Archives of “March 20, 2021” dayrss
The following describes two types of traders. The circle on the left describes the characteristics of all beginning traders, most of whom end up quitting. There is a progression from bad to worst. However, if the beginning trader can break through this cycle somewhere around undisciplined fear (#3) and paralysis of analysis (#4), his chance of success improves exponentially.
Weekly forex futures positioning data for the CFTC for the week ending Tuesday, March 16, 2021
- EUR long 90K vs 102K long last week. Longs trimmed by 12K
- GBP long 29K vs 34K long last week. Longs trimmed by 5K
- JPY short 39K vs 7K long last week. Traders swing position from long to short with 46K change in position.
- CHF long 5K vs 14K long last week. Longs trimmed by 9K
- AUD long 8K vs 8K long last week. Unchanged
- NZD long 6K vs 17K long last week. Longs trimmed by 11 K
- CAD long 10K vs 11K long last week. Longs trimmed by 1K
- Last week’s report
- JPY position swings from long to short with a net change of 46K. The short is the largest position since March 3, 2020 (and the first short since that week too). The short position in the JPY is the only net dollar long.
- All dollar short positioned were trimmed as traders start to exit shorts in the greenback .
- The EUR long was trimmed by 12K and the NZD long was trimmed by 11K. Although the EUR long is still large at 90K, it is the lowest long position since June 2020.
Nasdaq higher. S&P and Dow lower.
The rotation out of the Nasdaq and into the S&P and Dow was reversed today. The Nasdaq is the big winner. The Dow is the big loser and the S&P is in between those two indices.
- Russell 2000 has its worst week since January
- NASDAQ has its 4th weekly loss in 5 weeks
- Dow post 2 day losing streak Dow, S&P, NASDAQ all down on the week
The final numbers area showing:
- Dow industrial average -234.33 points or -0.71% at 32627.97
- S&P index -2.36 points or -0.06% at 3913.10
- NASDAQ index up 99.066 points or 0.76% at 13215.23
- Russell 2000 rose 19.95 points or 0.88% at 2287.53
For the week:
- Dow industrial average fell -0.46%
- S&P index fell -0.79%
- NASDAQ index fell -0.77%
Powell and Co. all scheduled to speak next week
The Fed decision was on Wednesday and with it ends the quiet period for Fed members to speak.
Next week, we will get a lot of talk from Fed officials that will allow the bond, stock and forex markets the opportunity to either agree or disagree. The market was initially comforted by Powell’s press conference after the Fed decision. That comfort lasted less than 24 hours as long market sent yields higher the very next morning.
So who is speaking and when? Below are some of the scheduled talks:
Monday. March 22
- Fed’s Barkin discusses Covid scarring
- Feds Powell takes part in BIS panel on central bank innovation (9 AM ET)
- Fed’s Bowman gives speech on economic outlook (5:30 PM ET)
Tuesday, March 23
- Feds Bullard discusses economy at LSE event (9 AM ET)
- Fed’s Barkin takes part in virtual discussion (11 AM ET)
- Powell, Yellen appear before House panel on CARES act (12 PM ET)
- Feds Williams takes part in virtual discussion ( 2:45 PM ET)
Wednesday, March 24
- Fed’s parking takes part in virtual discussion (8:50 AM ET
- Feds Powell and Treasury Secretary Yellen appear before Senate banking panel (10 AM ET)
- Feds Williams takes part in moderated discussion (1:35 PM ET)
- Fed’s Evans discusses the economic outlook: (6 PM ET)
Thursday, March 25
- Feds Bostic gives speech at economic club of New York (12 PM ET)
- Fed’s Evans discusses the economic outlook (1 PM ET)
- Fed’s LaRita speaks on the outlook for the economy and monetary policy (3:45 PM)
- Fed’s Daly discusses monetary policy (7 PM ET)