US Releases 500,000 Barrels Of Oil From Strategic Reserve As Largest US Refinery May Be Shut For 2 Weeks
The U.S. Energy Department announced on Thursday that it would release 500,000 barrels of crude oil from the US Strategic Petroleum Reserve as a result of the disruption to the US petroleum industry following Hurricane Harvey amid fears of a surge in motor fuel prices, which have been compounded by the previously reported shuttering of the Colonial […]
Swing Trading Strategy Report – Thursday, August 31
Price action is becoming more reliable for the bulls here, however, shock events still loom large on SPX with North Korea. I will look to aggressively increase my stops on my profitable positions. Indicators VIX – Same story every day – start higher, finish lower. Traded initially in the 14’s, and finished at 11.70. T2108 (% of […]
E GBP/USD Intraday View
GBP/USD can be trading in a bigger three-wave recovery from the lows, with first wave A) already completed. We know a five-wave rally could suggest a change in trend, but in our case, we see this bigger three wave reversal as only temporary. Ideally the second wave B) is now in motion and can search […]
There Just Isn’t Enough Gold
There are lies damned lies and Central Bank Gold statistics. Total official global gold holdings are reported to be 33,000 tonnes. That is 19% of all the gold ever produced in the world. But how can anyone ever believe any of these figures. Because no central bank ever has a public audit of all its […]
PCE Price Index: July Headline & Core
The BEA’s Personal Income and Outlays report for July was published this morning by the Bureau of Economic Analysis. The latest Headline PCE price index was up 0.09% month-over-month (MoM) and is up 1.40% year-over-year (YoY). The latest Core PCE index (less Food and Energy) came in at 0.09% MoM and 1.41% YoY. Core PCE remains below […]
Wells Fargo Ticks Lower After Finding 1.4M More Potential Unauthorized Accounts
Shares of Wells Fargo (WFC) are ticking lower after the company that a third party review revealed that 3.5M accounts could have been created without authorization. The bank’s previous estimates was 2.1M. Wells explained this morning in a press release, “The original account analysis reviewed 93.5 million current and former customer accounts opened in an […]
Yes, You Should Be Concerned With Consumer Debt
Just recently the Federal Reserve Bank of New York released its quarterly survey of the composition and balances of consumer debt. Importantly, it was the fact that total indebtedness reached a new all-time record that sent the mainstream media abuzz with questions about the economic implications. Here is the graphic that accompanied the commentary. One of the […]
August 2017 Initial Unemployment Claims Rolling Average Again Marginally Improves
The market expectations for weekly initial unemployment claims (from Bloomberg/Econoday) were 236 K to 240 K (consensus 237,000), and the Department of Labor reported 236,000 new claims. The more important (because of the volatility in the weekly reported claims and seasonality errors in adjusting the data) 4 week moving average moved from 238,000 (reported last […]
Euro Drops Below 1.20. Does Italy Need A Parallel Currency?
Let’s start with the Euro today and then, you might want to read about Italy’s possible innovation, which can be the next big thing in Europe and the world. Earlier this week, the Euro shocked the banks around the world, rising well above 1.20 mark, the level most of the investment banks considered it would […]
August, Die She Must
The autumn winds blow chilly and cold.September, I remember…….A love once new has now grown old. At this point, I think if North Korea announced an imminent attack, the market wouldn’t even bother going down temporarily. It would simply commence its post-missile buying, since, after two times now, it probably wouldn’t want to bother with […]
