- 8:30 AM:
- Unemployment claims in line @ 312K
- Core PCE Price Index m/m also in line @ 0.2%
- Personal Spending m/m disappointed @ 0.2% vs. 0.4% expected
- Personal Income m/m also disappointed @ 0.4% vs. 0.5% expected
- eMini hardly budged – 15Min chart
- Market Notes
- 7:00 AM: EMini futures are in the middle of a horizontal channel. On June 24th, the futures briefly broke above the high on June 22nd but the candle closed down, indicating a short-term bearish move. Then it broke below the intermediate low completing a double top. Yesterday it reached the down-side target of the DT pattern and then reversed. In the process it made a Wyckoff Spring pattern.
- Economic Report
- 2:45 AM – French Consumer Confidence for May came at 86, above estimates of 86
- 3:30 AM – Swedish PPI m/m was 1.1% vs. -0.1% expected
- 4:00 AM – Norwegian Unemployment Rate beat at 3.3%
- Chart Readings
- S&P GSCI Commodities Index has broken above an ascending triangle. Up target is near 680.
- iShares GSG Commodity ETF also breaking above a daily resistance line and a weekly symmetrical triangle. Potential target near 43.
- S&P GSCI Commodities Index has broken above an ascending triangle. Up target is near 680.
- Net Pickings
- Gold’s Flow East Seen for 20 Years as Incomes Increase Demand
- China Finds $15B of Loans Backed by Falsified Gold Trades
- BNP Said to Face Dollar-Clearing Curb Under Settlement
- UBS, BNP Warned of France’s Zero Tolerance on Tax Evasion
- Dubai Crisis? Not for Bond Market Resisting Selloff
- Attack of the drones: Invest or run screaming?
- The one asset class every investor needs
- China pulling the plug on IBM, Oracle, others
- Numbers and Narrative: Modeling, Story Telling and Investing
- Earnings / M&A / Company Announcements
