Trading with point and figure

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updated

 

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first chart poted @ 7.16am
not sure what happens now

 

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took the dax with it

 

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Prev supp/poss rez

 

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DAX

 

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our line became rez

 

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It didn't. Out at 5605 +24

Now sitting on hands until the dust has settled from the coronation

💋 💋 💋

 

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our rez workin a treat

 

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Mornin folks ☕ ☕ ☕ ☕ ☕ 🥣 🤞🤞🤞💋💋💋

 

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Dax into the open

 

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Dow into the open

 

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Our trendlines look right on bars

 

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27250-27300 first supp area

 

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dax 12450-12500 first supp area
draghi tomorra

 

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Good Morning: The Long & the Short of it and The Bigger Picture - 24 July 2019 - ADM ISI

Inbox

x

Ostwald, Marc

08:30 (21 minutes ago)

to Marc

- Flash PMIs in focus, along with US New Home Sales and South Africa,
awaiting new UK govt cabinet appointments, Mueller testimony; further
deluge of corporate earnings; US to sell 5-yr & FRN 2-yr

- PMIs: manufacturing expected to remain under a trade war, auto cloud;
Services seen robust in Germany, expanding modestly elsewhere

- South Africa CPI: transport to edge headline lower, core seen a little
higher; to continue to constrain SARB

- UK: new PM, same old challenges

- via Le Fonti International : thoughts on ECB, bank earnings & new UK PM

- Daily audio preview:
https://www.mixcloud.com/MOstwaldADM/adm-isi-morning-call-24-july-2019/

..........................................................................

********************
** EVENTS PREVIEW **
********************

G7 'flash' PMIs dominate the day's data schedule, with US New Home Sales, South African and Mexican CPI also due, while the events schedule has precious little that is policy relevant, though the UK Treasury Select Committee hearing on "IT failures in the financial services sector", and 'across the pond 'the testimony of Former Special Counsel Mueller to US Congress will doubtless spawn many headlines. Another very busy day for corporate earnings has Europe mulling results from Daimler, Deutsche Bank, GSK, Iberdrola, Metro AG, Metro Bank, Repsol, SEB and Tullow oil amongst others, while the US features Boeing, Caterpillar, Facebook, Ford, Freeport-McMoRan, Nasdaq, Northrop Gruman, Tesla and UPS.

Otherwise the official handover from May to Johnson as UK PM takes place, with the focus on who will be appointed to key cabinet positions. If Mr Johnson is true to his campaign rhetoric, he will literally need to hit the ground running if Brexit to be delivered in the 100 days to 31 October, though his record on non-delivery and veering off in a completely direction, as well as his capacity for outright mendacity, or foot in mouth gaffes offer plenty of reason for doubt. I would reiterate the following: 1. there is till no identifiable majority in parliament for what trade relationship the UK wants to have with EU, or indeed the rest of the world 2. The ‘Irish border’ issue has not gone away 3. He is a) an unelected PM, b) still reliant on DUP to prop up a minority govt, c) leader of a party that remains at war with itself, and d) PM of a country that is also deeply divided over Brexit. Also bear in mind that the UK parliament will be in 'summer recess' until September 3, though if needed it can always be 'recalled'. On a different note, it was interesting to see BoE's Haldane comments yesterday, taking a leaf out of the book of a number for recent developed world central bank speakers and advising caution on relying on monetary policy to again dig the world out of recession, emphasizing the need for fiscal stimulus, and favouring a stand pat stance in terms of reacting to Brexit. He noted: "It is important that monetary policy is not a prisoner of its past, that the monetary cavalry are not called at the first whiff of grapeshot, that a dependency culture around monetary policy is not allowed to develop", .... adding "Super-charging the supply-side of the economy is what is now needed."

** G7 - July 'flash' PMIs **
- G7 flash PMIs are expected to show modest changes, with the Manufacturing sector lagging Services, most emphatically in Germany (Mfg 45.2, Services 55.3) and as a consequence the Eurozone (47.7 vs. 53.3), with a more even profile expected in France and the USA. The US is expected to show Manufacturing recovering to 51.4 from 50.6, doubtless predicated by the rebound seen in the NY and Philly Fed Manufacturing surveys, even if the sharp slide yesterday's Richmond Fed Manufacturing survey (-12 vs. prior +2) advises caution. France proved to be disappointing with a drop on Manufacturing to 50.0 from June 51.9 and expected 51.6, though the national Manufacturing Confidence survey dip was more modest (101 vs 102, with the own company Production Outlook holding at a revised 6).

** South Africa - June CPI **
Following on from last week's SARB 25bps rate cut, CPI is seen edging down to 4.4% y/y in headline terms, mostly due to gasoline prices, but core is expected to edge up to 4.2%, per se continuing to limit the SARB's room for manoeuvre on further rate cuts.

 

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Mornin folks ☕ ☕ ☕ ☕ ☕ ☕ ☕ 💋 💋 💋 💋 🥣🥣🥣

 

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SPX into the open
no signs of a sell