1933 – Wyckoff (Stock Market Technique #1).
Archives of “June 2020” month
rssEconomic data coming up in the European session
The latest UK labour market report is due today
Risk trades produced a stunning turnaround yesterday and the positive vibes are continuing into the new day, with the dollar and yen seen weaker again across the board.
Cheap money continues to override the rules with the Fed helping to stoke sentiment once again and we are seeing US futures trade higher today. To be fair, some key technical levels held up in the S&P 500 and that is arguably part of the story as well.
For today, there isn’t much once again on the data docket to distract from the risk mood in general. We’ll be hearing from Fed chair Powell later in the day (during US trading) but the contents of his speech was already released earlier last week here.
0600 GMT – UK April average weekly earnings
0600 GMT – UK April ILO unemployment rate, employment change
0600 GMT – UK May jobless claims change, claimant count rate
Prior release can be found here. April saw a historic print in jobless claims change and much like everywhere else, that is likely to signify the peak of the economic slump. But amid the virus outbreak and lockdown measures, expect joblessness to remain high and the labour market to suffer as a result over the next few months too.
0600 GMT – Germany May final CPI figures
The preliminary release can be found here. As these are final figures, they aren’t expected to produce much – if any – market reaction.
0600 GMT – Germany May wholesale price index
Prior release can be found here. The index measures the value of sales made by wholesalers in Germany, it provides an indicator of consumption and retail pattern.
0900 GMT – Germany June ZEW survey current situation, expectations
Prior release can be found here. Current conditions are expected to remain highly subdued but expectations are estimated to improve further, which tells a similar divergent story (also evident in market pricing) as seen last month as well.
That’s all for the session ahead. I wish you all the best of days to come and good luck with your trading! Stay safe out there.
Apple is facing another antitrust complaint in Europe
Financial Times with the report on what would appear likely to be another probe into AAPL by the EU
Here is the link to the FT (may be gated)
In a nutshell:
- Japanese media and ecommerce group Rakuten’s ereader subsidiary Kobo claimed it was anti-competitive for Apple to charge it a 30 per cent commission for e-books sold through the App Store while promoting its own product, Apple Books.
BOJ maintains its policy setting unchanged
Bank of Japan policy meeting over – statement out now
- maintains short-term interest rate target at -0.1%
- maintains 10-year jgb yield target around 0%
- Japan’s economy is in increasingly severe state
- economy likely to remain in severe state for time being due to coronavirus pandemic
- economy likely improve as fallout from coronavirus pandemic subsides
- will take additional monetary easing steps without hesitation if needed with close eye on impact of coronavirus pandemic
- size of money pumped out via market operations, lending facilities to combat pandemic likely to increase from current 75 trln yen
- size of money pumped out via market operations, lending facilities to combat pandemic likely to increase to around 110 trln yen
- says exports, output falling sharply
- says pace of increase in capex is clearly slowing
- says some weak movements seen in job, income conditions
- says consumption falling sharply
- says consumer inflation hovering around 0%
Trump is considering a further 1tln in economic stimulus – infrastructure spending
US administration looking at throwing more money in
Headline via Bloomberg
more to come
The headline is giving US stock index trading (overnight Globex trade) a further boost.
The November election is on approach, rapidly, pork barrel roll-outs to continue would seem to be a safe guess?
A Winning Mindset is Required To Succeed
- A losing trader can do little to transform himself into a winning trader. A losing trader is not going to want to
transform himself. That’s the kind of thing winning traders do. - The winning traders have usually been winning at whatever field they are in for years.
- It is a happy circumstance that when nature gives us true burning desires, she also gives us the means to
satisfy them. Those who want to win and lack skill can get someone with skill to help them. - The “doing” part of trading is simple. You just pick up the phone and place orders. The “being” part is a bit more subtle. It’s like being an athlete. It’s commitment arid mission. To the committed, a world of support appears. All manner of unforeseen assistance materializes to support and propel the committed to meet grand destiny.
- In your recipe for success, don’t forget commitment – and a deep belief in the inevitability of your success.
US dollar crash is virtually inevitable says Stephen Roach
Roach is a former Morgan Stanley Asia chairman and is now a senior fellow at Yale University.
- “The U.S. economy has been afflicted with some significant macro imbalances for a long time, namely a very low domestic savings rate and a chronic current account deficit”
- “The dollar is going to fall very, very sharply.”
Roach spoke in an interview with CNBC, called for a 35% fall in the dollar.
- “These problems are going from bad to worse as we blow out the fiscal deficit in the years ahead”
He has further reasons too, here is the link
12 more areas in Beijing have been upgraded to risk areas in the new coronavirus outbreak
COVID-19 news: 10 areas in China’s capital had been classified as medium risk areas
- 10 streets and townships in four districts of Beijing had been ranked as medium risk areas
Now there is a total of 1 high-risk 22 medium-risk areas, alert level notifications expanded.
Fed says it’ll expand its “main street” lending program even further – to provide credit access for non profits
Improved credit access for non-profits – are they referring the vast majority of hedge funds?
That is a joke folks, K?
Here we go, headlines via Reuters:
Fed proposal to expand its main street lending program to provide access to credit for nonprofit organizations
- says it is seeking public comment on its proposal for nonprofits by Monday, June 22
- proposed expansion would offer loans to small and medium-sized nonprofits in sound financial condition before coronavirus pandemic hit
- interest rate, deferral of principal and interest payments, and five-year term are the same as for main street business loans
There are further T&Cs but I won’t go into them here.
Coronavirus – Some Remdesivir news crossing – FDA warns on reduced effectiveness
US Food and Drug Administration (FDA) is warning about a newly discovered potential drug interaction related to the investigational antiviral drug remdesivir
- Based on a recently completed non-clinical laboratory study, the FDA is revising the fact sheet for health care providers that accompanies the drug to state that co-administration of remdesivir and chloroquine phosphate or hydroxychloroquine sulfate is not recommended as it may result in reduced antiviral activity of remdesivir.
ps. I am not a pharmaceutical PhD (yet 😀 ) so just passing this along, K? Report via Market Watch
—
Hopes are high for Remdesivir, which has received emergency use authorization for the treatment of hospitalized COVID-19 patients with severe disease.