Thought For A Day
Archives of “September 2020” month
rssThe secret to happiness is progress. The secret to progress is consistency. The secret to consistency is habit.
The original ad for the Turtle Trading Program. How cool is that?
CFTC commitments of traders: The EUR longs increase and remains near records. CAD the only shorts.
CFTC commitments of traders data for the week ending September 22, 2020.
- EUR long 191K vs 179K long last week. Longs increased by 12K
- GBP long 3K vs 2k long last week. Longs increased by 1K
- JPY long 30K vs 23K long last week. Longs increased by 7K
- CHF long 16K vs 12K long last week. Longs increased by 4K
- AUD long 16K vs 16K long last week. No change
- NZD long 5K vs 3K long last week. Longs increased by 2K
- CAD short 19k vs 17K short last week. Shorts increased by 2K
Highlights:
- The EUR longs increased by 12K to 191K. That is still off the all time high at 212K, but near the high.
- The JPY long is the next largest position at long 30K.
- The short in the CAD is the only short of the major currencies..
US stocks close near high. Nasdaq has first up week in 4 weeks
Dow, S&P and Nasdaq close higher for the 2nd consecutive week
The US stock indices are ending the session with gains across the board and near session highs:
- NASDAQ and S&P closed higher for the 2nd consecutive day
- The NASDAQ index close higher for the 1st weekly gain in 4 weeks
- The S&P and Dow are not so lucky. They have fallen for 4 consecutive weeks
The final numbers are showing:
- S&P index rose 51.89 points or 1.60% to 3298.48. The low today reached 3228.44. The high extended to 3306.88
- The NASDAQ index rose 241.29 points or 2.26% to 10913.56. The low today reached 10639.98. The high extended to 10939.54
- The Dow rose by 358.71 points or 1.34% to 27174.15. The low today reached 26635.38. The high extended to 27239.29.
For the week, the NASDAQ gains today propelled the index to the 1st positive week in 4 weeks.
- S&P index fell by -0.63%
- NASDAQ index rose by 1.11%
- Dow industrial average fell by -1.75%
The month will end on Wednesday next week. The major indices are all still negative for the month.
- S&P index -5.77%
- NASDAQ index -7.32%
- Dow industrial average -4.42%
Finally year-to-date gains and losses currently shows:
- S&P index up 2.09%
- NASDAQ index up 21.63%
- Dow industrial average is still down by -4.78%
Thought For A Day
Banks with more suspicious transactions.
Expected profitability in the next 5 years.
Baker Hughes US oil rig count 183 vs 179 prior
Rig count climbs
Higher natural gas prices have given some drillers an incentive to get back to work. There’s a blurred line between gas and oil rigs because oil drilling spits off a lot of natural gas as well.
Total rigs at 261 vs 255 prior.
Italy to raise deficit and growth forecasts
Reuters report citing unnamed sources
- To raise debt-to-GDP target to 160% from 157.6% in August. Will aim to lower to 156% in 2021
- Will raise budget deficit target to about 12.8% of GDP from 11.9% in Aug
- To target 2021 at 7%
- To set 2021 GDP growth target at 6% from 4.7% in April
Remember back when all of Europe was piling on Italy and blocking 0.2 pp of deficit financing? Now we get this.