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FEAR NOT Brave Investors
 

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

Fear and Loathing

The Week That Was:

Markets

  • Stocks were volatile all week due to concerns a resurgence in COVID-19 infections could negatively impact the economy and even trigger more shutdowns. The looming deadline for the unemployment bonus has also added to a cluster of worries. U.S. stocks fell than 2% drop on Friday.
  • Stock valuations, as measured by forward price-to-earnings ratios are near their highest level since the 2000 dot-com boom.

COVID-19

  • No siurprise after increased testing, weeks of protesting, people in large airconditioning indoors we have record daily U.S. cases. On Wednesday, the U.S. had 45,000 new coronavirus cases, the highest daily total of the year.
  • There does appear to a concerted effort to put the blame on an economy reopening and miraclously the mass ongoing priotests have nothing to do with that. Take that for what it is worth. There is little mention of the younger age group in the new cases and much lower mortality rate. Fear is the feature. Use commonsense in your own protection, spreading and decision making.

Geopolitics

  • A rise in geopolitical tensions with China and India, China in Hong kong and threats with Taiwan.
  • Russia is in the headlines with Taliban bounties for US soldiers, Ukraine and the Ukraine.
  • Brexit and the US is bubbling along.

US Politics

  • New round of polls suggest Democrats are gaining momentum ahead of the November Preseidential election. A new poll from The New York Times and Siena College on Wednesday found Biden leading Trump by a 14% margin, and NBC News reported Thursday that Trump’s polling deficit is larger than any incumbent since George H.W. Bush in 1992.
  • Biden has said he would seek to raise the U.S. corporate tax rate from 21% to 28%, which could potentially eat into profits and weigh on stock prices

Trade Wars

  • On Monday, President Donald Trump assured investors that January’s phase one U.S. trade deal with China is “fully intact” despite concerns surrounding China’s handling of the COVID-19 outbreak.
  • In addition to rising tensions with China, the United States Trade Representative said last week that the USTR is considering a new round of tariffs on $3.1 billion in European exports from France, Germany, Spain and the U.K.

Banks

Oil and Gas

Expect the Fed Stability Report warning on what happens if the pandemic worsens to be the go tto 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 accompanying chart highlights stocks and the economy are NOT the same thing despite what we are told by our influencers and biased or selective recalls.

 

On the Risk Radar

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.

Job Losses

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%.

Yield Curve

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? 

November US Election

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.

Geopolitics

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. 

Fat Tail Virus Risk

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 ....

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 had 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.

"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"

Akio Morita mistakes

The Week Ahead - Have a Trading Plan

A shortened week ahead with the market closed Friday for Saturday's US Indepenance Day but  a raft of U.S. data next due out, including reports on employment, consumer confidence and key manufacturing surveys for China and the US. With the latest Covid worries halt any rebound in the U.S. economy ? Improvements in some economic indicators, such as home sales, manufacturing activity and an unexpected bounce in employment data last month, have bolstered investor confidence and helped extend the rally in stocks. Support in markets comes from the Fed’s balance sheet which 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.

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 One component of Congress’ fiscal aid, a $600 per week supplement to unemployment insurance payments, is set to expire at the end of July.

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: EU Business Climate Indicator, Consumer Confidence, Economic Sentiment Indicator,Services Confi,dence Industrial Confidence UK Consumer Credit Current Account Gross Domestic Product M4 Money Supply Mortgage Approvals US Pending Homes Sales
  • Tuesday: Germany Import Price Index UK Nationwide House Price Index US Chicago PMI, Consumer Confidence (US), Federal Reserve Chair Jerome Powell and Treasury Secretary Steven Mnuchin will testify in front of Congress, API Oil Inventories
  • Wednesday: Germany PMI Manufacturing, Unemployment Rate, Retail Sales France PMI Manufacturing UK BRC Shop Price Index, PMI Manufacturing US Mortgage Applications, Auto Sales, PMI Manufacturing, EIA Crude Oil Invemtories
  • Thursday: EU Unemployment Rate, Producer Price Index US Balance of Trade, June jobs report from the Labor Department - Non-Farm Payrolls, Unemployment Rate, Weekly jobless claims, Factory Orders EIA Natural Gas Storage,
  • Friday: Germany Balance of Trade, Current Account, Industrial Production PMI Composite PMI Services EU PMI Composite PMI Services PMI Composite 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 IHS Markit Ltd (INFO)BlackBerry (BB) Darden Restaurants (DRI) Accenture PLC (ACN) McCormick (MCK) Nike (NKE)Corus Entertainment

We start off on Monday with earnings from: Micron Technology, Inc. MU

Tuesday Earnings Include: FedEx Corporation FDX and General Mills GIS

Wednesday Earnings Include: Macy's

Thursday Earnings Include:

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 6 26 2020
 

Nasdaq

  • The Nasdaq Composite fell 260 points, or 2.59%
  • The Nasdaq fell 1.90% for the week, its second negative week in three
  • The Nasdaq is up 2.82% this month, on pace for its third positive month in a row

DJIA

  • The Dow fell 730 points, or 2.84%
  • The Dow fell 3.31% for the week, its second negative week in three
  • The Dow is down 1.45% month to date, on pace to break a two-month win streak

S&P500.

  • The S&P 500 fell 75 points, or 2.42%, its second negative session in three
  • The S&P 500 fell 2.86% for the week, its second negative week in three
  • The S&P 500 is down 1.16% month to date, on pace to break a two-month win streak
  • All 11 S&P sectors were negative in Friday’s session, led to the downside by communication services, down 4.49%.
  • Utilities was the best performer, down 1.03%
  • All 11 Sectors were negative for the week, led to the downside by energy, down 6.44%. Tech was the best performer, down 0.45%.

Biggest Stock Winners and Losers Last Week*


 Top 5 SP W 6 26 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 26 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 26 2020

Semiconductors ETF - SMH


SMH W 6 26 2020
 

Apple $AAPL

( Leading underlying strength of US Indices)

AAPL W 6 26 2020
 

Amazon $AMZN

AMZN W 6 26 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 26 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 26 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.

 

 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 26 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 26 2020

  Baltic Dry Index (BDI)

BDI W 6 26 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 26 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 26 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 26 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 26 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 26 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 26 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 26 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 26 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 26 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 26 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 26 2020
 

The Week Ahead

Key US Economic and Central Bank Events This Week

Sunday, June 28, 2020

  • 19:50 JPY Retail Sales (YoY) (May)

Monday, June 29, 2020

  • 03:00 EUR Spanish CPI (MoM)
  • 03:00 EUR Spanish HICP (MoM)
  • 04:30 GBP BoE Consumer Credit (May)
  • 04:30 GBP M4 Money Supply (MoM) (May)
  • 04:30 GBP Mortgage Approvals (May
  • 04:30 HKD Trade Balance
  • 05:00 EUR Business and Consumer Survey (Jun)
  • 05:00 EUR Business Climate (Jun)
  • 05:00 EUR Consumer Confidence (Jun)
  • 05:00 EUR Consumer Inflation Expectation (Jun)
  • 05:00 EUR Selling Price Expectations (Jun)
  • 05:00 EUR Services Sentiment (Jun)
  • 05:00 EUR Industrial Sentiment (Jun)
  • 06:30 EUR Spanish Business Confidence
  • 08:00 EUR German CPI (MoM) (Jun)
  • 08:00 EUR German HICP (MoM) (Jun)
  • 08:30 CAD Building Permits (MoM) (May)
  • 08:30 CAD IPPI (MoM) (May)
  • 08:30 CAD RMPI (MoM) (May)
  • 10:00 USD Pending Home Sales (MoM) (May)
  • 10:30 USD Dallas Fed Mfg Business Index (Jun)
  • 11:30 USD 3-Month Bill Auction
  • 11:30 USD 6-Month Bill Auction
  • 17:00 KRW Manufacturing BSI Index (Jul)
  • 19:00 KRW Industrial Production (MoM) (May)
  • 19:00 KRW Retail Sales (MoM)
  • 19:00 KRW Service Sector Output (MoM) (May)
  • 19:01 GBP GfK Consumer Confidence (Jun)
  • 19:30 JPY Unemployment Rate (May)
  • 19:50 JPY Industrial Production (MoM) (May)
  • 21:00 CNY Chinese Composite PMI (Jun)
  • 21:00 CNY Manufacturing PMI (Jun)
  • 21:00 CNY Non-Manufacturing PMI (Jun)
  • 21:00 NZD ANZ Business Confidence (Jun)
  • 21:00 NZD NBNZ Own Activity (Jun)
  • 21:30 AUD Housing Credit (May)
  • 21:30 AUD Private Sector Credit (MoM) (May)
  • 22:00 SGD Bank Lending (May)

Tuesday, June 30, 2020

  • 02:00 GBP Business Investment (QoQ) (Q1)
  • 02:00 GBP Business Investment (YoY) (Q1)
  • 02:00 GBP Current Account (Q1)
  • 02:00 GBP GDP (QoQ) (Q1)
  • 02:00 EUR German Import Price Index (MoM) (May)
  • 02:30 CHF Retail Sales (YoY) (May)
  • 02:45 EUR French Consumer Spending (MoM) (May)
  • 02:45 EUR French CPI (MoM)
  • 02:45 EUR French HICP (MoM)
  • 02:45 EUR French PPI (MoM) (May)
  • 03:00 CHF KOF Leading Indicators (Jun)
  • 03:00 EUR Spanish GDP (QoQ) (Q1)
  • 04:00 EUR Spanish Current account (Apr)
  • 04:30 HKD M3 Money Supply (May)
  • 04:30 HKD Retail Sales (YoY) (May)
  • 05:00 EUR Italian CPI (MoM) (Jun)
  • 05:00 EUR Italian HICP (MoM) (Jun)
  • 05:00 EUR CPI (MoM)
  • 06:00 GBP BoE MPC Member Haldane Speaks
  • 06:00 EUR Italian PPI (MoM) (May)
  • 08:30 CAD GDP (MoM) (Apr)
  • 08:52 JPY Construction Orders (YoY) (May)
  • 08:53 JPY Housing Starts (YoY) (May)
  • 09:00 USD S&P/CS HPI Composite - 20 n.s.a. (MoM) (Apr)
  • 09:00 EUR ECB's Schnabel Speaks
  • 09:45 USD Chicago PMI (Jun)
  • 10:00 GBP BoE MPC Member Cunliffe Speaks
  • 10:00 USD CB Consumer Confidence (Jun)
  • 10:30 USD Dallas Fed Services Revenues (Jun)
  • 10:30 USD Texas Services Sector Outlook (Jun)
  • 11:00 USD FOMC Member Williams Speaks
  • 11:00 EUR ECB's De Guindos Speaks
  • 11:05 USD FOMC Member Brainard Speaks
  • 12:30 USD Fed Chair Powell Testifies
  • 14:00 USD FOMC Member Kashkari Speaks
  • 16:30 USD API Weekly Crude Oil Stock
  • 18:30 AUD AIG Manufacturing Index (Jun)
  • 18:45 NZD Building Consents (MoM) (May)
  • 19:00 AUD Manufacturing PMI
  • 19:01 GBP BRC Shop Price Index (YoY)
  • 19:50 JPY Tankan (Q2)
  • 20:00 KRW Trade Balance (Jun)
  • 20:30 KRW Nikkei Manufacturing PMI (Jun)
  • 20:30 JPY Manufacturing PMI (Jun)
  • 20:30 SGD URA Property Index (QoQ)
  • 21:00 AUD MI Inflation Gauge (MoM)
  • 21:30 AUD Private House Approvals (May)
  • 21:45 CNY Caixin Manufacturing PMI (Jun)

Wednesday, July 1, 2020

  • All Day Holiday Hong Kong - Hong Kong Special Administrative Region Establishment
  • All Day All Day Holiday Canada - Canada Day
  • All Day Holiday Russia - Non Trading Day
  • 01:00 JPY Household Confidence (Jun)
  • 02:00 GBP Nationwide HPI (MoM) (Jun)
  • 02:00 EUR German Retail Sales (MoM) (May)
  • 03:15 EUR Spanish Manufacturing PMI (Jun)
  • 03:30 CHF procure.ch PMI (Jun)
  • 03:45 EUR Italian Manufacturing PMI (Jun)
  • 03:45 EUR ECB's Panetta Speaks
  • 03:50 EUR French Manufacturing PMI (Jun)
  • 03:55 EUR German Manufacturing PMI (Jun)
  • 03:55 EUR German Unemployment Change (Jun)
  • 03:55 EUR German Unemployment Rate (Jun)
  • 03:55 EUR German Unemployment (Jun)
  • 04:00 EUR Manufacturing PMI (Jun)
  • 04:30 GBP Manufacturing PMI (Jun)
  • 05:45 GBP 30-Year Treasury Gilt Auction
  • 07:00 GBP MPC Member Haskel Speaks
  • 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
  • 07:30 USD Challenger Job Cuts (Jun)
  • 08:15 USD ADP Nonfarm Employment Change (Jun)
  • 08:15 EUR German Buba Mauderer Speaks
  • 08:52 AUD Building Approvals (MoM) (May)
  • 09:30 USD Seevol Cushing Storage Report
  • 09:45 USD Manufacturing PMI (Jun)
  • 10:00 USD Chicago Fed President Evans Speaks
  • 10:00 USD Construction Spending (MoM) (May)
  • 10:00 USD ISM Manufacturing PMI (Jun)
  • 10:30 USD Crude Oil Inventories
  • 11:00 EUR German Buba Wuermeling Speaks
  • 14:00 USD FOMC Meeting Minutes
  • 18:00 NZD NZIER Business Confidence (Q2)
  • 18:00 NZD NZIER QSBO Capacity Utilization (Q2)
  • 19:00 USD Total Vehicle Sales
  • 19:00 KRW CPI (MoM) (Jun)
  • 19:50 JPY Monetary Base (YoY)

Thursday, July 2, 2020

  • 02:30 CHF CPI (MoM) (Jun)
  • 03:00 EUR Spanish Unemployment Change
  • 04:00 EUR Italian Monthly Unemployment Rate (May)
  • 05:00 EUR PPI (MoM) (May
  • ) 05:00 EUR Unemployment Rate (May)
  • 05:45 GBP 5-Year Treasury Gilt Auction
  • 08:00 EUR German Buba Wuermeling Speaks
  • 08:30 USD Average Hourly Earnings (MoM) (Jun)
  • 08:30 USD Average Weekly Hours (Jun)
  • 08:30 USD Continuing Jobless Claims
  • 08:30 USD Government Payrolls (Jun)
  • 08:30 USD Initial Jobless Claims
  • 08:30 USD Jobless Claims 4-Week Avg.
  • 08:30 USD Manufacturing Payrolls (Jun)
  • 08:30 USD Nonfarm Payrolls (Jun)
  • 08:30 USD Participation Rate (Jun)
  • 08:30 USD Private Nonfarm Payrolls (Jun)
  • 08:30 USD Trade Balance (May)
  • 08:30 USD Unemployment Rate (Jun) 08
  • :30 CAD Trade Balance (May)
  • 09:00 EUR ECB's Mersch Speaks
  • 09:30 CAD RBC Manufacturing PMI (Jun)
  • 09:45 USD ISM NY Business Conditions (Jun)
  • 09:45 USD ISM-New York Index (Jun)
  • 10:00 USD Durables Excluding Defense (MoM) (May)
  • 10:00 USD Factory Orders (MoM) (May)
  • 10:00 USD Factory orders ex transportation (MoM) (May)
  • 10:30 USD Natural Gas Storage
  • 11:30 USD 4-Week Bill Auction
  • 11:30 USD 8-Week Bill Auction
  • 12:00 GBP BoE Financial Stability Report
  • 13:00 USD U.S. Baker Hughes Oil Rig Count
  • 13:00 EUR ECB's Schnabel Speaks
  • 17:00 KRW FX Reserves - USD (Jun)
  • 18:30 AUD AIG Construction Index (Jun)
  • 19:00 AUD Services PMI
  • 20:30 JPY Services PMI (Jun)
  • 21:30 AUD Retail Sales (MoM) (May)
  • 21:30 AUD Trade Balance (May)
  • 21:45 CNY Caixin Services PMI (Jun)
  • 21:45 CNY Chinese Composite PMI (Jun)

Friday, July 3, 2020

  • All Day Holiday United States - Independence Day
  • 01:00 SGD Retail Sales (MoM) (May)
  • 01:00 SGD Retail Sales (YoY) (May)
  • 02:45 EUR French Government Budget Balance (May)
  • 03:15 EUR Spanish Services PMI (Jun)
  • 03:45 EUR Italian Composite PMI (Jun)
  • 03:45 EUR Italian Services PMI (Jun)
  • 03:50 EUR French Markit Composite PMI (Jun)
  • 03:50 EUR French Services PMI (Jun)
  • 03:55 EUR German Composite PMI (Jun)
  • 03:55 EUR German Services PMI (Jun)
  • 04:00 EUR Markit Composite PMI (Jun)
  • 04:00 EUR Services PMI (Jun)
  • 04:30 GBP Composite PMI (Jun)
  • 04:30 GBP Services PMI (Jun)
  • 09:00 SGD Manufacturing PMI (Jun)
  • 15:30 USD CFTC speculative net positions

Saturday, July 4, 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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