Report
EUR 9.28
For Business Accounts Only
http://track.com/articles/the-morning-track-cinco-de-mayo/
Another day, another party? Not quite, as oil continues to dominate macro price action and despite all assurances that economic data doesn’t matter, it does with the US non-farm payrolls and the last day of Golden week holiday’s clashing into a risk-off hangoever. Oil is lower because of either stale and stubborn positions with the $45 stop winning, or because the US and/or China are slowing their demand. Both explanations have some credibility, but correlation is all you need to trade, so a weak US jobs report is sufficient to sell more of everything, unless its enough to change the FOMC course and that reaction will be the other story to watch today as a bevy of speakers from Yellen have a chance to change moods. Or is a group of Fed speakers a gaggle? Nevermind, the point is that today isn’t a made-up excuse to drink tequila but an earnest one to take away the sting of geopolitical fears and nationalist doubts. China credit concerns and the doubts about US tra
de policy mix badly with North Korea ongoing fears and the confusion over Syria/Russia policy. But those aren’t sufficient to matter much to anyone with cash on hand return targets to make – leaving the focus on bonds vs. equities and the urge to sell both into risk and then buy a dip the ongoing party game. The US rates today and their reaction to the jobs and then the FOMC speakers will be the central driver of whether we drink to celebrate or forget.
The Morning Track cinco-de-mayo
- The Morning Track - Cinco de Mayo by Bob Savagehttp://track.com/articles/the-morning-track-cinco-de-mayo/
Another day, another party? Not quite, as oil continues to dominate macro price action and despite all assurances that economic data doesn’t matter, it does with the US non-farm payrolls and the last day of Golden week holiday’s clashing into a risk-off hangoever. Oil is lower because of either stale and stubborn positions with the $45 stop winning, or because the US and/or China are slowing their demand. Both explanations have some credibility, but correlation is all you need to trade, so a weak US jobs report is sufficient to sell more of everything, unless its enough to change the FOMC course and that reaction will be the other story to watch today as a bevy of speakers from Yellen have a chance to change moods. Or is a group of Fed speakers a gaggle? Nevermind, the point is that today isn’t a made-up excuse to drink tequila but an earnest one to take away the sting of geopolitical fears and nationalist doubts. China credit concerns and the doubts about US tra
de policy mix badly with North Korea ongoing fears and the confusion over Syria/Russia policy. But those aren’t sufficient to matter much to anyone with cash on hand return targets to make – leaving the focus on bonds vs. equities and the urge to sell both into risk and then buy a dip the ongoing party game. The US rates today and their reaction to the jobs and then the FOMC speakers will be the central driver of whether we drink to celebrate or forget.
Provider
Track
TRACK.COM is an independent platform for investment research and market ideas. TRACK.COM research and analysis is used daily by hedge funds, proprietary trading desks, central banks and institutional asset managers to make investment decisions. These clients view Track.com as a trusted partner – our real-time research is thoughtful, well organized and right on target.
Robert Savage
Other Reports from Track
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.