ES - 2 Hour / Softie Lays / CPI SkipJack
Yesterday continued the Games ahead of 8:30 AM EST and the balance of the Week for Macro Data.
There is nothing good out there.
Wholesale Unleaded is off 27% and the Price at the Pump is the same.
10.2% CPI Leak yesterday hooked a few fish until Redmond decided to Lay Off some Waffle Cones,
preferring Cake Cones for the Softie dispenser.
Mega Caps cutting Jobs, Guidance to follow.
Yesterday's Bond Auctions - another disaster. That's 27 and counting.
Heavens forbid the Dollar grinds to and through Overbought for another few weeks... it will be
an Epic disaster. EU seems to be letting the 6E/XEU/EUR just fall apart.
Bravo. Spray Tan in a Can.
______________________________________________________________________________________
The Range is clear there are two symmetries in sum - both are not Bullish.
Riggers need to close over 3850 this week and recapture any hope above 3902, at present 3885 is
providing a stiffy.
Good luck, trade safe - the Biggest Rig on Earth is propping up the Big Top - let's see if they pull the
Supports.
3506 - lower expected move
Upside - Anyone's guess, it's Summer.
Were Inflation to beat, they'll need to crush 3900 for another Fake Squeeze...
We're SOH until the reaction - the Range is about to GROW.
______________________________________________________________________________________
Macro Calendar:
WEDNESDAY, JULY 13
8:30 am Consumer price index (monthly) June 1.1% 1.0%
8:30 am Core CPI (monthly) June 0.5% 0.6%
8:30 am CPI (year-over-year) June 8.8% 8.6%
8:30 am Core CPI (year-over-year) June 5.7% 6.0%
2 pm Beige book
2 pm Federal budget (comparison vs. year-ago) June -- -$174 billion
THURSDAY, JULY 14
8:30 am Producer price index final demand (monthly) June 0.8% 0.8%
8:30 am Initial jobless claims July 9 234,000 235,000
8:30 am Continuing jobless claims July 2 -- 1.38 million
11 am Fed Gov. Chris Waller speaks
FRIDAY, JULY 15
8:30 am Retail sales June 0.9% -0.3%
8:30 am Retail sales excluding vehicles June 0.5% 0.5%
8:30 am Import price index June 0.7% 0.6%
8:30 am Empire state manufacturing index July -1.0 -1.2
8:45 am Atlanta Fed President Raphael Bostic speaks
9:15 am Industrial production index June 0.1% 0.1%
9:15 am Capacity utilization June 80.5% 80.8%
10 am UMich consumer sentiment index (preliminary) July 50.2 50.0
10 am UMich 5-year inflation expectations (preliminary) July -- 3.1%
10 am Business inventories May 1.2% 1.2%
There is nothing good out there.
Wholesale Unleaded is off 27% and the Price at the Pump is the same.
10.2% CPI Leak yesterday hooked a few fish until Redmond decided to Lay Off some Waffle Cones,
preferring Cake Cones for the Softie dispenser.
Mega Caps cutting Jobs, Guidance to follow.
Yesterday's Bond Auctions - another disaster. That's 27 and counting.
Heavens forbid the Dollar grinds to and through Overbought for another few weeks... it will be
an Epic disaster. EU seems to be letting the 6E/XEU/EUR just fall apart.
Bravo. Spray Tan in a Can.
______________________________________________________________________________________
The Range is clear there are two symmetries in sum - both are not Bullish.
Riggers need to close over 3850 this week and recapture any hope above 3902, at present 3885 is
providing a stiffy.
Good luck, trade safe - the Biggest Rig on Earth is propping up the Big Top - let's see if they pull the
Supports.
3506 - lower expected move
Upside - Anyone's guess, it's Summer.
Were Inflation to beat, they'll need to crush 3900 for another Fake Squeeze...
We're SOH until the reaction - the Range is about to GROW.
______________________________________________________________________________________
Macro Calendar:
WEDNESDAY, JULY 13
8:30 am Consumer price index (monthly) June 1.1% 1.0%
8:30 am Core CPI (monthly) June 0.5% 0.6%
8:30 am CPI (year-over-year) June 8.8% 8.6%
8:30 am Core CPI (year-over-year) June 5.7% 6.0%
2 pm Beige book
2 pm Federal budget (comparison vs. year-ago) June -- -$174 billion
THURSDAY, JULY 14
8:30 am Producer price index final demand (monthly) June 0.8% 0.8%
8:30 am Initial jobless claims July 9 234,000 235,000
8:30 am Continuing jobless claims July 2 -- 1.38 million
11 am Fed Gov. Chris Waller speaks
FRIDAY, JULY 15
8:30 am Retail sales June 0.9% -0.3%
8:30 am Retail sales excluding vehicles June 0.5% 0.5%
8:30 am Import price index June 0.7% 0.6%
8:30 am Empire state manufacturing index July -1.0 -1.2
8:45 am Atlanta Fed President Raphael Bostic speaks
9:15 am Industrial production index June 0.1% 0.1%
9:15 am Capacity utilization June 80.5% 80.8%
10 am UMich consumer sentiment index (preliminary) July 50.2 50.0
10 am UMich 5-year inflation expectations (preliminary) July -- 3.1%
10 am Business inventories May 1.2% 1.2%
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