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FEAR NOT Brave Investors
 


 Mask

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

PMI - Covid - Disorder

The Week That Was:

Volatility was the highlight of the week wth Covid infections the media bullet point all week, so one has to ask how was that number going to fall with opening up and mass protesting and rioting. Why is it a surprise? Another major talking point was former securty advisor Bolton pushing a book about his time with Trump, pretty well loathed by all as a war monger, liar, evil doer and opportunist is now lauded by the leftists as he writes Trump was doing anything for re-election, self promotion and the like. Nothing new here is there? Bigger question maybe loyaty, truth and how broken the US is? One has to ask why did Trump hire such a person top start with?

Friday we saw a big reversal in equities on Quadruple witching spooked by rising Covid numbers and Apple store closures. The Dow Jones Industrial Average ended the day down 208.64 points, or 0.8%, at 25,871.46, after gaining as much as 371 points earlier in the session. The S&P 500 traded 0.5% lower, or 17.42 points, at 3,097.92, after dropping 1.0% at one point. The Nasdaq Composite finished the session just 3.07 points higher at 9,946.12. All three major averages posted modest weekly gains. The S&P 500 gained 1.8% on the week, its fourth positive week in five. The 30-stock Dow rose 1% this week, while the tech-heavy Nasdaq outperformed, rising 3.7% this week

The world is trying to carefully navigate reopening plans to salvage as many businesses and economies as possible, while  continuing to struggle containing the coronavirus spread. Over in the UK the Bank of England expanded its asset purchase facility this week by another £100 billion, taking the total to £745 billion. China is knee deep in multiple diplomatic conflicts  including US/China trade, Hong Kong's security law, to the standoff with India in the Himalayas.

Gold prices consolidated regardless of negative coronavirus headlines and more stimulus being pumped into the global economy.   European leaders will discuss the draft 2021-27 budget for the first time on Friday, but no breakthrough is expected, with the "frugal four" still strongly against the inclusion of grants, rather believing that the recovery fund.  The SNB left interest rates unchanged this week and vowed to maintain ultra loose monetary policy and currency interventions for some time, with inflation not expected to return until 2022 by only 0.2%. On the Franc they have no limit on interventions or explicit target levels.

Oil prices rose over $40 after a short July contract expired bouyed by another large storage draw in the Cusing hub.  US economic data showing large parts of the economy  bouncing back strongly and after the OPEC+ group's JMMC meeting saw Iraq and Kazakhstan deliver their strategies for bringing their production down to their quotas. OPEC+ might actually deliver with its biggest ever production . On the flip side is the rising coronavirus cases threatening reopening momentum.

The media continued in what 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? Moving forward we need to see how much Friday'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.

nother 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).

The backdrop is 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 47 million in just eleven 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 clued into the Apple worldwide developers conference given the impact $AAPL has on markets. We will be enlightened by Bolton's book about his time as security advisor. Economy wise we will get more housing reports, Covid cases will be impacting as we saw last week. 

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 last Wednesday the central bank committed to monthly purchases of $80 billion in Treasury securities and $40 billion in mortgage securities.  P

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. 

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 Chicago Fed National Activity Index. Existing home sales Apple Worldwide Developers Conference begins
  • Tuesday
    U.S. Flash Services PMI Flash Manufacturing PMI New home sales. Richmond Fed Business Activity Survey, API Oil Inventories
  • Wednesday:
    International Monetary Fund releases World Economic Outlook Update , US Mortgage Applications, EIA Crude Oil Invemtories Fed’s Charles Evan speaks on the Corridor Business Journal webinar. Fed’s James Bullard speaks at Greater Louisville virtual event
  • Thursday Weekly jobless claims, Third estimate GDP, Durable goods, EIA Natural Gas Storage, - U.S. Federal Reserve releases results from Dodd-Frank Act stress tests and Comprehensive Capital Analysis and Review (4:30 p.m. ET)
  • Friday U.S. personal income and spending, University of Michigan Survey of Consumer, 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 JinkoSolar (JKS), Tata Motors (TTM), Lennar(LEN), Oracle (ORCL) Groupon (GRPN), H&R Block (HRB), MFA Financial (MFA)ABM Industries (ABM), Kroger (KR), Smith & Wesson Brands (SWBI), CarMax (KMX), Jabil (JBL)

We start off on Monday with earnings from: 

Tuesday Earnings Include: IHS Markit Ltd (INFO)

Wednesday Earnings Include: BlackBerry,

Thursday Earnings Include: Darden Restaurants (DRI) Accenture PLC (ACN) McCormick (MCK) Nike (NKE)

Friday Earnings Include: Corus Entertainment

-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 19 2020
 

Nasdaq

  • The NASDAQ-100 (.NDX) fell 0.03%, breaking a five-day win streak
  • The Russell 2000 fell 0.59%

DJIA

  • The Dow fell 209 points, or 0.80%, its third negative session in a row
  • The Dow gained 1.04% for the week, its fourth positive week in five

S&P500

  • The S&P 500 fell 0.56%, its second negative session in three
  • The S&P gained 1.86% for the week, its fourth positive week in five
  • Ten of 11 S&P Sectors were negative in Friday’s ession, led to the downside by Utilities, down 2.90%.
  • Health Care was the best performer, up 0.86%
  • US Composite Volume: 14.44B shares traded Friday, above its 50-day average volume of 10.20M shares.

Biggest Stock Winners and Losers Last Week*

Top 5 SP W 6 19 2020

 Which Stocks Moved US ETF's Last Week

Top 5 SP ETF W 6 19 2020
 

S&P 500 Index via @KnovaWave

Impulse on impulse .. $SPX corrected 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,

From there we closed Friday down sharply to test Kijun as Chikou rebalanced. 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 19 2020

Friday's quad expiration is a reminder that one violent rebalance in the SPX, comes another after markets take a breath. Gann called this the harmony of the markets or natures way.   Keep an eye on the putcall ratio with recognition to the sheer size of contracts  AND 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 19 2020

Semiconductors ETF - SMH


SMH W 6 19 2020
 

Apple $AAPL

( Leading underlying strength of US Indices)

AAPL W 6 19 2020
 

Amazon $AMZN

AMZN W 6 19 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 19 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.

 WT W 6 19 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 19 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 19 2020

  Baltic Dry Index (BDI)


BDI W 6 19 2020
 

Precious Metals

Gold

Gold exudes 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. In sight of the intraday high of $1765.43 reached on May 18. We have overcome 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 19 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 19 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 19 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 19 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 19 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 19 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 19 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 19 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 19 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 19 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 19 2020 

The Week Ahead

Key US Economic and Central Bank Events This Week

Sunday, June 21, 2020

Monday, June 22, 2020

  • 04:30 HKD CPI (YoY) (May) 05:45 EUR ECB Hakkarainen Speaks
  • 06:00 GBP CBI Industrial Trends Orders (Jun)
  • 06:00 EUR German Buba Monthly Report
  • 08:00 EUR German Buba President Weidmann Speaks
  • 08:30 USD Chicago Fed National Activity (May)
  • 09:00 EUR German Buba Mauderer Speaks
  • 10:00 GBP Steel Production (Metric Ton) (May)
  • 10:00 USD Existing Home Sales (May)
  • 10:00 EUR Consumer Confidence (Jun)
  • 10:15 EUR ECB's De Guindos Speaks
  • 11:00 CAD BoC Gov Council Member Macklem Speaks
  • 11:30 USD 3-Month Bill Auction
  • 11:30 USD 6-Month Bill Auction
  • 12:30 EUR ECB's Lane Speaks
  • 17:00 KRW PPI (MoM) (May)
  • 18:30 USD FOMC Member Kashkari Speaks
  • 19:00 AUD Manufacturing PMI
  • 19:00 AUD Services PMI
  • 20:30 JPY Manufacturing PMI (Jun)
  • 20:30 JPY Services PMI

Tuesday, June 23, 2020

  • 01:00 JPY BoJ Core CPI (YoY)
  • 01:00 SGD CPI (YoY) (May)
  • 03:15 EUR French Manufacturing PMI (Jun)
  • 03:15 EUR French Markit Composite PMI (Jun)
  • 03:15 EUR French Services PMI (Jun)
  • 03:30 EUR German Composite PMI (Jun)
  • 03:30 EUR German Manufacturing PMI (Jun)
  • 03:30 EUR German Services PMI (Jun)
  • 04:00 EUR Manufacturing PMI (Jun)
  • 04:00 EUR Markit Composite PMI (Jun)
  • 04:00 EUR Services PMI (Jun)
  • 04:30 GBP Composite PMI 04:30 GBP Manufacturing PMI
  • 04:30 GBP Services PMI
  • 04:45 GBP BoE Gov Bailey Speaks
  • 06:00 GBP CBI Industrial Trends Orders (Jun)
  • 08:55 USD Redbook (MoM)
  • 09:45 USD Manufacturing PMI (Jun)
  • 09:45 USD Markit Composite PMI (Jun)
  • 09:45 USD Services PMI (Jun)
  • 10:00 USD New Home Sales (May)
  • 10:00 USD Richmond Manufacturing Index (Jun)
  • 10:00 USD Richmond Services Index (Jun)
  • 13:00 USD 2-Year Note Auction
  • 16:30 USD API Weekly Crude Oil Stock
  • 19:50 JPY BoJ Summary of Opinions
  • 19:50 JPY Corporate Services Price Index (CSPI) (YoY)
  • 22:00 NZD RBNZ Interest Rate Decision
  • 22:00 NZD RBNZ Rate Statement
  • 23:00 NZD RBNZ Press Conference

Wednesday, June 24, 2020

  • 01:00 JPY Leading Index
  • 02:45 EUR French Business Survey (Jun)
  • 04:00 CHF ZEW Expectations (Jun)
  • 04:00 EUR German Business Expectations (Jun)
  • 04:00 EUR German Current Assessment (Jun)
  • 04:00 EUR German Ifo Business Climate Index (Jun)
  • 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
  • 09:00 USD House Price Index (Apr)
  • 09:00 CHF SNB Quarterly Bulletin
  • 09:30 USD Seevol Cushing Storage Report
  • 10:30 USD EIA Crude Oil Inventories
  • 12:30 USD Chicago Fed President Evans Speaks
  • 13:00 USD 5-Year Note Auction
  • 15:00 USD FOMC Member Bullard Speaks
  • 18:45 NZD Trade Balance (MoM) (May)

Thursday, June 25, 2020

  • All Day Holiday Hong Kong - Dragon Boat Festival
  • All Day Holiday China - Dragon Boat Festival
  • 00:30 JPY All Industries Activity Index (MoM)
  • 02:00 EUR GfK German Consumer Climate (Jul)
  • 03:00 EUR Spanish PPI (YoY)
  • 04:00 EUR Italian Trade Balance Non-EU (May)
  • 06:00 GBP CBI Distributive Trades Survey (Jun)
  • 06:00 EUR France Jobseekers Total
  • 06:30 GBP BoE FPC Meeting Minutes
  • 08:30 USD Continuing Jobless Claims
  • 08:30 USD Core PCE Prices (Q1)
  • 08:30 USD Corporate Profits (QoQ) (Q1)
  • 08:30 USD Durable Goods Orders (MoM) (May)
  • 08:30 USD GDP (QoQ) (Q1)
  • 08:30 USD GDP Price Index (QoQ) (Q1)
  • 08:30 USD Goods Trade Balance (May)
  • 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 USD Retail Inventories Ex Auto (May)
  • 08:30 USD Wholesale Inventories (MoM)
  • 08:30 EUR ECB's Schnabel Speaks
  • 09:30 USD FOMC Member Kaplan Speaks
  • 09:30 EUR ECB's Mersch Speaks
  • 10:30 USD Natural Gas Storage
  • 11:00 USD FOMC Member Bostic Speaks
  • 11:00 USD KC Fed Composite Index (Jun)
  • 11:00 USD KC Fed Manufacturing Index (Jun)
  • 11:30 USD 4-Week Bill Auction
  • 11:30 USD 8-Week Bill Auction
  • 12:00 USD FOMC Member Mester Speaks
  • 13:00 GBP BoE MPC Member Haldane Speaks
  • 13:00 USD 7-Year Note Auction
  • 17:00 KRW Consumer Confidence (Jun)
  • 19:30 JPY Tokyo CPI (YoY) (Jun)

Friday, June 26, 2020

  • 01:00 SGD Industrial Production (MoM) (May)
  • 02:45 EUR French Consumer Confidence (Jun)
  • 03:00 EUR Spanish Retail Sales (YoY) (May)
  • 04:00 EUR Italian Public Deficit (Q1)
  • 04:00 EUR M3 Money Supply (YoY) (May)
  • 05:00 EUR Italian Business Confidence (Jun)
  • 05:00 EUR Italian Consumer Confidence (Jun)
  • 08:30 USD Core PCE Price Index (MoM) (May)
  • 08:30 USD PCE price index (MoM) (May)
  • 08:30 USD Personal Income (MoM) (May)
  • 08:30 USD Personal Spending (MoM) (May)
  • 08:30 USD Real Personal Consumption (MoM) (May)
  • 10:00 USD Michigan Consumer Sentiment (Jun)
  • 12:00 USD Dallas Fed PCE (May)
  • 13:00 USD U.S. Baker Hughes Total Rig Count
  • 15:30 USD CFTC speculative net positions

Saturday, June 27, 2020

  • 05:05 EUR ECB's Schnabel Speaks
  • 21:30 CNY Chinese Industrial profit (YoY) (May)
  • 21:30 CNY Chinese Industrial profit YTD (May)

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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