Dentalfloss
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watching for price action around our line
Trading with point and figure
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Dentalfloss
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the line needs to support on a pullback
lets see what happens
at this point its a pump or dump
lets see what happens
at this point its a pump or dump
Dentalfloss
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scalps off the line
Dentalfloss
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updated
Dentalfloss
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tad more bullish
Dentalfloss
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lining up
Dentalfloss
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ditto
Dentalfloss
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our trendline got tested and supported
Dentalfloss
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updated
Dentalfloss
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Our trendline became rez
Dentalfloss
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Mornin folks
Dentalfloss
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Dow into the open
Dentalfloss
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Dax into the open
price gettin squeezed
price gettin squeezed
Dentalfloss
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FTSE
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Cable
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Dow
very tricky
a definite reaction point yesterday/yellow
very tricky
a definite reaction point yesterday/yellow
Dentalfloss
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Dax got a tad oversold
recoiling into rez area now
recoiling into rez area now
Dentalfloss
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Dentalfloss
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lined up
Dentalfloss
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Digesting worse than expected Japan trade data and very predictable
BoJ forecasts and no change policy stance along with China money
market ops, China / US Trade and Brexit impasse still ruling the roost;
surveys and Canada Retail Sales ahead along with busier run of earnings;
Germany to sell new 5-year
- China targeted MLF and Muni issuance plans underline authorities taking
rear-guard action to prop up ailing economy
- BoJ: continued optimism on hitting CPI target in the medium-term a thinly
veiled justification for not adopting additional (likely very ineffective)
stimulus
..........................................................................
********************
** EVENTS PREVIEW **
********************
Aside from digesting the BoJ meeting, forecats update and Kuroda press conference, the highlight of the rest of the day's schedule is more likely to be the run of corporate earnings than the rag tag of data and surveys: French Business Confidence (essentially as expected), UK CBI Industrial Trends (watch the Business Optimism index, seen at a dismal -25 vs. prior -16) & US Richmond Fed, along with Canadian Retail Sales. In earnings terms ASML will be closely watched in Europe, while Ford, Kimberly-Clark, Northern Trust, Procter & Gamble, Texas Instruments and United Technologies are among the highlights in the US, while Germany will auction a new (0% coupon) benchmark 5-yr OBL. There were no surprises from the BoJ, which unsurprisingly cut its inflation forecasts, while maintaining its Call Rate and 10yr curve targets and sticking to its QQE programme, and continued to express optimism that inflation would gradually edge its way up to its 2.0% target in the long run. The latter is really no more than a thinly veiled justification for not adopting additional stimulus measures, thus underlining that it remains locked into its current regime which has proved ineffective, and even by the BoJ's own admission continues to have adverse effects on markets and the financial sector. Perhaps more important in terms of the overnight flow of news were further fine tuning money market operations (with a 1 yr 'targeted' Medium Term Lending (MLF) Operation at a 15 bps discount to its regular MLF ops) from China's PBOC as it seeks both to ensure ample liquidity ahead of and over the Lunar New Year holiday period, and above all tries to try and unclog China's credit transmission mechanism, which continues to impose very tight credit conditions above all for SMEs. It should also be noted that the authorities announced yesterday that provinces will be able to start Municipal Bond issuance much earlier than the usual April start date (when central govt usually publishes muni issuance quotas and guidelines) this year, with quotas for this front loaded issuance in the region of 60-70% of total 2018 quotas, thus confirming a sharp increase relative to 2018, as infrastructure spending gets cranked up sharply. But for markets, it remains any news flow pertaining to US/China trade relations that dominates sentiment, with more conflicting signals from the White House suggesting that progress is being made as the end of February deadline for the current 'truce' looms in the headline, while ruling out any major concessions, and China tries to appease via way of increased commodity imports (the latest suggestion being a large scale purchase of US Wheat, up to 7 Mln tonnes?).
From Marc Ostwald
BoJ forecasts and no change policy stance along with China money
market ops, China / US Trade and Brexit impasse still ruling the roost;
surveys and Canada Retail Sales ahead along with busier run of earnings;
Germany to sell new 5-year
- China targeted MLF and Muni issuance plans underline authorities taking
rear-guard action to prop up ailing economy
- BoJ: continued optimism on hitting CPI target in the medium-term a thinly
veiled justification for not adopting additional (likely very ineffective)
stimulus
..........................................................................
********************
** EVENTS PREVIEW **
********************
Aside from digesting the BoJ meeting, forecats update and Kuroda press conference, the highlight of the rest of the day's schedule is more likely to be the run of corporate earnings than the rag tag of data and surveys: French Business Confidence (essentially as expected), UK CBI Industrial Trends (watch the Business Optimism index, seen at a dismal -25 vs. prior -16) & US Richmond Fed, along with Canadian Retail Sales. In earnings terms ASML will be closely watched in Europe, while Ford, Kimberly-Clark, Northern Trust, Procter & Gamble, Texas Instruments and United Technologies are among the highlights in the US, while Germany will auction a new (0% coupon) benchmark 5-yr OBL. There were no surprises from the BoJ, which unsurprisingly cut its inflation forecasts, while maintaining its Call Rate and 10yr curve targets and sticking to its QQE programme, and continued to express optimism that inflation would gradually edge its way up to its 2.0% target in the long run. The latter is really no more than a thinly veiled justification for not adopting additional stimulus measures, thus underlining that it remains locked into its current regime which has proved ineffective, and even by the BoJ's own admission continues to have adverse effects on markets and the financial sector. Perhaps more important in terms of the overnight flow of news were further fine tuning money market operations (with a 1 yr 'targeted' Medium Term Lending (MLF) Operation at a 15 bps discount to its regular MLF ops) from China's PBOC as it seeks both to ensure ample liquidity ahead of and over the Lunar New Year holiday period, and above all tries to try and unclog China's credit transmission mechanism, which continues to impose very tight credit conditions above all for SMEs. It should also be noted that the authorities announced yesterday that provinces will be able to start Municipal Bond issuance much earlier than the usual April start date (when central govt usually publishes muni issuance quotas and guidelines) this year, with quotas for this front loaded issuance in the region of 60-70% of total 2018 quotas, thus confirming a sharp increase relative to 2018, as infrastructure spending gets cranked up sharply. But for markets, it remains any news flow pertaining to US/China trade relations that dominates sentiment, with more conflicting signals from the White House suggesting that progress is being made as the end of February deadline for the current 'truce' looms in the headline, while ruling out any major concessions, and China tries to appease via way of increased commodity imports (the latest suggestion being a large scale purchase of US Wheat, up to 7 Mln tonnes?).
From Marc Ostwald
