on Monday with earnings from:

Tuesday Earnings Include: Campbell Soup CPB CrowdStrike CRWD Zoom Video ZM

Wednesday Earnings Include: Broadcom Inc AVGO, Gap Inc GPS, J M Smucker Co SJM

Thursday Earnings Include: DocuSign DOCO MongoDB MDB Slack WORK Okta OKTA

Friday Earnings Include:

-comment 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


 US Stock Indices Performance

US Indices W 5 29 2020
 

Nasdaq

  • Gained 1.29% on Friday for its fourth positive day in five and its best day since May 20
  • For the week the Nasdaq gained 1.77% for its third positive week in four
  • For the month the Nasdaq gained 6.75%, its second straight positive month
  • The Nasdaq is currently 3.54% below its intraday all-time high of 9,838.37 from Feb. 19
  • The Nasdaq is 43.1% above its 52-week low of 6,631.42

S&P500

  • Seven out of 11 S&P 500 sectors were positive on Friday, led by health care, which gained 1.27%, and tech, which was up 1.18%
  • All sectors finished the week higher, led by financials, which gained 6.58% in its best week since early April
  • All sectors finished the month higher, led by tech, which gained 6.83%.

 

Biggest Stock Winners and Losers Last Week*

SPX W Top 5 5 23 2020

 Which Stocks Moved US ETF's Last Week


 SPX W ETF Top 5 29 2020 1

S&P 500 Index via @KnovaWave

The S&P 500 reacted sharply off the Tenkan retest and closed at the upper trend line with a rebalanced Chikou as it works through the mean (200dma) from 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 29 2020

The violent rebalance in the SPX while mellowing is in a scattering flag just short of the 50wma and weekly channel top.  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 where we were 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 29 2020

Semiconductors ETF - SMH

SMH W 5 29 2020

 

Apple $AAPL

( Leading underlying strength of US Indices)

AAPL W 5 29 2020
 

Amazon $AMZN

AMZN W 5 29 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

BDI W 5 29 2020
 

Energy and Commodities

US Crude Oil (WTI)

WTI continued its move higher after the violent wave 5 down it accelerated through the Tenkan 50 dma cross breaking the recent flag with chikou re-balancing. The reversal has seen sustained impulse off the tenkan which is key. Very completitive for a major 5. Recall the initial collapse 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. This has fueled witht he reversal Above is a slew of resistance. We watch ABC corrections from here.

WTI D 5 29 2020

WTI has once exhibited extreme crowd behavior, a series of fractals. expected in algorithm dominated price action. We regained the pattern 261.8% from the extreme (-$40) move. The climax of the larger acceleration lower after broke the weekly uptrend, a fractal of the sharp and all the way to all time lows to negative pricing we have seen mirror replications. Support is previous channels, tenkan and Kijun. Above we have 50wma and Murrey Math time and price.

 WTI W 5 29 2020

 US Natural Gas (Henry Hub)

US Natural Gas closed right under the kijun with rejection of Tenkan/50dma break locked in the flagging formation since the May peak. Consistent failed breaks 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 Tenkan The big question is was that a completed move down there or a 3? Support at cloud.

NG D 5 29 2020
 

Natty ran under the weekly tenkan but failed to run lower Above weekly Kijun and 50wma. Talking fractals, remember the tenkan/kijun kiss of death brought it down from the $2 range. Much work here churning away.

.NG W 5 29 2020

  Baltic Dry Index (BDI)

BDI W 5 29 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, Silver spread and the recent highs. Support Tenkan & Kijun. From there does the 5 play out?  Watch Fibs and chikou.
 Gold W 5 29 2020

Silver

Silver  did a fractal of the sharp C up to breakdown level above the cloud fed by divergence from gold reverting. no  Silver reverseds with much more violent impulse than gold . Given that we have to repsect this is a iii  but  here is also a chance this is an ASilver W 5 29 2020

Currency Markets

Australian Dollar - AUDUSD

Aussie dollar continues higher after it competed 5 waves in emotive  fashion. with vigor spitting the 100% panic muster. It has closed over the 50 Wma in 5 waves Resistance cloud is a long way off.  Support Tenkan and Kijun. From here we watch for 2 or X

AUD W 5 29 2020

New Zealand Dollar - NZDUSD

The Kiwi mirrored the AUD and has closed over the panic breakdown (0%) correcting all of the panic muster wave. We are now above the Tenkan, which is pivotal. Resistance 50wma

NZD W 5 29 2020

Canadian Dollar - USDCAD

The Loonie continues to correct in ABC after spitting the 261% Fib & Weekly 8/8 after 5 waves lower. We closed at the old 100% 61.8% confluence. Use Fib s for support and resisitance until Tenkan and Kijun catch up, 
 CAD W 5 29 2020

Euro - EURUSD

A lesson in channel spits (false breaks) - spat cloud to collapse to lower channel then back thru top of channel in classic ABC. Each move accelerates after tenkan Kijun. Watch for impulse off Chikou rebalance and Kijun above. Again governed by EURGBP and Bund volatility. 

EUR W 5 29 2020


 EuroPound - EURGBP

Back testing top of outer band and tenkan of Brexit. Johnson price reaction.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 29 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 Tenkan kiss. Use your Murrey 6/8 0/8 grid for now. #EURJPY #AUDJPY will determine risk on/off

JPY W 5 29 2020

 Mexican Peso USDMXN

The Peso has been correcting in ABC since it collapsed and spat 261% right back to the 100% Fib  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 29 2020
 

 Turkish Lire USDTRY

USDTRY after completing the large 5 waves corrected back to the channel acceleration point and finished testing Tenkan. Alternative is we are still in Wave 5 and this is another 1- Kijun support well above cloud  Impulse is needed to pull away from here.  Keep an eye on geopolitical risk factors.

 TRY W 5 29 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 29 2020
 

The Week Ahead

Key US Economic and Central Bank Events This Week

Sunday, May 31, 2020

  • 18:30 AUD AIG Manufacturing Index (May)
  • 19:00 AUD Manufacturing PMI
  • 19.45 JPY Capital Spending (YoY) (Q1)
  • 20:00 KRW Exports (YoY) (May)
  • 20:00 KRW Imports (YoY) (May)
  • 20:00 KRW Trade Balance (May)
  • 20:30 KRW Nikkei Manufacturing PMI (May)
  • 20:30 JPY Manufacturing PMI (May)
  • 21:00 AUD MI Inflation Gauge (MoM)
  • 21:45 CNY Caixin Manufacturing PMI (May)

Monday, June 1, 2020

  • All Day Holiday Germany - Whit Monday
  • All Day Holiday Switzerland - Pentecost
  • All Day Holiday New Zealand - Queen's Birthday
  • 02:00 GBP Nationwide HPI (MoM) (May)
  • 02:30 AUD Commodity Prices (YoY)
  • 03:15 EUR Spanish Manufacturing PMI (May)
  • 03:45 EUR Italian Manufacturing PMI (May)
  • 03:50 EUR French Manufacturing PMI (May)
  • 03:55 EUR German Manufacturing PMI (May)
  • 04:00 EUR Manufacturing PMI (May)
  • 04:30 GBP Manufacturing PMI (May)
  • 04:30 HKD Retail Sales (YoY) (Apr)
  • 09:30 CAD RBC Manufacturing PMI (May)
  • 09:45 USD Manufacturing PMI (May)
  • 10:00 USD Construction Spending (MoM)
  • (Apr) 10:00 USD ISM Manufacturing PMI (May)
  • 11:30 USD 3-Month Bill Auction
  • 11:30 USD 6-Month Bill Auction
  • 18:45 NZD Building Consents (MoM) (Apr)
  • 18:45 NZD Terms of Trade Index (QoQ) (Q1)
  • 19:00 KRW CPI (MoM) (May)
  • 19:00 KRW GDP (QoQ) (Q1)
  • 19:50 JPY Monetary Base (YoY)
  • 20:00 AUD HIA New Home Sales (MoM)
  • 21:30 AUD Business inventories (MoM) (Q1)
  • 21:30 AUD Company Gross Operating Profits (QoQ) (Q1) 2
  • 1:30 AUD Current Account (Q1)
  • 21:30 AUD Net Exports Contribution (Q1)

Tuesday, June 2, 2020

  • 00:30 AUD RBA Interest Rate Decision (Jun)
  • 02:00 GBP Nationwide HPI (MoM) (May)
  • 02:30 CHF Retail Sales (YoY) (Apr)
  • 02:45 EUR French Government Budget Balance (Apr)
  • 03:00 EUR Spanish Unemployment Change
  • 03:30 CHF procure.ch PMI (May)
  • 04:30 GBP BoE Consumer Credit (Apr)
  • 04:30 GBP M4 Money Supply (MoM) (Apr)
  • 04:30 GBP Mortgage Approvals (Apr)
  • 04:30 GBP Mortgage Lending (Apr)
  • 08:55 USD Redbook (MoM)
  • 09:45 USD ISM NY Business Conditions (May)
  • 09:45 USD ISM-New York Index (May)
  • 11:20 NZD GlobalDairyTrade Price Index
  • 16:30 USD API Weekly Crude Oil Stock
  • 17:00 KRW FX Reserves - USD (May)
  • 18:30 AUD AIG Construction Index (May)
  • 19:00 USD Total Vehicle Sales
  • 19:00 AUD Services PMI
  • 19:01 GBP BRC Shop Price Index (YoY)
  • 20:30 JPY Services PMI (May)
  • 20:30 HKD Manufacturing PMI (May)
  • 21:10 AUD RBA Assist Gov Bullock Speaks
  • 21:30 AUD Building Approvals (MoM) (Apr)
  • 21:30 AUD GDP (QoQ) (Q1)
  • 21:30 AUD Private House Approvals (Apr)
  • 21:30 AUD RBA Chart Pack Release
  • 21:45 CNY Caixin Services PMI (May)

Wednesday, June 3, 2020

  • 01:45 CHF GDP (QoQ) (Q1)
  • 03:15 EUR Spanish Services PMI (May)
  • 03:45 EUR Italian Composite PMI (May)
  • 03:45 EUR Italian Services PMI (May)
  • 03:50 EUR French Markit Composite PMI (May)
  • 03:50 EUR French Services PMI (May)
  • 03:55 EUR German Composite PMI (May)
  • 03:55 EUR German Services PMI (May)
  • 03:55 EUR German Unemployment
  • 04:00 EUR Italian Monthly Unemployment Rate (Apr)
  • 04:00 EUR Markit Composite PMI (May)
  • 04:00 EUR Services PMI (May)
  • 04:30 GBP Composite PMI (May)
  • 04:30 GBP Services PMI (May)
  • 05:00 EUR PPI (MoM) (Apr)
  • 05:00 EUR Unemployment Rate (Apr)
  • 07:00 USD MBA 30-Year Mortgage Rate
  • 07:00 USD MBA Mortgage Applications (WoW)
  • 07:00 USD Mortgage Market Index
  • 08:15 USD ADP Nonfarm Employment Change (May)
  • 08:30 CAD Labor Productivity (QoQ) (Q1
  • ) 09:00 SGD Manufacturing PMI (May)
  • 09:30 USD Seevol Cushing Storage Report
  • 09:45 USD Markit Composite PMI (May)
  • 09:45 USD Services PMI (May)
  • 10:00 USD Durables Excluding Defense (MoM) (Apr)
  • 10:00 USD Factory Orders (MoM) (Apr)
  • 10:00 USD ISM Non-Manufacturing PMI (May)
  • 10:00 CAD BoC Rate Statement
  • 10:00 CAD BoC Interest Rate Decision
  • 10:30 USD Crude Oil Inventories
  • 19:00 KRW Current Account (Apr)
  • 21:00 NZD ANZ Commodity Price Index (MoM)
  • 21:30 AUD Retail Sales (MoM) (Apr)
  • 21:30 AUD Trade Balance (Apr)

Thursday, June 4, 2020

  • 02:30 CHF CPI (MoM) (May)
  • 04:30 GBP Construction PMI (May)
  • 05:00 EUR Retail Sales (MoM) (Apr)
  • 07:30 USD Challenger Job Cuts (May)
  • 07:45 EUR ECB Monetary Policy Statement
  • 07:45 EUR ECB Interest Rate Decision (Jun)
  • 08:30 USD Continuing Jobless Claims
  • 08:30 USD Initial Jobless Claims
  • 08:30 USD Jobless Claims 4-Week Avg.
  • 08:30 USD Nonfarm Productivity (QoQ) (Q1)
  • 08:30 USD Trade Balance (Apr)
  • 08:30 USD Unit Labor Costs (QoQ) (Q1)
  • 08:30 CAD Trade Balance (Apr)
  • 08:30 EUR ECB Press Conference
  • 10:30 USD Natural Gas Storage
  • 11:30 USD 4-Week Bill Auction
  • 11:30 USD 8-Week Bill Auction
  • 18:30 AUD AIG Services Index (May)
  • 19:01 GBP GfK Consumer Confidence (Jun)
  • 19:30 JPY Household Spending (MoM) (Apr)

Friday, June 5, 2020

  • 01:00 JPY Coincident Indicator (MoM) (Apr)
  • 01:00 JPY Leading Index (MoM) (Apr)
  • 01:00 SGD Retail Sales (MoM) (Apr)
  • 02:00 EUR German Factory Orders (MoM) (Apr)
  • 03:00 EUR Spanish Industrial Production (YoY) (Apr)
  • 03:30 GBP Halifax House Price Index (MoM) (May)
  • 04:00 EUR Italian Retail Sales (MoM) (Apr)
  • 04:30 HKD Foreign Reserves (USD) (May)
  • 08:30 USD Average Hourly Earnings (MoM) (May)
  • 08:30 USD Average Hourly Earnings (YoY) (YoY) (May)
  • 08:30 USD Average Weekly Hours (May)
  • 08:30 USD Government Payrolls (May)
  • 08:30 USD Manufacturing Payrolls (May)
  • 08:30 USD Nonfarm Payrolls (May)
  • 08:30 USD Participation Rate (May)
  • 08:30 USD Private Nonfarm Payrolls (May)
  • 08:30 USD U6 Unemployment Rate (May)
  • 08:30 USD Unemployment Rate (May)
  • 08:30 CAD Employment Change (May)
  • 08:30 CAD Full Employment Change (May)
  • 08:30 CAD Part Time Employment Change (May)
  • 08:30 CAD Participation Rate (May)
  • 08:30 CAD Unemployment Rate (May)
  • 10:00 CAD Ivey PMI (May)
  • 13:00 USD U.S. Baker Hughes Oil Rig Count
  • 15:00 USD Consumer Credit (Apr)
  • 15:30 USD CFTC Speculative net positions

Saturday, June 6, 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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