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FEAR NOT Brave Investors
 

Disorder
 

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

Fed - Covid - Disorder

The Week That Was:

Highlight of the week was a big reversal in equities after the Fed threw a wet blanket over much hope when it released economic forecasts Wednesday that showed a slow recovery and interest rates at zero through the end of 2022. We saw the first largest point fall ever Thursday but tocks rose on Friday in volatile trading in the worst week since March 20. The media flipped from protests to a heavy push for a second wave in Covid-19 cases and economic destruction The other obsession has been what appears a gleeful obsession of all the blame on 'Robinhood traders'. A misdirection of blame on professional management losses or real concern?

The Dow Jones Industrial Average gained 477.37 points, or 1.9%, to finish the day at 25,605.54. The blue-chip index had traded over 800 points higher earlier in the day. The S&P 500 rose 1.31% to 3,041.31 while the Nasdaq Composite added 1% to close at 9,588.81. For the week, the Dow and S&P 500 lost 5.5% and 4.7%, respectively, while the Nasdaq shed 2.3%. The decline this week at one point pushed the S&P 500 back below its 200-day moving average, a widely followed level by traders. It managed to re-top the moving average by the end of the week.

. The stocks of companies that depend on a successful reopening of the economy rose on Friday with Delta Air Lines up 11.8% and cruise-ling operator Carnival Corp. adding 14.5%. Those stocks were hit heavily during Thursday’s sell-off.

The Powell dampening came after the surprise gain in jobs after another expected large job loss. The fall helped bailout many professionals caught badly short and wrong on this move totally understimating the sheer weight of money. Couple that with stay at home self directed traders who they mocked at their own peril also the large sports betting market we summise is now betting on stocks. Moving forward we need to see how much this week's wipeout brings that impact to an end or provides a necesaary lesson  for a more constructive marketplace.

The arrogance of analysts, commentators and so called professionals mocking what they call "Robin Hood Traders" reminds us the market is always right, adapt to the market and leave your ego at the door. The same goes with people putting political bias into their investment desisions and commenary. Be rational, forget the hate, the mocking and blind partisan (the key word is blind).

We have had the impeachment, the Covid lockdown and now  the protests evolving into riots that broke out in cities across the U.S. after the death of George Floyd in Minneapolis. It is extraordinary for a traditional market analysis that the market is at these lofty levels, but as I mentioned above these times are different with all that liquidity. It's not about being right or wrong to sate your bias or ego.  Expect more division and dirision with the violent devide between Democratic controlled cities such as New York and Seattle which lurched into lawlessnewss. Watch this space.

Oil reversed with the equity markets after trading over $40 on the OPEC extension. Another factor is Baker Hughes reported U.S. oil and natural gas rigs operating fell to an all-time low for a fifth consecutive week.

Expect the Fed Stability Report warning on what happens if the pandemic worsens to be the got to by Fed speakers (We are all watching to see if I spike aftet the Floyd protests and riots with no social distancing).

Gold came off its nine year highs and silver off it's a sharp rally, signalling risk is real but risk on in stocks is in play. 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 40% 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.

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 45 million in just ten weeks as the Coronavirus hits the economy. This sends the unemployment rate soaring to near 15%.

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 protests among the  virus and unexpected consequences keep “fat tail risk”, in both directions alive as we saw with the 1800 point collapse in the Dow. 

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?

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. Oh and now we have the riots to throw on the kindling ....

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?"

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 investors will be no doubt excited to hear more from Fed Chairman Jerome Powell speaks before Congress this Tuesday and Wednesday in his semi-annual economic testimony. He may provide more clarity on the Fed’s bond buying and other policy moves and language to ease concerns following the latest stockmarket crash.

Retail sales for May are released Tuesday, consumer spending activity is a key component on recovery.. Keep an eye on the 10-year yield was back below 70%, well off the high of 0.95% in the week earlier.  The dump was also a necessary  reset perhaps after 97% of the S&P 500 companies’ stocks were above their 50-day moving average a momentum indicator.  .The P/E on the S&P was 25.1 of forward 12-months earnings, which is a 52% premium to the P/E average since 2000.

The upcoming presidential election is another risk with RealClearPolitics having President Donald Trump trailing former Vice President Joseph Biden by 8.1 points in the latest average of polls. A potential for a resurgence in Covid cases will see Trump not benefiting from an economic recovery, and as a result, that gives Biden a better chance of being elected. Biden is representative of uncertainty. Trump is likely to be pushed by Powell for more stimulus and Trump is likely to move on this with the threat of more economic damage.

The Fed’s balance sheet has ballooned to $7.2 trillion, and on Wednesday the central bank committed to monthly purchases of $80 billion in Treasury securities and $40 billion in mortgage securities.  Powell may discuss yield curve controls, which would mean the Fed would set targets for interest rate levels in the Treasury market, and make purchases to influence rates. 

 Again Weekly jobless claims will be important Thursday to see if there’s a drop in continuing clams, after May’s employment report showed a surprising record gain of 2.5 million jobs.

Geopolitically the US-Sino rhetoric is heating up and spilling over into Hong Kong and beyond. 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.

Will the markets remain fixated on the COVID-19 news such as the infections count update, vacinations and the like?

 There is some important data in the week ahead,

  • Monday 
    US Empire State survey, Treasury TIC data
  • Tuesday
    Fed Chairman Jerome Powell before Senate banking, Retail sales, Business leaders survey, Industrial production, Business inventories. NAHB survey , API Oil Inventories
  • Wednesday:
    US Mortgage Applications, Fed Chairman before House Financial Services Committee, Housing starts , EIA Crude Oil Invemtories
  • Thursday Weekly jobless claims, Philadelphia Fed, EIA Natural Gas Storage
  • Friday US Q1 current account, Boston Fed President Eric Rosengren, 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 Stitch Fix (SFIX) Brown-Forman (BF.A, BF.B) Five Below (FIVE)GameStop (GME) Chewy (CHWY) PVH Corp (PVH) Adobe (ADBE) Lululemon Athletica (LULU)

We start off on Monday with earnings from:
JinkoSolar (JKS), Tata Motors (TTM)>

Tuesday Earnings Include: Lennar(LEN), Oracle (ORCL) Groupon (GRPN), H&R Block (HRB), MFA Financial (MFA)

Wednesday Earnings Include:ABM Industries (ABM)

Thursday Earnings Include: Kroger (KR), Smith & Wesson Brands (SWBI)

Friday Earnings Include: CarMax (KMX), Jabil (JBL)

-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 6 12 2020

Nasdaq

  • The Nasdaq Composite gained 1.01% to close at 9,588.81 Friday.
  • Tech was the week’s top performer after falling just 2.03%
  • For the week the Nasdaq shed 2.3%. the worst week since March 20.
  • The VIX hit its highest level since April 22 during Friday’s session.

DJIA

  • The Dow gained 1.9% for its first positive day in four
  • For the week the Dow lost 5.55% in its worst weekly performance since March 20
  • The Dow is 13.4% below its intraday all-time high of 29,568.57 from Feb. 12
  • The Dow is 40.58% above its 52-week low from March 23

S&P500

  • The S&P 500 gained 1.31% for its first positive day in four
  • For the week the S&P fell 4.67% in its worst weekly performance since March 20
  • The S&P is 10.38% below its intraday all-time high of 3,393.52 from Feb. 19
  • The S&P is 38.75% above its 52-week low of 2,191.86 from March 23
  • All sectors ended the week lower.
  • Energy was the worst performer, losing 11.07% in its worst week since March.
  • Tech was the week’s top performer after falling just 2.03%
  • The VIX hit its highest level since April 22 during Friday’s session.

Biggest Stock Winners and Losers Last Week*

Top 5 SP W 6 12 2020

 Which Stocks Moved US ETF's Last Week

Top 5 SP ETF W 6 12 2020
 

S&P 500 Index via @KnovaWave

Impulse .. $SPX got the impulse down as expected at a completion of a C Wave or a Wave 1. Very similar to the initial move down in March. continued with it's sharp move, Important to note the high was a retest of that breakdown and MM +1/8 (yellow) our initial target with a rebalanced Chikou. The 3nd week above the 200dma swayed the balance. The balance 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 had 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.  Note the 100% extension from the emotive element and MM levels when the spit kicks in.

 SPX D 6 12 2020

With one violent rebalance in the SPX, comes another after markets took a breath and took off mellowing from the a scattering flag through the 50wma and weekly channel top ... and back we came.  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 AND we are back testing it.  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 6 12 2020

Semiconductors ETF - SMH


SMH W 6 12 2020
 

Apple $AAPL

( Leading underlying strength of US Indices)

AAPL W 6 12 2020
 

Amazon $AMZN

AMZN W 6 12 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 6 12 2020
 

Energy and Commodities

US Crude Oil (WTI)

WTI completed it's A or 1 this week with impulse after its move higher after the violent wave 5 down had accelerated through the Tenkan 50 dma cross breaking the recent flag - we retested that this week The reversal had been a sustained impulse off the tenkan which also gave away - that is now resistance.   Key is crowd behavior to help tell the story, ignorance into a slew of resistance. We watch ABC corrections from here.

WTI D 6 12 2020

WTI has again exhibited extreme crowd behavior, a series of fractals. expected in algorithm dominated price action.  We have completed 5 waves as marked, from here we watch 3 develop to confrm. These are special times, recall "After 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 6 12 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 6 12 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 6 12 2020

  Baltic Dry Index (BDI)


BDI W 6 12 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 6 12 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 A

 Silver W 6 12 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 6 12 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 6 12 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 6 12 2020

 

Euro - EURUSD

The Euro tested and held both the channel and cloud spits after so many false breaks to close at its best level since the BRexit spike. We are still in 3 waves so we need to see development for continuation. Resistance is Fibs as marked.  Watch for impulse off Chikou rebalance and Kijun above. Again governed by EURGBP and Bund volatility. 


EUR W 6 12 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 6 12 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 6 12 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 6 12 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 6 12 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 6 12 2020
 

The Week Ahead

Key US Economic and Central Bank Events This Week

Sunday, June 14, 2020

Monday, June 15, 2020

  • 00:30 JPY Tertiary Industry Activity Index (MoM)
  • 02:30 CHF PPI (MoM) (May)
  • 04:00 EUR Italian CPI (MoM) (May)
  • 04:00 EUR Italian HICP (MoM) (May)
  • 05:00 EUR Trade Balance (Apr)
  • 08:30 USD NY Empire State Manufacturing Index (Jun)
  • 08:30 CAD Manufacturing Sales (MoM) (Apr)
  • 11:00 USD FOMC Member Kaplan Speaks
  • 11:30 USD 3-Month Bill Auction
  • 11:30 USD 6-Month Bill Auction
  • 11:30 USD FOMC Member Daly Speaks
  • 16:00 USD US Foreign Buying, T-bonds (Apr)
  • 16:00 USD Overall Net Capital Flow (Apr)
  • 16:00 USD TIC Net Long-Term Transactions (Apr)
  • 16:00 USD TIC Net Long-Term Transactions including Swaps (Apr)
  • 17:00 NZD Westpac Consumer Sentiment (Q2)
  • 21:30 AUD House Price Index (QoQ) (Q1)
  • 21:30 AUD RBA Meeting Minutes Legend

Tuesday, June 16, 2020

  • 00:30 JPY BoJ Monetary Policy Statement
  • 01:45 CHF SECO Economic Forecasts 
  • 02:00 GBP Claimant Count Change (May)
  • 02:00 GBP Unemployment Rate (Apr)
  • 02:00 EUR German CPI (MoM) (May)
  • 02:00 EUR German HICP (MoM) (May)
  • 02:00 EUR German WPI (MoM) (May)
  • 03:00 JPY BoJ Press Conference
  • 04:30 HKD Unemployment Rate (May)
  • 05:00 EUR German ZEW Current Conditions (Jun)
  • 05:00 EUR German ZEW Economic Sentiment (Jun)
  • 05:00 EUR ZEW Economic Sentiment (Jun)
  • 08:30 USD Retail Sales (MoM) (May)
  • 08:30 CAD Foreign Securities Purchases (Apr)
  • 08:30 CAD Foreign Securities Purchases by Canadians (Apr)
  • 08:55 USD Redbook (MoM)
  • 09:15 USD Capacity Utilization Rate (May)
  • 09:15 USD Industrial Production (MoM) (May)
  • 09:15 USD Manufacturing Production (MoM) (May)
  • 10:00 USD Business Inventories (MoM) (Apr)
  • 10:00 USD Fed Chair Powell Testifies
  • 10:00 USD NAHB Housing Market Index (Jun)
  • 10:00 USD Retail Inventories Ex Auto (Apr)
  • 11:20 NZD GlobalDairyTrade Price Index
  • 11:30 USD 52-Week Bill Auction
  • 16:00 USD FOMC Member Clarida Speaks
  • 16:30 USD API Weekly Crude Oil Stock
  • 18:45 NZD Current Account (QoQ) (Q1)
  • 19:00 JPY Reuters Tankan Index (Jun)
  • 19:50 JPY Trade Balance (May)
  • 20:00 AUD HIA New Home Sales (MoM)
  • 20:30 AUD MI Leading Index (MoM)
  • 20:30 SGD Trade Balance
  • 22:00 NZD RBNZ Offshore Holdings (May)

Wednesday, June 17, 2020

  • 02:00 GBP Car Registration (MoM) (May)
  • 02:00 GBP CPI (MoM) (May)
  • 02:00 GBP PPI Input (MoM) (May)
  • 02:00 GBP PPI Output (MoM) (May)
  • 02:00 GBP RPI (MoM) (May)
  • 02:00 EUR Italian Car Registration (MoM) (May)
  • 02:00 EUR German Car Registration (MoM) (May)
  • 02:00 EUR French Car Registration (MoM) (May)
  • 04:00 EUR Italian Industrial New Orders (MoM) (Apr)
  • 04:00 EUR Italian Industrial Sales (MoM) (Apr)
  • 05:00 EUR Construction Output (MoM) (Apr)
  • 05:00 EUR CPI (MoM) (May)
  • 05:00 EUR ECB's Mersch Speaks
  • 05:00 EUR HICP ex Energy and Food (MoM) (May)
  • 07:00 USD MBA 30-Year Mortgage Rate
  • 07:00 USD MBA Mortgage Applications (WoW)
  • 07:00 USD MBA Purchase Index
  • 07:00 USD Mortgage Market Index
  • 07:00 USD Mortgage Refinance Index
  • 07:00 USD OPEC Monthly Report
  • 07:00 EUR ECB's De Guindos Speaks
  • 08:30 USD Building Permits (MoM) (May)
  • 08:30 USD Housing Starts (MoM) (May)
  • 08:30 CAD CPI (MoM) (May)
  • 09:00 CHF SNB Quarterly Bulletin
  • 09:30 USD Seevol Cushing Storage Report
  • 10:30 USD Crude Oil Inventories
  • 12:00 USD Fed Chair Powell Testifies
  • 16:00 USD FOMC Member Mester Speaks
  • Tentative USD Treasury Department Report
  • 18:45 NZD GDP (QoQ) (Q1
  • 21:30 AUD Employment Change (May)
  • 21:30 AUD Full Employment Change (May) 21:30 AUD RBA Bulletin
  • 21:30 AUD Unemployment Rate (May) %

Thursday, June 18, 2020

  • 02:00 CHF Trade Balance (May)
  • 03:30 CHF SNB Interest Rate Decision
  • 03:30 CHF SNB Monetary Policy Assessment
  • 04:00 EUR Italian Trade Balance (Apr)
  • 04:00 CHF SNB Press Conference
  • 04:00 EUR Spanish Trade Balance
  • 04:00 EUR ECB Economic Bulletin
  • 07:00 GBP BoE Interest Rate Decision (Jun)
  • 07:00 GBP BoE MPC Meeting Minutes
  • 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 (Jun)
  • 08:30 CAD ADP Nonfarm Employment Change
  • 08:30 CAD New Housing Price Index (MoM) (May)
  • 08:30 CAD Wholesale Sales (MoM) (Apr)
  • 10:00 USD US Leading Index (MoM) (May)
  • 10:30 USD Natural Gas Storage
  • 11:30 USD 4-Week Bill Auction
  • 11:30 USD 8-Week Bill Auction
  • 12:15 USD FOMC Member Mester Speaks
  • 13:30 CAD BoC Gov Council Member Schembri Speaks
  • 19:30 JPY CPI, n.s.a (MoM) (May)
  • 19:30 JPY National CPI (YoY) (May)
  • 19:50 JPY Monetary Policy Meeting Minutes
  • 21:30 AUD Retail Sales (MoM)

Friday, June 19, 2020

  • 02:00 GBP Core Retail Sales (MoM) (May)
  • 02:00 GBP Public Sector Net Borrowing (May)
  • 02:00 GBP Retail Sales (MoM) (May)
  • 02:00 EUR German PPI (MoM) (May)
  • 02:00 EUR German WPI (MoM) (May)
  • 04:00 EUR Current Account (Apr)
  • 08:30 USD Current Account (Q1)
  • 08:30 CAD Retail Sales (MoM) (Apr)
  • 10:15 USD FOMC Member Rosengren Speaks
  • 12:00 USD FOMC Member Quarles Speaks
  • 13:00 USD Fed Chair Powell Speaks
  • 13:00 USD FOMC Member Mester Speaks
  • 13:00 USD U.S. Baker Hughes Total Rig Count
  • 15:30 USD CFTC speculative net positions

Saturday, June 20, 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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