Can I Get 10,000 Marbles ?

As we indicated last week, the interest rate volatility coincided with a massive drop in OI. This morning’s JPM Client Survey showed a huge jump in NEUTRALS.

The run off destroyed positions aligned to FG and the Fed dots. The survey shows that turning the positions to net long will not be easy. Eurodollar open interest trends toward the prevailing fixed or floating orientation of end users. Convincing finance operators to Pay Fixed does not jive with the general milieu.

It seems the “guide” at the head of Forward Guidance turned out to be Stork from Animal House, and the Band marched right into a dead end.

Classical Tuesday

 30 minute atr
 daily pivots
 weekly pivots
 upside retracements
 downside retracements
 regression channels
price support and resistance
On the economic calendar:-
07:45 ICSC-Goldman Store Sales
08:55 Redbook
10:00 Existing Home Sales (Consensus 5.10 M, Estimize 5.01 M v Prior 5.05 M)
11:30 4 Week Bill Auction
POMO:-
10:15 – 11:00 Outright Treasury Coupon Purchases between $1.40 – $1.70 billion

Classical Monday

 30 minute atr
 daily pivots
 weekly pivots
 upside retracements
 downside retracements
 regression channels
price support and resistance
On the economic calendar:-
11:00 4 Week Bill Announcement
11:30 3 Month Bill Auction
          6 Month Bill Auction
POMO:-
10:15 – 11:00 Outright Treasury Coupon Purchases between $$1.00 – $1.25 billion
Speaking today:-
10:00 Jerome Powell

Classical Friday

 30 minute atr
 daily pivots
 weekly pivots
 upside retracements
 some possible targets
 downside retracements
 regression channels
price support and resistance
On the economic calendar:-
08:30 Housing Starts (Consensus 1.010 M, Estimize 1.024 M v Prior 0.956 M)
09:55 Consumer Sentiment (Consensus 84.4 v Prior 84.6)
Speaking today:-
08:35 Janet Yellen
Overnight Block Trades:-