Trading with point and figure

cable
 

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cable.....that is exactly what we are lookin for:
thge initial break of trend...so we can get in at the ground floor
 
the initial break could givce us a shakeout as new trend is not firmly established
so a poss initial bumpy ride

only valid if supp holds
 
if so...then some strength in GBP and poss other crosses

in my mind it was poss sterling weakness.....have to poss forget about that...lol
 
- Flash PMIs dominate modest statistical schedule, as China CPC conclusion
digested, and Trump Fed decision awaited; further deluge of corporate
earnings, UK and US auctions,; API oil inventories

- PMIs; forecasts as ever see little change, solid momentum in Eurozone
and USA seen maintained

- Charts: US / Germany 2 & 10yr yield spreads; US HY spread vs 10 yr;
Metals and WTI

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

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

Statistically 'flash' PMIs dominate an otherwise rather pedestrian data schedule that is likely to be rather secondary relative to a blockbuster day for earnings, and the seemingly incessant political news flow and noise, starting with the appointments at the CPC to China's Politburo. The latter has seen President Xi's political thought 'enshrined' in the constitution, thus making him the most powerful Chinese leader since Mao, and per se suggesting that liberal reforms are likely to take a back seat in the next 5 years, while the current crusade against 'graft' and corruption is likely to be 'front and central'. US markets continue to await Trump's decision on the next Fed chairman, but in the meantime have a deluge of corporate earnings to digest, with today's headliners likely to include 3M, AT&T, Caterpillar, Eli Lilly, Lockheed Martin, McDonald's, Texas Instruments, and United Technologies. The government bond auction schedule features £650 Mln of 2042 UK Index-Linked Gilts, and the start of this week's US refunding with $26.0 Bln of 2-yr Treasury Notes, while in the US this evening brings the weekly API oil inventory statistics, with crude stocks seen falling 2.5 Mln bbls and Gasoline down 1.5 Mln.

** G7 - October flash PMIs **
- A slightly weaker Japan Manufacturing PMI has as usual been ignored by markets, but largely echoes the the monthly Reuters Tankan published last week. Eurozone PMIs are forecast to dip very modestly, which appears to have been the default forecast for a number of months, but in all cases would still equate to robust levels of output (even if weaker than expected), and will in any case have no bearing on the outcome of Thursday's ECB meeting. The US Markit PMIs have lagged the more widely followed, and more representative ISM measures, and the consensus sees a slight pick-up in Manufacturing, and a fractional dip in Services, however the after effects of the hurricanes suggest that moves in either direction should be treated with some care, given lingering after effects. Be that as it may, and as the Fed's Beige Book last week attested, the pace of US economic activity continues to be solid, if unspectacular.


from Marc Ostwald
 
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