Category Archives: Blog

Classical Wednesday

30 minute atr

240 miute atr

daily pivots

weekly pivots

upside retracements

downside retracements

breaking out the channel

regression channels

price support and resistance
On the economic calendar:-
07:00 MBA Purchase Applications
08:30 Durable Goods Orders (Consensus -0.5% v Prior -1.3%)
          Jobless Claims (Consensus 286 K v Prior 291 K)
          Personal Income (Consensus 0.4% v Prior 0.2%)
          Consumer Spending (Consensus 0.3% v Prior -0.2%)
09:45 Chicago PMI (Consensus 63.2 v Prior 66.2)
          Bloomberg Consumer Comfort Index
09:55 Consumer Sentiment (Consensus 90.0 v Prior 89.4)
10:00 New Home Sales (Consensus 470 K v Prior 467 K)
          Pending Home Sales (0.6% v Prior 0.3%)
10:30 EIA Petroleum Status Report
11:00 3 Month Bill Announcement
          6 Month Bill Announcement
12:00 EIA Natural Gas Report
13:00 7 Year Note Auction
15:00 Farm Prices

Classical Tuesday

30 minute atr

60  minute atr

daily pivots

weekly pivots

upside retracements

downside retracements

breaking out of the range?

regression channels

price support and resistance
On the economic calendar:-
07:45 ICSC-Goldman Store Sales
08:30 GDP (Consensus 3.3% v Prior 3.5%)
          Corporate Profits
08:55 Redbook
09:00 FHFA House Price Index (Consensus 0.4% v Prior 0.5%)
          Case-Shiller HPI (Consensus 0.3% v Prior -0.1%)
10:00 Consumer Confidence (Consensus 96.5 v Prior 94.5)
          Richmond Fed Manufacturing Index (Consensus 16 v Prior 20)
          State Street Investor Confidence Index
11:30 4 week Bill Auction
          2 Year FRN Auction
13:00 5 Year Note Auction

 

Classical Monday

30 minute atr

240 minute atr

daily pivots

weekly pivots

upside retracements

downside retracements

range bound

regression channels

price support and resistance
On the economic calendar:-
08:30 Chicago Fed National Activity Index (Consensus 0.50 v Prior 0.47)
09:45 PMI Services Flash (Consensus 57.8 v Prior 57.3)
10:30 Dallas Fed Manufacturing Survey (Consensus 9.0 v Prior 10.5)
11:00 4 Week Bill Announcement
11:30 3 Month Bill Auction
          6 Month Bill Auction
13:00 2 Year Note Auction

Fundamental State of Matter

A Liquid – has a definite volume but no fixed shape.

The World got even more liquid over night. The PBOC joined the ranks of global CBs and governments embracing the fallacy of a Liquidity Trap. Grey-hairs love to oscillate between inflationary fears and “pushing on a string”. We continue to believe it is the system infrastructure that is damaged not the “volume” of its liquidity.( see  Ad Nausea earlier postings)  Whether the Fed’s balance sheet, the ECBs threats or the PBOC pump, the “shape” of the liquidity is not calibrated correctly.

The Modern Monetarists continue to advocate the view that if you aren’t getting the desired results, you simply need to do MORE. The truth is the Globe wasn’t running at stall-ish speed because it lacked liquidity. Now, there’s more of it. Perhaps, when this proves feeble too, we’ll start working at changing the structure of the “vessel” rather than the quantity in it.