Market Weekly: April 27 – May 3 2020

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FEAR NOT Brave Investors
 

Isolation
 

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

Fed – Job Losses – Earnings

The Week That Was:

The week was highlighted by the collapse and panic of May WTI into expiration to -40$ as algos, an inept CME, Bank of China ignorance, amongst others fed a meltdown. Oil was already under siege with the COVID Demand destruction, so  why were so many specualtors still long? Why was the USO operation not explained better?  Why did the CME not do a job of managing their exchange? Why did brokers allow clearly unqualified players in the market? So many questions.

The CME is clearly beholden to algos, however their greed lust has done damage, clients have blown up, margins have exploded and it won’t be long before algos are roped in. You reep what you sow.

Another week of expect the unexpected, for US stocks It was just the 14th time that the Dow closed either up or down within 300 points in a single trading day since coronavirus fears hit stock investors mid-February, The backdrop of the Covid-19 crisis.

Despite all the uncertainty that persists regarding the coronavirus, optimism is growing that the virus may be peaking in major global hot spots and that the Fed and Government have delivered enough stimulus to provide a safety-net for corporate America. How important is positive sentiment?  This week we saw dissappointment in the GILD test results but we got less than a third of the reaction down from the rally that exploded after Gilead Coronavirus Drug Remdesivir showed Positive Recovery Results. Is the market short or with blinkers?

The reality is we are experiencing unprecedented levels of unemployment claims. The US Labor Department reported the jobless claims of over 26.7 million in just five weeks as the Coronavirus hits the economy. This sends the unemployment rate soaring towards 13 to 15%.

U.S. oil continued to slide all week as the reality of demand destruction played with OPEC expectations of  oil production cuts lagging. We are seeing drilling rigs collpase as US oil executives react. WTI finished near the lows of the week as the issue of a demand crunch overhangs and the May contract traded under -$40 bbl.(negative).

Over in China gross domestic product crashed 6.8% from a year ago, putting the worst performance since at least 1992 ( when official releases of quarterly GDP started). China’s economy hasn’t contracted on a full-year basis since the end of the Mao era in the 1970s. Retail sales collapsed 15.8% in March and investment decreased 16.1% in the first quarter of the year. The expectation is the CCP will do what they can to get a positive turn around, by hook or by crook as they say.

Last week Fed Chairman Jerome Powell  authorized injecting another $2.3 trillion into struggling businesses and governments to take the edge off the economic damage. Small business programs are already full and Congress is expected to increase funds given the key component of 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 as the world isolates with added financial, fear and psychological damage escalating. Investors will continue to monitor updates related to COVID-19  in the face of depression. The virus and unexpected consequences keep “fat tail risk”, in both directions alive. 

Historically bear market rallies are fast and furious, and we are at the beginning of an economic recession (depression). In 2008 we had a 20% and 25% bounce in the S&P 500 during the total 57% top to bottom price fall. For the virus we have the great unknown with medical expertise not at a consensus how the virus destruction and recovery will play out.

Will virus cases level off in late spring and vanish so things can get back to some sort of normality by late summer? Or will there be a second wave of cases during the autumn/winter, forcing new lockdowns or leading to fear and voluntary social distancing (a W-recession scenario). For how long are you immune after having had the virus, a long time or a couple of months? Will there be a vaccine and when?

What will right the ship? At this point people seek comfort, nothing short of massive fiscal responses will gve that until the disease fear factor is reduced. Forward two weeks and we have warmer climates in the Northern hemisphere and with that hope, but then there is the Southern hemisphere.Meantime be smart and self isolate and stay in contact with loved ones.

Our best advice is stay rational and be prepared for many alternatives, either way. With crisis comes opportunity. From a market point of view this is not unprecedented, many other bubbles have popped with similar results. What is unprecedented is the pandemic, the mass media and social media fear mongering, the massive QE and printing and the strange era of entitlement and no responsibilty fed down from politicians to the youth of today for electoral purproses. Put all that together and we see the result.  Again this isn’t unprecendented just a different catalyst and fuel. Stay tuned. take a breath and think clearly.

I Wonder To Myself

This maybe one of the wizard’s greatest moments of redirection. “The same extreme bulls are now extreme bears, what did we tell you about the madness of crowds?”

For now the focus is that the virus incubates for around 2 weeks so how many  carriers is an exponential number. Patient zero was from Wuhan, a city of over 11 million. (Yet the infections have slowed dramatically) With this knowledge shrewd investors are looking past past earnings rebound and focusing on the spillover impact from the coronavirus on U.S. corporations.

Remember. nothing is as it seems.

Stay alert to the political and geopolitical shifts with the world in flux. Government policies related to the environment, trade and tech sit high on the watch list.  Political and economic agendas that Influence policy-making is top of the list. For the US it is not just external threats, including increased political tensions between countries but also internal threats highlighted by the partisan impeachment devide. 

Politics influence all, directly or indirectly.  The virus and psychological affect on domestic and trade relationships have the potential to impact growth strategies with unexpected consequences with this markets are also vulnerable.  In a  fully fledged stock mania, nothing matters until it does. That is the feral nature of greed. Is Coronavirus that dreaded black swan?

Behind it all is world wide low interest rates and QE pump priming by the world’s major central banks,  the Federal Reserve, Swiss National Bank and ECB all preached more of the same. This has just been ramped up a notch.

Meanwhile tje Fed is committed to about 50 Billion a day in repo, funds  into the system to maintain liquidity, in its not QE4 repo program.The consumer has been keeping the economy robust. How will they act to alleviate the panic of the market drop, this is essential given the security of the repos they have out.

The fear of missing out and blind partisan politics creates intertesting bed fellows. Be alert and put your ear plugs in and watch the whole spectrum its all related, geopolitical, debt markets, commodities, stocks, herds, greed and entitlement,

The spectre of Deutschbank overhangs Europe as does the new British PM, Boris Johnson, who was released from ICU after catching the Coronavirus himself.  Their are other spectres out their we just don’t know it, or want to.

“Negative yields on long-dated government securities are more reflective of distorted market conditions than of stronger sovereign credit profiles, Fitch Ratings says. Lower interest service costs support sovereign creditworthiness, but this must be weighed against the impact of the economic conditions leading to lower yields and historically high government debt levels in a number of countries.- Fitch”

We remind you to stay on your toes, ad nauseum we repeat; In this surreal world that market prices can only go up, with bizzare acceptance that we can’t go down and you are a fool if you think otherwise. In saying that the old saying, the trend is your friend rings true.

Akio Morita mistakes

The Week Ahead

This week we expect more volatility with the engulfing uncertainty of the Coronavirus and in commodity markets, particularly in oil and other commodities, not to mention unrest in Iran, Libya and Iraq.  

Geopolitical risk is on high alert with President Trump under pressure at home and abroad. There are a few American economic reports  The biggest risk alert remains valuation, the stock market’s record highs and price earnings ratio of more than 18.5 have still not been rinsed. That has obviously being adjusted after this month’s crash and mass stimulus distortion.

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 in March means substantially higher unemployment. We also get first quarter gross domestic product numbers and fresh data on car sales and manufacturing activity.<./span>

Markets will look for a continuation in the improvement of China data. A big week for Cantral banks the BoJ on Monday. the Federal Reserve meets Tuesday and Wednesday, and it is expected to sound reassuring as it discusses the programs it has already rolled out to help the markets and the economy. Then on Thursday we get the ECB Some states are allowing businesses to reopen, and they will be closely watched to see at what level consumers respond and whether they can keep infection rates from rising. There is some important data in the week ahead,

  • Monday 
    Japan BOJ meeting, EU Business Climate Indicator, Consumer Confidence, Industrial Confidence (and Services Sentiment
  • Tuesday
    Fed begins two-day meeting, Advanced economic indicators, S&P/Case-Shiller home prices, Consumer confidence and API Oil Inventories
  • Wednesday:
    US Mortgage Applications, First-quarter GDP , Pending home sales, EIA Crude Oil Invemtories, Fed statement and Fed Chairman Jerome Powell briefing
  • Thursday China manufacturing sector surveys for April, German retail sales and unemployment for April. ECB metting and Press confernce US Weekly Jobless Claims,Personal income/spending, Employment cost index, Chicago PMI and EIA Natural Gas Storage
  • Friday US Monthly vehicle sales, Manufacturing PMI, ISM manufacturing, Construction spending and Baker Hughes Oil Rig Count, 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 

Last week about a fifth of S&P 500 companies reported. The week ahead is busy with earnings from 140 S&P 500 companies, including Amazon, Microsoft, Apple and Boeing. Big oil companies, Exxon Mobil and Chevron release results on Friday, and their comments on how they are reacting to the shocking decline in crude oil prices this past week will be an eyeopener. 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.

Reuters Graphic

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 IBM, Steel Dynanics, Equifax, Zions Bancorp, Ally Financial, Halliburton, Infosys, Royal Phillips, Truist Financial, Coca-Cola, Netflix, Travelers, Texas Instruments, Chubb, Lockheed Martin, CIT Group, SAP, HCA Healthcare, Manpower, Prologis, Comerica, Emerson Electric, Synchrony Financial, Snap, Canadian Pacific Railways, Interactive Brokers, Teradyne, AT&T, Las Vegas Sands, Alcoa, Boston Beer, Kinder Morgan, Delta Air Lines, Baker Hughes, Quest Diagnostics, Kimberly-Clark, Nasdaq, Discover Financial, Netgear, Seagate Technology, SLM, TD Ameritrade, CSX, Biogen, Thermo Fisher, LM Ericsson, Intel, Blackstone Group, Eli Lily, Credit Suisse, Invesco, Huntington Bancshares, Tractor Supply, Capital One, FirstEnergy, Hershey, Southwest Air, Union Pacific, Citrix, Domino’s Pizza, PulteGroup, American Express, Sanofi, Eni and Verizon.

We start off on Monday with earnings from Check Point Software, Bayer, Adidas, Celanese, Canadian National Railway, Keurig Dr. Pepper, National Oilwell Varco, NXP Semiconductor, PPG Industries

Tuesday Earnings Include: Alphabet, Starbucks, Caterpillar, Merck, Pfizer, UPS, D.R.Horton, Pepsico, Sirius XM, T. Rowe Price, Corning, Southwest Air, UBS, Cummins, MSCI, Vale, Rockwell Automation, T. Rowe Price, Juniper Semiconductor, Akamai, Boyd Gaming, Cerner, FireEye, Oneok, Advanced Micro Devices, Mondelez.

Wednesday Earnings Include: Boeing, Microsoft, Airbus, Facebook, Tesla, Qualcomm, Anthem, AstraZeneca, Boston Scientific, GlaxoSmithKline, General Dynamics, Mastercard, Norfolk Southern, Humana, Northrop Grumman, Sherwin-Williams, Valero, eBay, Aflac, Raymond James, General Electric, Avery Dennison, Transocean

Thursday Earnings Include: Amazon.com, Apple, Comcast, Gilead Sciences, Twitter, McDonald’s, MGM Resorts, Beazer Homes, BioMarn Pharma, Cabot Oil and Gas, Molina Healthcare, Stryker, Whirlpool, Parker Hannifin, Marsh and McLennan, Nokia, Royal Dutch Shell, Stanley Black and Decker, Six Flags, Moody’s, Dunkin Brands, Carlyle Group, Cigna, ConocoPhillips, Kraft Heinz, Kellogg, Molson Coors Brewing, Public Storage

Friday Earnings Include: Exxon Mobil, Chevron, Colgate-Palmolive, Clorox, Estee Lauder, Johnson Controls, Phillips 66, Newell Brands, Weyerhaueser, Apollo Global Management, Honeywell, Newell Brands

-coment section below data-

Geopolitical Tinderbox Radar

Trade Imbalances IMF

Italy CDS
Turkey Geopolitical

Last Week’s Big Stories

The Week That Was – Last Weeks Recap

Covid-19 Central

Stocks

 

Stock Markets

US Major Stock Indices

  • The NASDAQ Composite closed up 1.65% for its 2nd positive day in 3 This week: Nasdaq closed down -0.18% for the week, its first negative week in 3. The Nasdaq is down -3.77% year to date, on pace for its worst year since 2008 when the Nasdaq lost -40.54%.
  • The S&P 500 closed up 1.39% for its 2nd positive day in 3. S&P closed above its 50-day moving average level of 2,807.66 for the first time in a week, back to April 17 This week: S&P closed down -1.32% for the week, its first negative week in 3 The S&P is down -12.20% year to date, on pace for its worst year since 2008 when the S&P lost -38.49% From record: S&P is 16.41% below its intraday all-time high of 3,393.52 from Feb. 19
  • The Dow closed up 1.11% for its 3rd straight positive day This week: Dow closed down -1.93% for the week, its first negative week in 3 This year: Dow is down -16.69% year to date, on pace for its worst year since 2008 when the Dow lost -33.64% From record: Dow is 19.59% below its intraday all-time high of 29,568.57 from Feb. 12

Biggest Stock Winners and Losers Last Week*

Top 5 SPX Stocks W 4 24 2020

 Which Stocks Moved US ETF’s Last Week

Top 5 ETF Stocks W 4 24 2020
 US Stock Indices Performance
 US Indices W 4 24 2020

S&P 500

The S&P 500 continued its sharp reversal after the intitial 3 wave down from the SPX wave 5 extension as Covid19 fed impulse accelerating under the tenkan. From there we have seen the ABC or 1-2-3. Support began at the October 2019 lows  A manic wave 5 or 3 of some degree 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 24 2020

We are seeing the violent rebalance in the SPX as the market seeks harmony. The spit per channel fractal and adams rule launched back into the cloud.  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

TNX W 4 24 2020 

Semiconductors ETF – SMH

SMH W 4 24 2020
 

Apple $AAPL

( Leading underlying strength of US Indices)

AAPL W 4 24 2020
 

Amazon $AMZN

AMZN W 4 24 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 4 17 2020
 

Energy and Commodities

US Crude Oil (WTI)

The June WTI contract settled up 2.67% at 16.94 for its 3rd straight positive day This week WTI closed down -7.28% for its 3rd straight negative week and its 8th negative week in 9 The June Brent contract settled up 0.52% at 21.44 for its 3rd straight positive day

After WTI workied off the chikou with the outside trend line under $20 in 5 waves it quickly reversed in 3 this week to then collapse to negative -40 for May. For a reversal we need sustained impulse from here. VEry completitive for a major 5. Recall the initial collpase where math and crowd behavior tell the story right to the +2/8 and collapsed back to the break up and now through the channel, accelerating when Tenkan and 50 dma crossed.  Note 1.618 extension of previous emotive wave.

WTI D 4 24 2020

WTI has been a series of fractals. expected in algorithm dominated price action From the larger acceleration lower after broke the weekly uptrend, a fractal of the sharp and all the way to ATL lows to negative pricing we have seen mirror replications. From here we see need traction to work out from 5 waves. Key resistance is Kijun and 50wma confluence (green) which all failed after the violent spike up. Support channel and fib conflageration with MM 0 -8 and -2-8

WTI W 4 24 2020
 

 US Natural Gas (Henry Hub)

Natural Gas is nothing if consistent, another failed break despite the strength of spitting the previous low and -2/8 with an island reversal to test the Kijun and downtrend line but fell back to Tanken The big question is was that a completed move down there or a 3?   Support on downtrend Tenkan.

 NG D 4 24 2020

Natty got above the weekly tenkan but failed to hold it at week’s end after the weekly Kijun and 50wma kissed above..  Talking fractals, remember the tenkan/kijun kiss of death.brought it down from the md $2 range  Much work to do here through channels.

.NG W 4 24 2020

  Baltic Dry Index (BDI)

BDI W 4 24 2020

 

Precious Metals

Gold

Gold exuded strength after it back tested the previous wave 3 after finally cracked the Tenkan after correcting in 3 waves from 1556 to Murrey Math +3/8. Concern is the negative divergence between the weekly chikou and the recent highs. Support is Kijun while market decides. From there does the 5 play out?  Watch Fibs and chikou.
 Gold W 4 24 2020

Silver

Earlier Silver diverged further from gold not breaking the previous iii or C as Gold did.  Silver reversed with much more violent impulse than gold after correcting the 3 or C. Given that we have to repsect this is a IV  but  here is also a chance this is an X.

 Silver W 4 24 2020

Currency Markets

Australian Dollar – AUDUSD

The Aussie dollar competed 5 waves in emotive balance with vigour spitting the 100% panic muster. Reistance with the cloud is a long way off. We watch the panic wave fibs for clues. 

AUD W 4 24 2020

 New Zealand Dollar – NZDUSD

The Kiwi mirrored the  AUD spit with a stronger bounce almost correcting all of the panic muster wave.  We are now above the Tenkan, which is pivotal.  The Chikou needs to rebalance.  

NZD W 4 24 2020
 

Canadian Dollar – USDCAD

The USDCAD after an over +261% emotive move is back to retest the break out and tenkan.  Key will be the old  61.8% and multi week highs that held for so long.

 CAD W 4 24 2020

Euro – EURUSD

Euro is a lesson in channel spits (read false breaks) it spat the cloud to collapse and back through the top of channel in classic ABC and then accelerated after held tenkan Kijun kiss of death it in 5 waves. We are now back mid channel – watch for impulse off Chikou rebalance and Kijun above.  Again governed by EURGBP and Bund volatility. 

EUR W 4 24 2020

 EuroPound – EURGBP

EURGBP back testing after its classic ABC out of failure. Tenkan will give us a clue if normalcy is returning to the channel trade.

EURGBP W 4 24 2020 

Japanese Yen – USDJPY

Classic channel trade in USDJPY, has been a series of failures and sharp bounces over the bottom channel. Any change will come from the weekly Kijun and the cloud twist. Use your Murrey 3 to 7/8 4/8 grid for now. EURJPY and AUDJPY will determine risk on/off.

JPY W 4 24 2020

 Mexican Peso USDMXN

The Peso collpased with a 261%  move after it broe the weekly bear flag. We have seen violent moves with outisde uncertainty from oil and COVID19. Use the Gann octave and the extension fibs to help measure the noise.  

MXN W 4 24 2020 

 Turkish Lire USDTRY

USDTRY impulse higher continued after weekly  Kijun and Tenkan support back above cloud  Impulse is needed to pull away from here. Support is the previous break up and tenkan and Kijun. Keep an eye on geopolitical risk factors.

 TRY W 4 24 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 4 24 2020
 

The Week Ahead

Key US Economic and Central Bank Events This Week

Sunday, April 26, 2020

  • 21:30 CNY Chinese Industrial profit (YoY) (Mar) and YTD (Jan)

Monday, April 27, 2020

  • Monday, April 27, 2020 All Day Holiday Australia – ANZAC Day (Western Australia and ACT only)
  • All Day Holiday New Zealand – ANZAC Day
  • All Day Holiday South Africa – Freedom Day
  • 04:30 HKD Trade Balance 06:00 EUR France Jobseekers Total
  • 10:30 USD Dallas Fed Mfg Business Index (Apr)
  • 11:30 USD 3-Month Bill Auction
  • 11:30 USD 6-Month Bill Auction
  • 13:00 USD 2-Year Note Auction
  • 13:00 USD 5-Year Note Auction
  • 17:00 KRW Consumer Confidence (Apr)
  • 19:30 JPY Jobs/applications ratio (Mar)
  • 19:30 JPY Unemployment Rate (Mar)
  • 23:00 JPY BoJ Monetary Policy Statement
  • 23:00 JPY BoJ Outlook Report (YoY)

Tuesday, April, 28 2020

  • 01:00 JPY BoJ Core CPI (YoY)
  • 02:45 EUR French Consumer Confidence (Apr)
  • 03:00 EUR Spanish Unemployment Rate (Q1)
  • 03:00 JPY BoJ Press Conference
  • 06:00 GBP CBI Distributive Trades Survey (Apr)
  • 08:30 USD Goods Trade Balance (Mar)
  • 08:30 USD Retail Inventories Ex Auto (Mar)
  • 08:30 USD Wholesale Inventories (MoM)
  • 08:55 USD Redbook (MoM)
  • 09:00 USD S&P/CS HPI Composite – 20 s.a. (MoM) (Feb)
  • 10:00 USD CB Consumer Confidence (Apr)
  • 10:00 USD Richmond Manufacturing Index (Apr
  • ) 10:00 USD Richmond Services Index (Apr)
  • 10:19 JPY BoJ Interest Rate Decision
  • 10:30 USD Dallas Fed Services Revenues (Apr)
  • 10:30 USD Texas Services Sector Outlook (Apr)
  • 13:00 USD 7-Year Note Auction
  • 16:30 USD API Weekly Crude Oil Stock
  • 17:00 KRW Manufacturing BSI Index (May)
  • 18:45 NZD Employment Change (QoQ) (Q1)
  • 18:45 NZD Trade Balance (MoM) (Mar)
  • 19:00 KRW Industrial Production (MoM) (Mar)
  • 19:00 KRW Retail Sales (MoM)
  • 19:00 KRW Service Sector Output (MoM) (Mar)
  • 19:01 GBP BRC Shop Price Index (YoY)
  • 21:30 AUD CPI (QoQ) (Q1)
  • 21:30 AUD CPI Index Number (Q1)

Wednesday, April 29, 2020

  • All Day Holiday Japan – Showa Day
  • 02:00 EUR German Import Price Index (MoM) (Mar)
  • 03:00 EUR Spanish Retail Sales (YoY) (Mar)
  • 04:00 EUR Italian PPI (MoM) (Mar)
  • 05:00 CHF ZEW Expectations (Apr)
  • 05:00 EUR Business and Consumer Survey (Apr)
  • 05:00 EUR Business Climate (Apr)
  • 05:00 EUR Consumer Confidence (Apr)
  • 05:00 EUR Consumer Inflation Expectation (Apr)
  • 05:00 EUR Selling Price Expectations (Apr)
  • 05:00 EUR Services Sentiment (Apr)
  • 05:00 EUR Industrial Sentiment (Apr)
  • 06:30 EUR Spanish Business Confidence
  • 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
  • 08:00 EUR German CPI (MoM) (Apr)
  • 08:00 EUR German HICP (MoM) (Apr)
  • 08:30 USD Core PCE Prices (Q1)
  • 08:30 USD GDP (QoQ) (Q1)
  • 08:30 USD GDP Price Index (QoQ) (Q1)
  • 08:30 USD Real Consumer Spending (Q1)
  • 10:00 USD Pending Home Sales (MoM) (Mar)
  • 10:30 USD Crude Oil Inventories
  • 14:00 USD FOMC Statement
  • 14:00 USD Fed Interest Rate Decision
  • 14:30 USD FOMC Press Conference
  • 19:01 GBP GfK Consumer Confidence (Apr)
  • 19:50 JPY Industrial Production (MoM) (Mar)
  • 19:50 JPY Retail Sales (YoY) (Mar)
  • 21:00 CNY Chinese Composite PMI (Apr)
  • 21:00 CNY Manufacturing PMI (Apr)
  • 21:00 CNY Non-Manufacturing PMI (Apr)
  • 21:00 NZD ANZ Business Confidence (Apr)
  • 21:00 NZD NBNZ Own Activity (Apr)
  • 21:30 AUD Export Price Index (QoQ) (Q1)
  • 21:30 AUD Housing Credit (Mar)
  • 21:30 AUD Import Price Index (QoQ) (Q1)
  • 21:30 AUD Private Sector Credit (MoM) (Mar)
  • 22:30 SGD Unemployment Rate (Q1) )

Thursday, April 30, 2020

  • All Day Holiday Hong Kong – The Birthday of the Buddha
  • All Day Holiday South Korea – Vesak Day
  • 01:00 JPY Household Confidence (Apr)
  • 01:00 JPY Housing Starts (YoY) (Mar)
  • 01:00 SGD Business Expectations (Q1)
  • 01:30 EUR French GDP (QoQ) (Q1)
  • 02:00 GBP Nationwide HPI (MoM)
  • 02:00 EUR German Import Price Index (MoM) (Mar)
  • 02:00 EUR German Retail Sales (MoM) (Mar)
  • 02:30 CHF Retail Sales (YoY) (Mar)
  • 02:45 EUR French Consumer Spending (MoM) (Mar)
  • 02:45 EUR French CPI (MoM)
  • 02:45 EUR French HICP (MoM)
  • 02:45 EUR French PPI (MoM) (Mar)
  • 03:00 CHF KOF Leading Indicators (Apr)
  • 03:00 EUR Spanish CPI (MoM)
  • 03:00 EUR Spanish GDP (QoQ) (Q1)
  • 03:00 EUR Spanish HICP (MoM)
  • 03:55 EUR German Unemployment Change (Apr)
  • 03:55 EUR German Unemployment Rate (Apr)
  • 03:55 EUR German Unemployment (Apr)
  • 04:00 EUR Italian Monthly Unemployment Rate (Mar)
  • 04:00 EUR Spanish Current account (Feb)
  • 05:00 EUR Italian CPI (MoM) (Apr)
  • 05:00 EUR Italian HICP (MoM) (Apr)
  • 05:00 EUR CPI (MoM)
  • 05:00 EUR GDP (QoQ)
  • 05:00 EUR Unemployment Rate (Mar)
  • 06:00 EUR Italian GDP (QoQ) (Q1)
  • 07:45 EUR Deposit Facility Rate (Apr)
  • 07:45 EUR ECB Marginal Lending Facility
  • 07:45 EUR ECB Monetary Policy Statement
  • 07:45 EUR ECB Interest Rate Decision (Apr)
  • 08:30 USD Initial Jobless Claims
  • 08:30 USD Jobless Claims 4-Week Avg.
  • 08:30 USD Continuing Jobless Claims
  • 08:30 USD Core PCE Price Index (MoM) (Mar)
  • 08:30 USD Employment Benefits (QoQ) (Q1)
  • 08:30 USD Employment Cost Index (QoQ)
  • 08:30 USD Employment Wages (QoQ) (Q1)
  • 08:30 USD PCE price index (MoM) (Mar)
  • 08:30 USD Personal Income (MoM) (Mar)
  • 08:30 USD Personal Spending (MoM) (Mar
  • ) 08:30 USD Real Personal Consumption (MoM) (Mar)
  • 08:30 CAD GDP (MoM) (Feb)
  • 08:30 CAD IPPI (MoM) (Mar) 08:30 CAD RMPI (MoM) (Mar)
  • 08:30 EUR ECB Press Conference
  • 09:45 USD Chicago PMI (Apr)
  • 10:19 JPY Construction Orders (YoY) (Mar)
  • 10:30 USD Natural Gas Storage
  • 11:30 USD 4-Week Bill Auction
  • 11:30 USD 8-Week Bill Auction
  • 12:00 USD Dallas Fed PCE (Mar)
  • 18:30 AUD AIG Manufacturing Index (Apr)
  • 19:00 AUD Manufacturing PMI
  • 19:30 JPY Tokyo CPI (YoY) (Apr)
  • 20:00 KRW Trade Balance (Apr)
  • 20:00 AUD HIA New Home Sales (MoM)
  • 20:30 JPY Manufacturing PMI (Apr)
  • 21:30 AUD PPI (QoQ) (Q1)

Friday, May 1, 2020

  • All Day Holiday South Africa – Workers Day
  • All Day Holiday –  Labor Day- Singapore, Hong Kong, China, South Korea, Russia, Switzerland, GErmany, Italy,  France, Spain, Brazil
  • India – Maharashtra Day
  • 02:30 AUD Commodity Prices (YoY)
  • 03:30 CHF procure.ch PMI
  • 04:30 GBP BoE Consumer Credit (Mar)
  • 04:30 GBP M4 Money Supply (MoM) (Mar)
  • 04:30 GBP Manufacturing PMI (Apr)
  • 04:30 GBP Mortgage Lending (Mar)
  • 09:00 USD All Car Sales
  • 09:30 CAD RBC Manufacturing PMI (Apr)
  • 09:45 USD Manufacturing PMI (Apr)
  • 10:00 USD Construction Spending (MoM) (Mar)
  • 10:00 USD ISM Manufacturing PMI (Apr)
  • 13:00 USD U.S. Baker Hughes Oil Rig Count
  • 15:30 USD CFTC speculative net positions

Saturday, May 2, 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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