I always looked forward to the annual list of '10 surprises' from Blackrock's Byron Wien and I'm saddened to learn that he died today at 90 years old.Wien finished his career as a vice chairman of Blackstone's Private Wealth Solutions but before that was a strategist...
WTI crude oil futures settle at $83.21
Crude oil continues to stall against the swing areaThe price of WTI crude futures are settling at $83.21. That is down $-2.18 or -2.55% on the day. Lower stocks are starting to weigh more on crude oil from a potential decline in demand as expectations for consumers...
What does the price action in the EURUSD tell us about what’s ahead?
The EURUSD is lower and in the process moved through a technical support level in the Asian session between 1.05617 and 1.05645. The subsequent fall took the price to another target area between 1.0522 and 1.0531. Support buyers came in against that area on 3 separate...
Yellen: We have what looks like a soft landing
AI image4.9% GDP growth today is certainly going to be a high-water mark for the next couple years but whether it's a soft landing or not will depend on how hard high rates bite next year.Investments in green energy and chips will create jobsWe see good strong...
US treasury auctions off $38 billion a 7 year notes at a high yield of 4.908%
High yield: 4.908%WI level at the time of the auction: 4.91%Tail: -0.2 bps (previous: 0.3bps, six-auction average: -0.2bps)Bid-to-Cover: 2.7x (previous: 2.47x, six-auction average: 2.73x)Dealers (they take the leftovers from the domestic and international investors):...
ALERT: US 7 year note auction at the top of the hour
The US treasury will auction off $38 billion of 7 your notes at the top of the hour. The summary of the major components and their 6 month averages are outlined below:Tail: bps (previous: 0.3bps, six-auction average: -0.2bps)Bid-to-Cover: x (previous: 2.47x,...
Nasdaq now down 2%
The NASDAQ index is now down over 2% as selling is starting to pile on. The high flyers are fairing even worse.Nvidia -4.10%Meta -5.04%Apple -2.95%Alphabet, -2.88%Microsoft -3.95%Tesla -3.32%Amazon -2.32%Ouch.Individual stock technicals are also being breached:Apple...
US stocks extend their slide. The S&P is now down -1%
The major US stock indices continued their slide.S&P index is now down -1.03% at 4143.68. It fell below its 200 day moving average earlier this week at 4239.53, and below its 38.2% retracement of the move up from the October 2022 low at 4180.95 todayNASDAQ index...
ECB sources: policymakers agreed to debate PEPP reinvestment end date
> ECB sources: policymakers agreed to debate PEPP reinvestment end date ECB kept rates unchanged today <!--> --> <!--> ECB sources:Agreed to debate PEPP reinvestment end date this winter, and minimum reserves as part of the framework review.ECB...
European indices close lower led by the German DAX
Major European indices are closing lower on the day. The declines are led by the German DAX which fell -1.08%.. The decline today sent the index lower for the week with one day left.A snapshot of the closing levels shows:German DAX, -1.08%. For the trading week, the...
Iran Foreign Minister: US/Iran does not want expansion of Israelite – Hamas war
The Iran foreign minister:Says to the US, that Iran does not want expansion of Israel-Hamas war.If the genocide in Gaza continues, the US will not be spared from "this fire"Hamas is ready to release civilian prisoners, the world should support release of 6000...
Two for one: A technical look at the AUDUSD and NZDUSD.
Both the AUDUSD and NZDUSD have been trading similarly over the last two trading days. Yesterday, the AUDUSD led the way with a rise early in the Asian session after stronger-than-expected CPI data. Buyers then turn to sellers and pushed lower and lower into the...
BBC: Hamas considering leaving Gaza for Lebanon, Turkey, or elsewhere..
BBC Mark Urban is tweeting that Hamas is considering leaving Gaza for refuge in Lebanon, Turkey or elsewhere. Will Hamas leave Gaza?It is somewhat like shuffling the spaghetti around the plate (once a terrorist organization was a terrorist organization), However, it...
USDCAD continues to follow the technicals higher
The USDCAD has been stepping higher over the last few weeks, and in the process has been using technical support levels to push to the upside. At 1st it was the 100/200 bar moving averages on the 4-hour chart. In trading this week, the price extends above the early...
FX Intervention Watch: USD/JPY Breaches 150 Ahead of US PCE
Japanese Yen (USD/JPY) AnalysisUSD/JPY goads Japanese officials after latest move above 150Japanese government bond yields rise, prompting more buying from the BoJUS PCE data tomorrow and the Bank of Japan meeting concludes on TuesdayThe analysis in this article makes...
Kansas City Fed composite index for October remains at -8. Unchanged from the prior month.
The Kansas City Fed is out with their monthly survey:Composite index for October remains at -8 versus -8 last month. Manufacturing index came in at -8.0 versus -13.0 last monthA summary from the KC Fed:In October, the month-over-month composite index remained...
There is no joy in US stocks. Major indices still under pressure.
There is now joy in US stocks, despite what has been more favorable earnings. The idea of a slowing economy is just not sitting well despite the fact that the economy is showing fairly decent strength (see durable goods orders and GDP but is it a last hoorah?). Also,...
USDCHF breaks higher today but does find willing sellers against target swing area.
The USDCHF moved above it's 200-hour moving average (green line in the chart below) in the Asian session, and then worked its way toward the next target defined by a swing area between 0.8982 and 0.9000 (the 200-day moving averages also in play at 0.9008). Sellers...
US pending home sales up 1.1% versus -1.8% expected
Prior month -7.1%Pending home sales up 1.1% versus -1.8% expectedPending home index rose to 72.6 from 71.8Looking at the different regionsNortheast PHSI decreased by 0.9% to 62.6, marking an 18.2% reduction from August 2022.Midwest index dropped by 7.0% to 71.3, down...
US stocks opening with mixed results. Recover from earlier declines.
The major indices are trading mixed in early US trading. Both the Dow industrial average and S&P index traded above and below the unchanged level. The NASDAQ index remains in the red but well off the premarket low levels as well.A snapshot market 6 minutes after...