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Frank Fahey: Market News for the Prepared Mind: 7.10-7.17.2017
July 10, 2017
“Chance favors the Prepared Mind.” – Louis Pasteur
“I don’t necessarily agree with everything that I say.” – Marshall McLuhan
“There are things known and there are things unknown, and in between are the doors of perception.” – Aldous Huxley
“There’s nothing I hate more than nothing. Nothing keeps me up at night. I toss and turn over nothing. Nothing could cause a great big fight.” – Edie Brickell
The shortened trading week was marginally positive. The movement in equity indexes was perhaps better described as less than nothing. Intra-day volatility gave rise to the hope that maybe something would happen in the equity markets. These hopes were dashed with a return to nothing.
Korean ICBMs, stagnant wage growth, no inflation, Central bank interest increasing, great job numbers and nothing happens. Is there anybody out there?
Here is an overview of the US market behavior last week and for 2017:
Data Source: OptionVue8
The VIX continues the theme of nothing. Managed a significant gain on Thursday, yet it ended the week higher by 0.01. The disconnect for the week was a gain in the VIX futures. This disconnect is apparent when the CBOE Short-term Volatility Index (VXST) loss is compared to gains in the longer term CBOE volatility indexes (VXV and VXMT.) This disparity may be an early harbinger of a pause in the bull market. It will be interesting to see if this volatility relationship continues next week.
Here is an overview of last week for the VIX and related products:
Data Source: OptionVue8
The beginning of the week will be spent waiting for Janet Yellen’s testimony before Congress on Wednesday and Thursday. Inflation will take the lead on Friday with the release the Consumer Price Index. A lack of growth in wages and consumer spending could lead policy makers to second guess curtailing economic stimulus.
Earnings will start in earnest this week, with major financial entities reporting at the end of the week, The traditional start of a quarterly earnings season is the earnings announcement by Alcoa (NYSE:AA). This announcement will take place after the market close on Wednesday, July 19, 2017. Confirm the date and time of any company’s earnings announcement before trading any earnings announcement strategy. The most accurate source of this information is the company’s investor relations website. Earnings highlights for the coming week include Helen of Troy, WD 40, YUM! Brands, AAR, Pepsico, Fastenal, Delta Air Lines. Wells Fargo, Citigroup, JPMorgan Chase, and PNC Financial Services.
Advice to stimulate your imagination:
“Don’t wait. The time will never be just right.” – Napoleon Hill
“Always go too far, because that’s where you’ll find the truth” – Albert Camus
“A point of view can be a dangerous luxury when substituted for insight and understanding.” – Marshall McLuhan
“If you spend more than 13 minutes analyzing economic and market forecasts, you’ve wasted 10 minutes” Peter Lynch
Monday, July 10:
Economic: Labor Market Condition Index – 10:00, TD Ameritrade IMX – 12:30.
International Economic: Germany Merchandise Trade – 2:00AM.
Other: San Francisco Federal Reserve Bank President John C. Williams to speak about “Speed Limits and Stall Speeds: Fostering Sustainable Growth in the United States” in Sydney, New South Wales, with audience Q&A – 11:05PM.
Earnings: None meeting criteria.
Tuesday, July 11:
Economic: NFIB Small Business Optimism Index – 8:00, Redbook – 8:55, JOLTS – 10:00, Wholesale Trade – 10:00.
International: Japan PPI = 7:50PM.
Other: Federal Reserve Governor Lael Brainard to be the keynote speaker at the Conference on Normalizing Central Banks’ Balance Sheets in New York City – 12:30PM, Minneapolis Federal Reserve Bank President Neel Kashkari will be speaking at a moderated Q&A at the Minnesota Women’s Economic Roundtable event in Minneapolis, with audience Q&A – 1:20PM.
Earnings:
Wednesday, July 12:
Economic: MBA Mortgage Applications – 7:00, Atlanta Fed Business Inflation Expectations – 10:00, EIA Petroleum Status Report – 10:30, Beige Book – 2:00PM.
International Economic: Japan tertiary Index – 12;30AM, Great Britain Labour Market Report – 4:30AM, Eurozone Industrial Production – 5:00AM, China Merchandise Trade Balance – 10:00PM.
Other: Federal Reserve Chair Janet Yellen opening statement for her testimony to the House Financial Services Committee will be released in Washington – 8:30AM, Federal Reserve Chairman Federal Reserve Chair Janet Yellen will give her semiannual monetary policy testimony before the House Financial Services Committee – 10:00AM, Kansas City Federal Reserve Bank President Esther George to deliver a speech on the economic outlook and the Federal Reserve’s balance sheet in Denver, with audience Q&A – 2:15PM.
Earnings:
Thursday, July 13:
Economic: Weekly Jobless Claims – 8:30, PPI-FD – 8:30, Bloomberg Consumer Comfort Index – 9:45, EIA Natural Gas Report – 10:30, Money Supply – 4:30.
International Economic: Germany CPI – 2:00, China Producer and Import Price Index – 3:15AM.
Other: Federal Reserve Chair Janet Yellen to testify before the Senate Banking Committee in Washington – 10:00AM, Chicago Federal Reserve Bank President Charles Evans will deliver the keynote address and speak about current economic conditions or monetary policy at the Ninth Annual Rocky Mountain Economic Summit in Victor, Idaho, with audience and media Q&A – 11:30AM,
Earnings:
Friday, July 14:
Economic: Consumer Price Index – 8:30, Retail Sales – 8:30, Industrial Production – 9:15, Business Inventories – 10:00, Consumer Sentiment – 10:00, Baker Hughes Rig Count – 1:00.
International Economic: Eurozone Merchandise Trade – 5:00Am,
Other: Dallas Federal Reserve Bank President Robert Kaplan to speak at a moderated Q&A session at the Conference on the Federal Reserve and monetary policy hosted by the Center for Economic Studies of the Private Sector in Mexico City, with audience and media Q&A – 9:30AM.
Earnings:
Monday, July 17:
Economic: Empire State Manufacturing Survey – 8:30AM
International Economic: No major announcements.
Earnings:
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Frank Fahey: Market News for the Prepared Mind: 7.3-7.10.2017
July 3, 2017
“Chance favors the Prepared Mind.” – Louis Pasteur
“Experienced traders control risk, inexperienced traders chase gains.” – Alan Farley
“You weren’t thinking and you weren’t paying attention, either. People who don’t pay attention often get stuck in the Doldrums.” – Norman Juster
“A free press can, of course, be good or bad, but, most certainly without freedom, the press will never be anything but bad.” – Albert Camus
A shortened trading week and a shortened blog.
The story for the first half of the year is very simple. All major world equity markets, except for Canada, were up. For the week, stocks were down in Europe and the U.S., but mixed in Asia.
Here is an overview of the U.S. market behavior last week and for 2017:
Data Source: OptionVue8
The VIX was above 15 for a moment this past week. It reached this level while the S&P 500 flirted with 2400. The start performer for the week was the VXST which was up 18.50% for the week. Generally, the VIX and related products show weakness before a holiday shortened trading week. This past Friday was an aberration.
Here is an overview of last week for the VIX and related products:
It will be a short trading week. U.S. markets will be closed on Tuesday July 4. The abbreviated trading week brings reports on factory orders as well as the Employment Situation. The week includes the release of the minutes of the last Fed meeting. The wild card Will be the meeting G20 industrialized nations starting on Friday in Hamburg, Germany.
This one of the quietest earnings weeks of the year. The traditional start of a quarterly earnings season is the earnings announcement by Alcoa (NYSE:AA). This announcement will take place after the market close on Wednesday, July 19, 2017. Confirm the date and time of any company’s earnings announcement before trading any earnings announcement strategy. The most accurate source of this information is the company’s investor relations website. Earnings highlights for the coming week include International Speedway, Herman Miller and AZZ Inc.
Advice to stimulate your imagination:
“Don’t wait. The time will never be just right.” – Napoleon Hill
“Inflation is the crabgrass in your savings.” – Robert Orben
“A point of view can be a dangerous luxury when substituted for insight and understanding.” – Marshall McLuhan
“If you spend more than 13 minutes analyzing economic and market forecasts, you’ve wasted 10 minutes” Peter Lynch
Monday, July 3:
Economic: Motor Vehicle Sales, Gallup Consumer Spending Measure – 8:30, PMI Manufacturing Index – 9:45, ISM Manufacturing Index – 10:00, Construction Spending – 10:00.
International Economic: Germany PMI Manufacturing – 3:55AM, Eurozone PMI Manufacturing Index – 4:00AM, Eurozone Unemployment Rate – 5:00AM.
Other: St. Louis Federal Reserve Bank President James Bullard to deliver the keynote address at the Applications of Behavioural Economics, and Multiple Equilibrium Models to Macroeconomic Policy Conference in London – 4:35Am.
Earnings: None meeting criteria.
Tuesday, July 4:
Independence Day – All U.S. Markets Closed
International – Eurozone – PPI – 5:00AM, China – General Service PMI – 9:45.
Wednesday, July 5:
Economic: MBA Mortgage Applications – 7:00, Gallup US Job Creation Index – 8:30, Redbook – 8:55, Factory Orders – 10:00, Gallup US ECI – 2:00.
International Economic: Germany PMI Composite – 3:55AM, Eurozone PMI Composite – 3:55, Eurozone – Retail Sales – 5:00AM,
Other: FOMC Minutes – 2:00.
Earnings:
Thursday, July 6:
Economic: Chain Store Sales, Challenger Job-Cut Report – 7:30. ADP Employment Report – 8:15, International Trade – 8:30, Weekly Jobless Claims – 8:30, Gallup Good Jobs Rate – 8:30, Bloomberg Consumer Comfort Index – 9:45, PMI Services Index – 9:45, ISM Non-Manufacturing Index – 10:00, EIA Petroleum Status Report – 11:00, Money Supply – 4:30.
International Economic: Germany Manufacturers’ Orders – 2:00AM. Chia CPI and PPI at 9:30PM on Sunday, July 9.
Earnings: None meeting criteria.
Friday, July 7:
Economic: Employment Situation – 8:30, EIA Natural Gas Report – 10:30, Baker Hughes Rig Count – 1:00.
International Economic: No major announcements.
Earnings: None meeting criteria.
Monday, July 10:
Economic: Labor Market Condition Index – 10:00, TD Ameritrade IMX – 12:30.
International Economic: No major announcements.
Earnings: None meeting criteria.
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Frank Fahey: Market News for the Prepared Mind: 6.26-7.3.2017
June 26, 2017
“Chance favors the Prepared Mind.” – Louis Pasteur
“Experience traders control risk, inexperienced traders chase gains.” – Alan Farley
“You weren’t thinking and you weren’t paying attention either. People who don’t pay attention often get stuck in the Doldrums.” – Norman Juster
“Nothing is a waste of time if you use the experience wisely.” – Auguste Rodin
Most of the market has embraced this past Wednesday’s start of summer. The Dow Jones Industrials and the S&P 500 hovered around unchanged. The SPX was up 0.2%, while the DJIA was up only 0.05%. The tech laden NASDAQ 100 was up 2.14%. The stellar performer for the week was healthcare. This sector was up 3.7% in response to Senate and House healthcare plans that would limit regulation of the sector.
Here is an overview of the US market behavior last week and for 2017:
Data Source: OptionVue8
VIX Futures and associated Indexes were down for the week. The sole exception was the CBOE Short-term Volatility Index (VXST) which show a minuscule gain of 0.60%. CBOE VIX guru Russell Rhoads trades of the week show some traders are still looking for a pop in the VIX. Both trades involved the sale of an out-of-the-money put combined with the purchase of an out-of-the-money call vertical. The first trade was the sale of VIX Jul 26th 10.50 Puts at 0.21, the purchase of VIX Jul 26th 17.00 Calls for 0.54 and the sale of VIX Jul 26th 30.00 Calls at 0.15 which results in a net cost (without commissions) of 0.18. The second trade was The other trade sold the VIX Jul 26th 11.00 Puts at 0.45, purchased the VIX Jul 26th 15 Calls for 0.68, and selling the VIX Jul 26th 30 Calls at 0.09 which results in a cost of 0.14.
I do not know if these trades are speculative or for protection. I use a variant of the strategy to protect my index broke wing iron butterflies against a downside move. This strategy is very common in the VIX pit. The inherent assumption by most of the traders is support between 10.50 and 11.00 for the VIX at expiration settlement.
Here is an overview of last week for the VIX and related products:
Data Source: OptionVue8
The focus for the coming week will focus on economy. The releases of Durable Goods Orders on Monday, International Trade on Wednesday, and Personal Income and Outlays on Friday will help in setting expectations for second quarter GDP. Analysts are interested if the release of Pending Home Sales on Wednesday will show a rebound after two months of reported declines. On Wednesday, President Trump meets with South Korean Prime Minister, Lee Nak-Yon.
It will be an interesting week for earnings. Nike’s announcement is garnering the most interest. Confirm the date and time of any company’s earnings announcement before trading any earnings announcement strategy. The most accurate source of this information is the company’s investor relations website. Earnings highlights include HB Fuller, Factset Research, Darden Restaurants, KB Home, General Mills, Paychex, Monsanto, Nike, Micron Technology, Acuity Brands, Constellation Brands, McCormick &Co, and Conagra Brands.
Advice to stimulate your imagination:
“Don’t wait. The time will never be just right.” – Napoleon Hill
“Inflation is the crabgrass in your savings.” – Robert Orben
“A point of view can be a dangerous luxury when substituted for insight and understanding.” – Marshall McLuhan
“If you spend more than 13 minutes analyzing economic and market forecasts, you’ve wasted 10 minutes” Peter Lynch
Monday, June 26:
Economic: Durable Goods Orders – 8:30, Chicago Fed National Activity Index – 8:30, Dallas Fed Manufacturing Survey – 10:30.
International Economic: No major announcements.
Other: San Francisco Federal Reserve Bank President John C. Williams to speak about “Speed Limits and Stall Speeds: Fostering Sustainable Growth in the United States” at the University of Sydney in Ultimo, New South Wales, with audience Q&A – 1:10AM
Earnings: None meeting criteria.
Tuesday, June 27:
Economic: Redbook – 8:55, S&P Corelogic Case-Shiller HPI – 9:00, Consumer Confidence – 10:00, Richmond Fed Manufacturing Index – 10:00, State Street Investor Confidence – 10:00.
International Economic: No major announcements.
Other: San Francisco Federal Reserve Bank President John C. Williams to speak at The Economic Association of Australia, Eminent Speaker Series 2017 on “The Global Growth Slump: Causes and Consequences” in Sydney, New South Wales, with audience Q&A – 4:05AM, Philadelphia Federal Reserve Bank President Patrick Harker to speak on the economic outlook and international trade at the European Economics & Financial Centre, Distinguished Speakers Seminar in London, with audience Q&A – 11:15AM, Minneapolis Federal Reserve Bank President Neel Kashkari to participate in a townhall in Houghton, Michigan, with audience Q&A – 5:30PM.
Earnings:
Wednesday, June 28:
Economic: MBA Mortgage Applications – 7:00, International Trade in Goods – 8:30, Pending Homes Sales Index – 10:00, EIA Petroleum Status Report – 10:30.
International Economic: Japan Retail Sales – 7:50PM.
Other: San Francisco Federal Reserve Bank President John C. Williams to speak about The Global Growth Slump: Causes and Consequences at the The Economic Association of Australia, Eminent Speaker Series 2017 in Canberra, ACT, with audience Q&A – 3:30AM.
Earnings:
Thursday, June 29:
Economic: GDP – 8:30, Weekly Jobless Claims – 8:30, Corporate Profits – 8:30, EIA Natural Gas Report – 10:30, Money Supply – 4:30.
International Economic: Eurozone Economic Sentiment – 5:00Am, Germany – CPI – 8:00AM, Japan Household Spending, Unemployment Rate & CPI – 7:30PM, Japan Industrial Production – 7:50PM, China CFLP Manufacturing PMI – 9:00PM.
Other: President Trump meets with South Korean Prime Minister, Lee Nak-Yon.
Earnings:
Friday, June 30:
Economic: Personal Income and Outlays – 8:30, Chicago PMI – 9:45, Consumer Sentiment – 10:00, Baker Hughes Rig Count – 1:00.
International Economic: No major announcements.
Earnings: None meeting criteria.
Monday, July 3:
Economic: Gallup Consumer Spending Measure – 8:30, PMI Manufacturing Index – 9:45, ISM Manufacturing Index – 10:00, Construction Spending – 10:00.
International Economic: Germany PMI Manufacturing – 3:55AM, Eurozone PMI Manufacturing Index – 4:00AM, Eurozone Unemployment Rate – 5:00AM.
Earnings: None meeting criteria.
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Frank Fahey: Market News for the Prepared Mind: 6.19-6.26.2017
June 19, 2017
“Chance favors the Prepared Mind.” – Louis Pasteur
“Experience traders control risk, inexperienced traders chase gains.” – Alan Farley
“It will not always be summer; build barns.” – Hesiod
“Facts are stubborn things; and whatever may be our wishes, our inclinations,
or the dictates of our passions, they cannot alter the state of facts and evidence.” – John Adams
The market generally goes on its annual summer hiatus starting on July 4th. The annual summer doldrums seem to have hit the market a couple works earlier than usual this year. It seems like this annual event started a couple of months earlier than normal.
The Dow Jones Industrials set multiple records while ending the week at record high – 21,384.28. Weaker economic reports seem to have little effect on the seemingly inexorable upward move. Be nimble
Here is an overview of the US market behavior last week and for 2017:
Data Source: OptionVue8
The CBOE Short-term Volatility Index (VXST) was down nearly 20% this past week. The VXST uses nearby and second nearby options with at least 1 day left to expiration and then weights them to yield a constant, nine-day measure of the expected volatility of the S&P 500 Index. This level for the VXST shows a lowered expectation of short-term movement for the S&P 500 movement.
Data Source: OptionVue8
The week of June 19 includes reports on existing home sales and new home sales. The prior week’s steep decline inhousing starts and permits have lowered expectations for this week’s reports. A small, yet healthy, increase is expected in the FHFA House Price Index. The coming week should be devoid of any international economic reports with the capability of of moving the markets.
This earnings season is over. There are few more earnings announcements this week than last week. Confirm the date and time of any company’s earnings announcement before trading any earnings announcement strategy. The most accurate source of this information is the company’s investor relations website. Earnings highlights include Adobe Systems, Lennar, HB Fuller, LA-Z Boy, Fedex, CARMAX, Winnebago, Sonic, Barnes&Noble, Carnival, Hain Celestial, and Bed Bath & Beyond
Advice to stimulate your imagination:
“The purpose of technology is not to confuse the brain but to serve the body.” – – William S. Burroughs
“I want to stay as close to the edge as I can without going over.
Out on the edge you see all kinds of things you can’t see from the center.” Kurt Vonnegut
“A point of view can be a dangerous luxury when substituted for insight and understanding.” – Marshall McLuhan
“If you spend more than 13 minutes analyzing economic and market forecasts,
you’ve wasted 10 minutes” Peter Lynch
Monday, June 19:
Economic: No major announcements.
International Economic: No major announcements.
Other: New York Federal Reserve Bank President William Dudley will speak at the Business Roundtable Meeting held by the North Country Chamber of Commerce and North Country Regional Economic Development Council, in Plattsburg, NY – 8:00AM, President Federal Reserve Bank of Chicago Charles Evans will speak about current economic conditions or monetary policy at the Money Marketeers of New York University event in New York City, with audience and media Q&A – 7:00PM.
Earnings: None meeting criteria.
Tuesday, June 20:
Economic: Current Account – 8:30, Redbook – 8:55.
International Economic: Germany PPI – 2:00AM, Bank of Japan Minutes – 7:50PM.
Other: Federal Reserve Vice Chairman Stanley Fischer to deliver keynote speech at the DNB-Riksbank Macroprudential Conference Series in Amsterdam – 3:15AM, Boston Federal Reserve Bank President Eric Rosengren to speak about “Bad zero: Financial Stability in a Low Interest Rate Environment” at the DNB-Riksbank Macroprudential Conference Series in Amsterdam – 8:15AM, Dallas Federal Reserve Bank President Robert Kaplan to discuss current economic conditions and implications for monetary policy at the Commonwealth Club in San Francisco – 3:00PM.
Earnings:
Wednesday, June 21:
Economic: MBA Mortgage Applications – 7:00, Existing Home Sales – 10:00, EIA Petroleum Status Report – 10:30.
International Economic: No major announcements
Other: Japan All Industry Index – 1:30AM,
Earnings:
Thursday, June 22:
Economic: Weekly Jobless Claims – 8:30, FHFA House Price Index – 9:00, Bloomberg Consumer Confidence – 9:45, Leading Indicators – 10:00, EIA Natural Gas Report – 10:30, Kansas Cit Fed Manufacturing Index – 11:00AMMoney Supply – 4:30.
International Economic: Great Britain CBI Industrial Trends Survey – 2:00AM.
Earnings:
Friday, June 23:
Economic: PMI Composite Flash – 9:45, New Home Sales – 10:00, Consumer Sentiment – 10:00, Baker Hughes Rig Count – 1:00.
International Economic: France GDP – 2:45AM, Germany PMI Composite Flash – 3:30Am, Eurozone PMI Composite Flash – 4:00AM.
Other: St. Louis Federal Reserve Bank President James Bullard to discuss the U.S. economy and monetary policy at the Illinois Bankers Association Annual Conference in Nashville, TN – 11:15, Cleveland Federal Reserve Bank President Loretta Mester to be the keynote speaker at The Policy Summit on Housing, Human Capital and Inequality: Transforming Regional Economies: Growth and Equity through Policy and Practice, with audience and media Q&A, in Cleveland, Ohio – 12:40PM, Federal Reserve Board Gov. Jerome Powell to speak at the Federal Reserve Bank of Chicago Symposium on Central Clearing, with audience Q&A – 2:15PM.
Earnings: None meeting criteria.
Monday, June 26:
Economic: Durable Goods Orders – 8:30, Chicago Fed National Activity Index – 8:30, Dallas Fed Manufacturing Survey – 10:30.
International Economic: No major announcements.
Earnings: None meeting criteria.
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Frank Fahey: Market News for the Prepared Mind: 6.12-6.19.2017
June 12, 2017
“Chance favors the Prepared Mind.” – Louis Pasteur
“Experience traders control risk, inexperienced traders chase gains.” – Alan Farley
“I had nothing to offer anybody except my own confusion.” – Jack Kerouac
“You should never make predictions, especially about the future.” – Samuel Goldwyn
Sorry for the delay in posting. A full weekend with family has resulted in a truncated version of this blog. The numbers for last week paint a picture – with or without commentary. The divergence between the major indexes was of a magnitude I have rarely seen during my years as a trader. A FANG sell-off (Facebook, Apple, Amazon, Netflix and Google) had minimal impact upon other equity indexes. The sell-off was a classic stock rotation with money going from FANG and other tech stocks to the financial sector. The rotation of sectors and increasing intraday movement are characteristic of late stage bull markets.
Here is an overview of the US market behavior last week and for 2017:
Data Source: OptionVue8
The VIX gained nearly 10% last week. The monthly VIX futures basically held constant. The Short-Term Volatility Index (VXST) show a gain of Just over 22%. The tenor of the VIX options market was modestly bullish. Russell Rhoads’, CBOE VIX guru, trade of the week took place on Friday. Per Russell, “A trader purchased 3000 VIX Jun 21st 14 Calls at 0.36 and then sold 4500 of the VIX Jun 21st 17 Calls for 0.18.” This ratio spread was done for even money.
Data Source: OptionVue8
The economic calendar heats with reports on industrial production, retail sales, consumer prices and housing starts. The highlight of the week will be the Fed’s rate decision on Wednesday and its comments in the subsequent press conference. will be the highlight of the week. The wild card, as always, will be potential political fireworks from inside the Beltway. International economic news will be highlighted by announcements by the Bank of Japan and the Bank of England. Both are expected to maintain current policy and interest rates.
This earnings season is over. There are only a smattering of earnings announcement this week. Confirm the date and time of any company’s earnings announcement before trading any earnings announcement strategy. The most accurate source of this information is the company’s investor relations website. Earnings highlights include H&R Block, John Wiley & Sons, Kroger, and Bob Evans Farms.
Advice to stimulate your imagination:
“The purpose of technology is not to confuse the brain but to serve the body.” – – William S. Burroughs
“In the business world, the rearview mirror is always clearer than the windshield.” – Warren Buffett
“A point of view can be a dangerous luxury when substituted for insight and understanding.” – Marshall McLuhan
“If you spend more than 13 minutes analyzing economic and market forecasts,
you’ve wasted 10 minutes” Peter Lynch
Monday, June 12:
Economic: No major announcements
International Economic: No major announcements.
Earnings: None meeting criteria.
Tuesday, June 13:
Economic: NFIB Small Business Optimism Index – 8:30, PPI – FD – 8:30, Redbook – 8:55.
International Economic: Great Britain CPI & PPI – 4:30AM, China Fixed Asset Investment, Industrial Production, and Retail Sales – 10:00PM.
Other: FOMC Meeting Begins. New York Federal Reserve President Willian Dudley speaks about the Impact of Regulation on a Bank’s Internal Capital Allocation at the Prudential Bank Regulation Conference, in Washington D.C. – 1:45PM.
Earnings:
Wednesday, June 7:
Economic: MBA Mortgage Applications – 7:00, Consumer Price Index – 8:30, Retail Sales – 8:30, Business Inventories – 10:00, EIA Petroleum Status Report – 10:30.
International Economic: Germany CPI – 2:00Am, Great Britain Labour Market Report – 4:00AM, Eurozone Industrial Production – 5:00AM.
Other: FOMC Meeting Announcement 2:00PM, FOMC Forecasts – 2:00PM, Fed Chair Press Conference – 2:20.
Earnings:
Thursday, June 15:
Economic: Weekly Jobless Claims – 8:30, Philadelphia Fed Business Outlook Survey – 8:30, Empire State Manufacturing Survey – 8:30 – 8:30, Import and Export Prices – 8:30, Industrial Production – 9:15, Bloomberg Consumer Confidence – 9:45, Housing Market Index – 10:00, EIA Natural Gas Report – 10:30, Money Supply – 4:30.
International Economic: Great Britain Retail Sales- 4:30AM, Eurozone Merchandise Trade – 5:00AM
Other: Bank of England Announcement – 7:00AM.Bank of Japan Announcement.
Earnings:
Friday, June 16:
Quadruple Witching
Economic: Housing Starts – 8:30, Atlanta Fed Business Inflation Expectations – 10:00, Consumer Sentiment – 10:00, Baker Hughes Rig Count – 1:00.
International Economic: Eurozone HICP – 4:00AM.
Other: Dallas Federal Reserve Bank President Robert Kaplan to speak at a moderated Q&A held by Park Cities Rotary Club in Dallas, with audience and media Q&A – 12:45PM.
Earnings: None meeting criteria.
Monday, June 19:
Economic: No major announcements
International Economic: No major announcements.
Other: New York Federal Reserve Bank President William Dudley will speak at the Business Roundtable Meeting held by the North Country Chamber of Commerce and North Country Regional Economic Development Council, in Plattsburg, NY – 8:00AM, President Federal Reserve Bank of Chicago Charles Evans will speak about current economic conditions or monetary policy at the Money Marketeers of New York University event in New York City, with audience and media Q&A – 7:00PM.
Earnings: None meeting criteria.
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