Short term cycle projections have edged up to 1990. That will probably not be the last word as there are yet to be projections on either the 6-7 week or 13 week cycles.
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Treasuries and the Dollar rebounded from the previous week’s selling. Both were due to consolidate. The major trend is still up in the dollar, but may be in the process of reversing in the Treasuries.
There seems to be lots of confusion about today’s Commerce Department release on new home sales. The report showed that new home sales were at a seasonally adjusted annual rate of 467,000. Part of the confusions stems from the fact that that is a completely bogus, made up, fictitious number in the first place. Seasonal adjustments are…
The Federal Government’s withholding tax collections have rebounded over the past week. This continues the usual pattern of quarterly fluctuations. The annual growth rate this week was around 4.7% in nominal terms and probably 2.2-2.7% in real terms. This report illustrates the trends, and covers the particulars and the implications for Treasury supply and the…
The Treasury Borrowing Advisory Committee (TBAC) is a committee of Primary Dealers that advises the Treasury on its financing needs. Its quarterly forecasts are a major tool in our analytical arsenal. Its current quarterly report forecasts large T-bill paydowns in early November and again in early December.
Gold has set new short term trading range parameters that would need to be broken to indicate the direction of the next trend.
Unilever warns about stagnation in the US, quagmire in Europe; and in China, oh my, sales plunged 20%. Sudden slowdown this quarter.
The cycle screening measures were sufficiently strong today to continue to support the move in the market averages and to suggest its likely duration.
Some early openers are more enthusiastic than others: Kiwis +0.9%, Aussies +0.3%, Nikkei +0.9% and Sth Korea -0.2%.
Little movement in most Aussie sectors: IT +1.4%, Healthcare +0.9% down to Gold -0.9%.