Market Weekly: July 19 – 25 2020

Join us in our weekly market thread.

Where have we been and where are we going? Join our weekly market thread on Traders Community…

FEAR NOT Brave Investors
 

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

Vaccines, Earnings, Stimulus

The Week That Was:

Markets

• The first week of earnings saw a mixed result. Friday’s market was typical of the holding pattern and rotation this weeek, Dow -62.76 at 26671.95, Nasdaq +29.36 at 10503.28, S&P +9.16 at 3224.73.
• The S&P 500 was led by the defensive-oriented sectors, while the Dow Jones Industrial Average declined 0.2% amid relative weakness in financial and energy companies.
• Earnings this week were featured by strong investment banks Goldman $GS, Morgan Stanley $MS and the banks JP Morgan $JPM, Citbank and Bank of America performing better whist Wells Fargo again dissappointed. Another negative factors was earning Friday, Netflix ($NFLX -34.40, -6.5%) issuing cautious subscriber guidance.
• Preliminary University of Michigan Index of Consumer Sentiment for July dropping to 73.2 from 78.1 in June which is linked to the U.S. seeing another daily record in new coronavirus cases.
• The lower consumer sentiment reading was closely linked with the resurgence in coronavirus cases, but investors remained willing to stay in the market.
• Many opted for a defensive stance that lifted the S&P 500 utilities (+2.3%), real estate (+1.4%), and health care (+1.4%) sectors into the leadership spots at the expense of the cyclical energy (-1.5%) and financials (-0.8%) sectors. the first week of earnings season wraps up today.
• Altogether it has been a mixed week as momentum Technology stocks gave up their lead on Monday’s reversal and the money flowed into other sectors.
• The focus shifts back on to earnings season into the latter half of July. The bar has been lowered significantly for majority of companies due to the covid-crisis impacting the global economy, so it will be more about how management can assuage investors’ going concerns on their conference calls and how forgiving investors will be due to the circumstances.
• The 10-Year Yield ($TNX) has been sliding a bit more aggressively this week as long-term Bond prices (TLT, IEF, VGLT) start breaking out over their multi-week resistance/downtrend lines. Aggregate Corporate Bonds (AGG, LQD, BND) in general have been on the rise the last two weeks since late-June, also putting pressure on interest rates.
•  We continued the bull mania after the Dow ended the second quarter with a 17.8% gain, the biggest quarterly rally since the first quarter of 1987, when it ripped up 21.6%. The S&P 500 had its biggest one-quarter surge since the fourth quarter of 1998, soaring nearly 20%. The Nasdaq Composite jumped 30.6% for the quarter, its best quarterly performance since 1999.
• Stock valuations, as measured by forward price-to-earnings ratios are near their highest level since the 2000 dot-com boom.

COVID-19

Following data was compiled by Johns Hopkins University:

• Global cases: More than 13.83 million
• Global deaths: At least 590,600
• U.S. cases: More than 3.57 million
• U.S. deaths: At least 138,300

• Positive Covid vaccine news has a large positve beta after $GILD last week we had Moderna $MRNA news this week thatturned equity index futures positive.
• Hope fuels the reopening trade boost.
• Hopes and fears of reopening can outweigh mixed earnings results. No surprise after increased testing, weeks of protesting, people in large airconditioning indoors we have record daily U.S. cases. The U.S. reported more than 77,200 new coronavirus cases, the highest daily total of the year on Thursday.
• 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

• Geopolitical tensions with China and India were more somber
• China tightened its grip on Hong kong and threats with Taiwan continued.
• Russia  is showing the affects of low energy prices, filtering into the socio economic dynamic
• Iran saw a series of fires and explosions with Israel implicated.
• Brexit and the EU is bubbling along.

US Politics

• New round of polls suggest Democrats are well ahead of  Trump in the November Preseidential election. 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

• Nothing new with said January’s phase one U.S. trade deal with China expected to hold, despite concerns surrounding China’s handling of the COVID-19 outbreak. Trump did saw Phase 2 will be difficult.
• In addition to rising tensions with China, the United States Trade Representative said last month said 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

• A big week for banks with major earnings from the big money center banks, GS, MS, JPM, C, BAC, PNC and WFC.
• Banks are benefiting from the Federal Deposit Insurance Commission intending to ease the Volcker Rule, which restricts banks from making large investments into venture capital. The Volcker Rule was enacted in the wake of the 2008 financial crisis, and the new changes could potentially free up billions in bank capital. Bank stocks rose.
• Banks are responding to the Federal Reserve in their annual stress test capped bank dividend payments and suspended share-buybacks for the third quarter.

Oil and Gas

• Crude oil continued to grind through a narrowing range against the $40-mark in what looks like an Ascending Triangle pattern developing the last few weeks. Monitor resistance for a breakout over $40 or a breakdown below its uptrend for a drop back below $35 towards its rising 50-day moving average.
• More of the same for oil and gas prices as they consolidated after Oil and gasoline prices had their strongest quarter in 30 Years after negative prices and record lows on April 20 we saw the rally of all rallies in U.S. West Texas Intermediate futures surged 91% in the three months through to end of June, the best quarterly performance for U.S. crude since the third quarter of 1990 when it soared 131% during the first Gulf War.
• Brent crude futures were up over 80% in the second quarter. This was the best quarterly performance since the third quarter of 1990, when it gained 142%. Brent futures did not enter negative territory in late April, but did slump to its lowest level since 1999
• Gasoline futures were the best performer, up 122.24% for the second quarter.
• For a reality check on the Covid destruction despite these extraordinary gains both Brent and WTI futures are still down over 34% since the start of the year. Gasoline futures were the best performer, up 122.24% for the second quarter.
• Oil also got support from Baker Hughes reported U.S. oil and natural gas rigs operating fell to an all-time low for a eighteenth consecutive week.

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

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”

The Week Ahead – Have a Trading Plan

In the new week  there are no economic reports scheduled until next Wednesday, which will include Existing Home Sales for June. However on Monday results are to be published on the phase one data from a vaccine study performed by AstraZeneca and Oxford University, which are currently undertaking a phase three human trial.

Overall with the Nasdaq at all time highs earnings will dominate thinking. 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 another larger than expected 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:
  
• Tuesday: US Philadelphia Fed nonmanufacturing PMI, API Oil Inventories
  
• Wednesday: US Mortgage Applications, FHFA home prices, Existing home sales , EIA Crude Oil Invemtories
  
• Thursday: US Weekly jobless claims, EIA Natural Gas Storage
  
• Friday:US Manufacturing PMI Services PMI New home sales 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 

A new earnings season in the week ahead led off by Pepsico, Netflix and the major banks. Earnings for the S&P 500 are expected to decline by 44%, the worst drop since the fourth quarter of 2008, when profits fell 67%. Given thatis 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 Pepsico, JPMorgan, Wells Fargo, Citigroup, Fastenal, Delta, Goldman Sachs, United Healthcare, US Bancorp, PNC, Bank of NY Mellon, Infosys, Alcoa, Bank of America, Morgan Stanley, Netflix, Trust Financial, Johnson and Johnson, Abbott Laboratories, PPG Industries, Taiwan Semiconductor, Domino’s Pizza, BlackRock, Ally Financial, Regions Financial, Citizens Financial, Kansas City Southern, LM Ericsson

We start off on Monday with earnings from: IBM, Halliburton, Zions Bancorp, Cal-Maine Foods, Steel Dynamics, Royal Phillips

Tuesday Earnings Include: : Coca-Cola, Lockheed Martin, Texas Instruments, Snap, CIT Group, Novartis, Synchrony Financial, UBS, Philip Morris, Paccar, Prologis, United Airlines, Intuitive Surgical, Capital One, Interactive Brokers, Teradyne, iRobot, Canadian National Railway

Wednesday Earnings Include: Microsoft, Tesla, Discover Financial, CSX, Chipotle, Whirlpool, Kinder Morgan, Equifax, Northern Trust, Biogen, Nasdaq, Check Point Software, KeyCorp, Baker Hughes, Thermo Fisher, Canadian Pacific Railway, Netgear, Suncor

Thursday Earnings Include: AT&T, Travelers, Intel, Twitter, Blackstone, ETRADE, Dow, Union Pacific, American Airlines, Citrix, Kimberly-Clark, Alaska Air, Freeport-McMoRan, Hershey, PulteGroup, Mattel, Verisign, AutoNation, AllianceBernstein, Fifth Third, AutoNation, Roche Holdings, Reliance Steel, Air Products, Daimler, Unilever, Nucor, Quest Diagnostics, Yamana Gold, Skyworks Solution

Friday Earnings Include: American Express, Verizon, Honeywell, Schlumberger, Equinor, Bloomin’ Brands

-comment section below data-

Geopolitical Tinderbox Radar

Last Week’s Big Stories

The Week That Was – Last Weeks Recap

• Coronavirus Highest Risk International Cities Bangkok, Hong Kong and Taipei

Stocks

• Zuora Cloud Based Subscription Management Revenue Grows on Stay at Home Demand
• Cybersecurity firm CrowdStrike Swung To A Profit and Raised Guidance
• Zoom Revenue Soars 169 Percent on Stay at Home Demand
• Toll Brothers Earnings Helped By Cost Reductions as Contracts Fall on Economy Lockdown
• Splunk Cloud Revenue Driving Machine Learning Earnings
• NVidia Earnings and Revenue Led By Data Center With Over $1 Billion in Revenue for First Time
• Manchester United Debt Soars as Broadcasting Revenue Falls 51 percent
• Grand Theft Auto and NBA 2K20 Help Gaming Heavyweight Take-Two Crush Earnings

Stock Markets

US Major Stock Indices

 US Stock Indices Performance

• Nasdaq Composite +17.1% YTD
• S&P 500 -0.2% YTD
• Dow Jones Industrial Average -6.5% YTD
• Russell 2000 -11.7% YTD
• Strong: Utilities, Health Care, Real Estate, Materials, Information Technology
• Weak: Financials, Energy, Communication Services, Consumer Discretionary

Dow Jones

• TThe Dow closed down 0.23%, for its second consecutive down day
• The Dow gained 0.96% for the week, its second positive week in a row and third positive week in four

Nasdaq

• The Nasdaq Composite advanced 0.28% The Nasdaq fell 1.08% this week, for its first negative week in three
• The Nasdaq Composite ended up despite a 6.5% loss in Netflix.

Russell

• The Russell 2000 gained from the improved posture of Small and Mid- Caps (IWM, MDY) as they cleared their June/July downtrends to challenge weekly/gap resistance from June 11th.

S&P 500.

• S&P 500 closed up 0.28% for its third positive day in four
• S&P 500 closed up 1.25% this week, for its third straight positive week
• S&P 500 is down 0.19% year to date
• S&P is 4.97% below its intraday all-time high of 3,393.52 from Feb. 19
• Seven out of 11 sectors were positive Friday, led by utilities, which gained 2.28%.

Biggest Stock Winners and Losers Last Week*

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.

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
 

Semiconductors ETF – SMH

 Apple $AAPL

( Leading underlying strength of US Indices)
 

Amazon $AMZN

Fixed Interest

10 Year Treasury Note

Energy and Commodities

US Crude Oil (WTI)

WTI (AUG) gained 2.35% to settle at $40.55, down 0.25% for the weekWTI 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 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.

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.

.

  Baltic Dry Index (BDI)

Precious Metals

Gold

Gold (AUG) fell 0.11% to settle at $1,801.9 but gained 0.66% for the week kGold 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.
 

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

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

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

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, 

 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. 

 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.

 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

 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. 

  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.

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.

The Week Ahead

Key US Economic and Central Bank Events This Week

Sunday, July 19, 2020

• 19:01 GBP Rightmove House Price Index (MoM)
• 19:50 JPY Monetary Policy Meeting Minutes
• 19:50 JPY Trade Balance (Jun)
• 21:30 CNY PBoC Loan Prime Rate

Monday, July 20, 2020

• 02:00 EUR German PPI (MoM) (Jun)
• 02:00 EUR German WPI (MoM) (Jun)
• 04:00 EUR Current Account (May)
• 04:30 HKD Unemployment Rate (Jun)
• 06:00 EUR German Buba Monthly Report
• 09:30 USD 6-Month Bill Auction
• 11:30 USD 3-Month Bill Auction
• 17:00 KRW PPI (MoM) (Jun)
• 19:30 JPY CPI (Jun)
• 21:30 AUD RBA Meeting Minutes
• 22:00 NZD Credit Card Spending (YoY)
• 22:30 AUD RBA Governor Lowe Speaks

Tuesday, July 21, 2020

• 02:00 GBP Public Sector Net Borrowing (Jun)
• 02:00 CHF Trade Balance (Jun)
• 04:30 HKD CPI (YoY) (Jun)
• 08:30 USD Chicago Fed National Activity (Jun)
• 08:30 CAD New Housing Price Index (MoM) (Jun)
• 08:30 CAD Retail Sales (MoM) (May)
• 08:55 USD Redbook (MoM)
• 09:00 EUR German Buba Vice President Buch Speaks
• 09:30 EUR ECB’s De Guindos Speaks
• 11:20 NZD GlobalDairyTrade Price Index
• 16:30 USD API Weekly Crude Oil Stock
• 20:30 AUD MI Leading Index (MoM)
• 20:30 JPY Manufacturing PMI (Jul)
• 20:30 JPY Services PMI
• 21:30 AUD Retail Sales (MoM)

Wednesday, July 22, 2020

• 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
• 08:30 CAD CPI (MoM) (Jun)
• 09:00 USD House Price Index (MoM) (May)
• 09:00 USD House Price Index (May)
• 09:00 EUR German Buba Vice President Buch Speaks
• 09:15 EUR ECB President Lagarde Speaks
• 09:30 USD Seevol Cushing Storage Report
• 10:00 USD Existing Home Sales (MoM) (Jun)
• 10:30 USD Crude Oil Inventories
• 11:00 EUR ECB’s De Guindos Speaks
• 15:00 USD 20-Year Bond Auction
• 19:00 KRW GDP (QoQ) (Q2)
• 19:50 JPY Foreign Bonds Buying
• 19:50 JPY Foreign Investments in Japanese Stocks
• 21:30 AUD NAB Quarterly Business Confidence

Thursday, July 23, 2020

• All Day Holiday Japan – Marine Day
• 01:00 SGD CPI (YoY) (Jun)
• 02:00 EUR GfK German Consumer Climate (Aug)
• 02:45 EUR French Business Survey (Jul)
• 05:00 EUR ECB’s De Guindos Speaks
• 06:00 GBP CBI Industrial Trends Orders (Jul)
• 07:00 GBP MPC Member Haskel Speaks
• 08:00 GBP Steel Production (Metric Ton) (Jun)
• 08:30 USD Continuing Jobless Claims
• 08:30 USD Initial Jobless Claims
• 08:30 USD Jobless Claims 4-Week Avg.
• 10:00 USD US Leading Index (MoM) (Jun)
• 10:00 EUR Consumer Confidence (Jul)
• 10:30 USD Natural Gas Storage
• 11:00 USD KC Fed Composite Index (Jul)
• 11:00 USD KC Fed Manufacturing Index (Jul)
• 11:30 USD 4-Week Bill Auction
• 11:30 USD 8-Week Bill Auction
• 13:00 USD 10-Year TIPS Auction
• 18:45 NZD Trade Balance (MoM) (Jun)
• 19:00 AUD Manufacturing PMI
• 19:00 AUD Services PMI
• 19:01 GBP GfK Consumer Confidence (Jul)
• 20:30 SGD URA Property Index (QoQ)
• 22:30 SGD Unemployment Rate

Friday, July 24, 2020

• All Day Holiday Japan – National Sports Day
• 01:00 SGD Industrial Production (MoM) (Jun)
• 02:00 GBP Retail Sales (MoM) (Jun)
• 03:00 EUR Spanish PPI (YoY)
• 03:15 EUR French Manufacturing PMI (Jul)
• 03:15 EUR French Markit Composite PMI (Jul)
• 03:15 EUR French Services PMI (Jul)
• 03:30 EUR German Composite PMI (Jul)
• 03:30 EUR German Manufacturing PMI (Jul)
• 03:30 EUR German Services PMI (Jul)
• 04:00 EUR Italian Business Confidence (Jul)
• 04:00 EUR Italian Consumer Confidence (Jul)
• 04:00 EUR Manufacturing PMI (Jul)
• 04:00 EUR Markit Composite PMI (Jul)
• 04:00 EUR Services PMI (Jul)
• 04:30 GBP Composite PMI
• 04:30 GBP Manufacturing PMI
• 04:30 GBP Services PMI
• 05:00 EUR Italian Trade Balance Non-EU (Jun)
• 09:45 USD Manufacturing PMI (Jul)
• 09:45 USD Markit Composite PMI (Jul)
• 09:45 USD Services PMI (Jul)
• 10:00 USD New Home Sales (Jun)
• 13:00 USD U.S. Baker Hughes Oil Rig Count
• 15:30 USD CFTC Speculative net positions

Saturday, July 11, 2020

Stock Buyback Watch

—-

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!