Trading with point and figure

Close up of todays action!

sgmv4z.jpg
 
- Quiet day for statistics as UK BRC Retail Sales digested, focus on
Brainard speech on balance sheet reduction, NFIB & JOLTS

- BRC Retail Sales better than expected, but flattering base effect
..........................................................................

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** EVENTS PREVIEW **
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Today is one of those days, where the calendar looks to be bereft of much in the way of highlights, but has one or other item which may prove to be seminal, with Fed's Brainard speech on "Normalizing Central Banks' Balance Sheets: What is the New Normal?" perhaps fitting that particular bill. In statistical terms, the overnight BRC Retail Sales were a little better than expected at 1.2%, however this was largely due to beneficial base effects (June 2016 -0.5% y/y), and July will likely see a reverse. The US NFIB Small Business Optimism will bear some scrutiny with the index seen little changed at 104.4, continuing to hold most of the post-election jump, and with a particular focus on hiring intentions and difficulties (in finding staff); the May JOLTS Job openings will also be of interest, with a modest setback to 5.95 Mln from the all-time high of 6.044 Mln in April (the series only goes back to 2001). Outside of these items, there will also continue to be a lot of discussion about the 10th anniversary of the start of the GFC (IKB collapse and rescue).


from Marc Ostwald
 
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