Trading with point and figure

Dow broken out overnight
takin a horizontal count on that one
more in a few mins
gotta finish my coffee

sellers are probably vomiting...lol
 
Morning Dentist:)

More fun on the Dax/Dow - am still sitting on the sidelines for them.

Long on EG again this time from .8811
 
Dow

k7wig.png
 
- Digesting Japan nominal wage pick-up, poor UK BRC Retail Sales and
surprising setback in German Industrial Production; awaiting Draghi
and other ECB speakers, Fed's Quarles, US Jolts Job Openings, EIA
short-term energy outlook and API Oil inventories; US to sell 3-yr

- Table: RBA rate hike probabilities by meeting

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

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

Once again today's schedule of data and events looks to be rather modest, and most likely dominated by central bank events & speakers, via way of digesting the as expected RBA 'no change' decision ahead of the ECB conference on banking supervision, and a maiden speech by Fed Vice Chairman for Supervision Quarles at the Clearing House annual conference. The latter is primarily of interest in respect of what Quarles might say on the subject of regulatory roll-back proposals (bearing in mind that he is a Trump appointee), perhaps the more so given that incoming Fed Chairman Powell has openly backed some roll back. Statistically the overnight Japanese wages data, the UK BRC Retail Sales and German Industrial Production precede the US JOLTs Job Openings, while the EIA publishes its Short-term Energy Outlook. The UK BRC Retail Sales make for rather depressing reading with Food sales (2.4% y/y like for like) only holding up due to inflation, and Non-Food Sales veering back into negative territory at -0.4% y/y, thus raising further questions about the wisdom of last week's BoE rate hike, let alone the prospect of any follow-up. German Industrial Production was surprisingly weak at -1.6% m/m 3.6% y/y, particularly given the strength of the orders data yesterday, though the 3-month rate was little changed at 0.9%, which probably gives a better idea of the underlying trend. Japan's wages data were encouraging in nominal terms rising 0.9% y/y (best since July 2016) vs. expectations of 0.5%, and paced by 'special payments' that jumped 11.6% y/y; however real wages remained in negative territory at -0.1% y/y, and underline that there is still a long way to go before the BoJ can declare its QQE policy has been a success. Otherwise the US kicks off its quarterly refunding with $24.0 Bln of 3-yr, while API Oil inventories are projected to see a further 2.8 Mln drop in Crude stocks, a drop of 2.1 Mln in Distillates and -2.2 Mln on Gasoline.


from Marc Ostwald
 
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