Bonds have a nice bounce higher this afternoon after the Fed raised rates as expected by everyone . The dovish tone to the post meeting release was the key to bringing in buying driving the market up and re-triggering the flattening yield curve trend. The Open market Committee’s growth forecast was increased but very importantly their inflation expectations stayed the …
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Wowsabi: Japanese Yen Futures
March Japanese Yen So far the Holiday season has been extremely dreary for Japanese Yen longs. The high of .90730 on November 27th has given up more than 60% measured from the months early lows. The daily candle formation appears to be that of an inverted hanging man which has bullish implications. To trigger the setup …
Notes and Bonds Bouncing Back From Friday’s Sell Off
The last fed meeting for Janet Yellen and for 2017 is on tap to begin Tuesday. An announcement at 1 PM Wednesday for a 1/4 point rise in discount rate is almost certainly in the works and shouldn’t have any directional effect on current trading levels. The FOMC forecasts and press conference following the meeting might. Powell will then take …
Notes and Bonds Await Employment and Consumer Confidence Numbers
Data due tomorrow is holding up the trading volume today as the long end of the treasury market remains within the bounds of the recent trading range . The claims number fell to 5 week lows and ADP estimate was 190,000 jobs created nationwide. All things considering it’s a pretty good performance by economy .The more important data points arrive …
See a Penny Pick It Up: March Copper Futures
March Copper The copper market has given up a bit of its gains over the last month and a half. The advance commencing from early 2016 appears to be rising in an a-b-c pattern. The highs before Halloween peaked out at the 50% retracement level from the extremes of early 2011. I believe that currently we are just …
Livestock Report
Live Cattle The February Live Cattle contract tested the 123.125 resistance level early in the trading session on Tuesday morning, trading to the session high at 122.625. It broke down from here trading through support at 121.20 and 120.50 on its way to the session low at 119.575. This is just above the 119.15 support level. It formed an outside …
Notes and Bonds Build on Yesterday’s Rebound
The recovery from Sunday night’s gap lower continues today for notes and bonds increasing the chances that the lows hit as markets opened for the week on Sunday night will hold up. The opposite trade is underway in the Dow, S&P and Russell stock indexes as they sell off from Sunday night’s extreme high print. The NASDAQ which started it’s …
The Grass is Always Greener: US Dollar
December US Dollar Futures Last month’s harsh treatment of our beloved greenback saw the currency giving back over 60% of its gain from the mid September rebound. Currently trading near 93.30 puts the contract in my opinion poised to reach for higher prices. I believe we are in the early stages of the c wave of an a-b-c …
Livestock Report
Live Cattle The February Live Cattle contract traded down to a new low (120.825) for the move on Monday morning, before a sharp recovery led to the high of the day at 122.15. It grinded lower from here the rest of the day and ended the session at 121.175. This is just below the 121.20 support level. It formed a …