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ridethepig | AUD 2019 In ReviewHere we go with an update to AUD as we enter in 1H20. Consumers remain the key to the flows here, in my books markets overpriced odds of another cut from RBA in Feb 2020 ahead of income tax cuts in the middle of the year to stimulate the recovery. After RBNZ surprise hold in Q419, NZD was able to sustain a strong bid. After AUD unemployment came in better than expected, smart money is tracking for the same course of action from RBA and AUD. The shape of the Long-term Macro chart: The housing market continues to rise with a lack of supply entering into expectation plays by 2021 via declining vacancies and higher rental prices. The low rates will act as a catalyst for price growth. On the Corporate side , with PBoC using AUD to arbitrage the trade war business investment will continue to pick up in 2020. Scott Morrison will keep public infrastructure at high levels, while the weaker AUD in 2019 will continue to help exports. Unemployment has shown signs of improving, spare capacity will last till end 2021 and keep inflation via wages benign. This is supportive of RBA remaining on hold and here betting on no further easing as long as macro conditions show signs of improvement and stability. Dollar bear case: Australia / New Zealand: Forecast summary We can continue to update this thread over the coming Weeks, Months and Quarters so feel free to jump in with your idea generation to further the discussion for all. Thanks for keeping the support coming with likes, comments and etc!!
Long
by ridethepig
1
ridethepig | DXY Market Commentary 2019.12.18A timely update to the Dollar chart in time for the NY session, with most of G10 FX trading at the bottom of the short term range markets are preparing for the final flush in USD before killing the year off on the FX board. Lets start by reviewing our long-term map: Here we are tracking the Monthly chart in Dollar from an Elliot Wave perspective; after 15 years of the previous bullish USD cycle we are reaching the end of the road. For those tracking the USD devaluation you will know we are trading the final leg in the 5 wave sequence: On the technical chart the channel support is holding on by a thread: Best of luck all those looking for cheaper entry levels in the Dollar short leg, uncertainty around US growth is not going away. Even if the impeachment expectations fall we should see USD coming under significant pressure. Thanks for keeping the support coming with likes, comments, questions and etc! And as usual jump into the conversations in the comments with your views.
TVC:DXYShort
by ridethepig
Seige WarfareWith a breakout in play on the daily, the formation can advance towards 1.128x and 1.146x extension. The diagram below highlights the attempt shows little defence to transfer the attack on weekly: Given what we have recognised on the technicals around the principled handicap bears have it makes it possible to construct the Macro chart: When our opponent possesses a weakening defence it is worthwhile to push into the advance. In this case, after the Macro and Technical diagrams, we must continue to work the buy side with action towards the highlighted targets. As long as we are allowed to continue the grind higher, reassessment is only necessary below 1.110x. The weakness will appear miles in advance if it is the case and we can update the chart as we go. Here the static weakness of the Dollar can be seen in detail, and in this case bears clearly with the advantage: Remember when a cross shows static weakness, you should aggressively load against them and not be afraid to double the sizes. Now consider the positioning in the next diagram taken from " Apple in the worm " Bulls encouraged Bear's hope that he was headed for a momentum break down, which mean exploitation for the macro swing was not all that difficult. Next came: And now it is important for bulls that the break is tempered into an impulsive swing, the result of which will hold the key to unlocking the targets at 1.128x and 1.146x. Bulls are counting on the strength of the longer term Euro funded currency leg: The correct march forward for bulls here is over the flank, so 1.197x and 1.125x resistance will be key to track for mid-term swings. On the other side, 1.093x and 1.087x will need to be taken in order to demand reassessment of the core bullish view I have constructed over the past three months. Here the win looks forced: ...Thanks all for keeping the support coming with likes, comments, charts and etc.
Long
by ridethepig
7
ridethepig | Getting our bearingsHere the bear is condemned to die for the common good, as a diversionary sacrifice. The only question markets are asking is a matter of "when" rather than "if" ... Since the Weekly chart we dissected in September, it would be helpful to start by reviewing the advance: The correct march forward for bulls here over the flank, so 1.197x and 1.125x resistance will be key to track. On the other side, 1.093x and 1.087x will need to be taken in order to demand reassessment of the core bullish view I have constructed over the past three months. I call this excessive generosity! All dips have been bough and those following are locked in with: (i) (ii) After this march towards the border, remember to create an appetite, the bull must start the day with a hearty breakfast of the late and weak sellers going overboard on the Macro side: We are sitting at the loading zone for year-end, for the flows and target-wise I am aiming for 1.16xx in Q420 and beyond 1.20xx into 2021. Invalidation for the trade will come in below the key support below and reassessment of the bullish view will only be necessary if we break through the gap from 2017 French Elections (both are highly unlikely to test now as USD devaluation has already begun via repo crisis). On the USD side, here we are tracking the Monthly chart in Dollar from an Elliot Wave perspective; after 15 years of the previous bullish USD cycle we are reaching the end of the road with the USD devaluation acting as the global reflationary valve: Good luck to those trading EURUSD in 2020 and already in longs or for those waiting patiently on the sidelines for the breakout to form. As usual thanks so much for keeping your support coming with likes and jumping into the comments!
Long
by ridethepig
4
ridethepig | EUR Market Commentary 2019.11.27With Trump Administration desperately attempting to add momentum to the $ downside via another Fed cut and pressure on ECB, combined with a convergence in US-EU differentials will lead to a long-term rebound in EUR. I am expecting volatility to expand into year-end after completing the 76.4% retracement. For those tracking the USD long-term chart from last month: From a waves perspective a very important year on the macro front which opened up the major monthly reversal targets: Initial monthly targets: 1.15 Long-term monthly targets: 1.20 Best of luck all those tracking EUR as we enter the final few pages in the year, and importantly, thanks all for keeping the likes and support coming.
Long
by ridethepig
ridethepig | EUR Market Commentary 2019.12.18Very little to update on EUR with flows on both sides clashing and causing minor chop inside the 1.11xx handle. Better numbers than expected from Germany this morning providing a gift for those adding on dips. A quick review of the two positions we have traded live so far with the infamous "worm in the apple". A quick review of these charts: As long as support at 1.110x holds I remain bullish looking for a break of 1.12xx to kill the year in FX markets. This will leave us in a very handsome position for the 2020 macro map: Good luck all those buying EUR dips... Thanks for keeping the support coming!
Long
by ridethepig
11
ridethepig | AUD Market Commentary 2019.12.17A good time to update the AUD chart-pack after the updates from a dovish RBA. Soft on wages and consumption with emphasis on outlook reassessment in Feb. Unless we see the domestic story pickup dramatically in Australia it will continue to keep AUD stuck in low gear. Support is found here at 0.685x and sizes I’m seeing should be enough to carry us towards the widely tracked 0.695x target: Buying dips makes sense... Bulls in full control: Macro Chart suggests a lot of upside for AUD: NZD dips are also starting to look more attractive: Thanks for keeping the support coming with likes, comments and etc. Good luck all those buying dips in AUD.
Long
by ridethepig
3
ridethepig | KRW 2020 Macro MapKorea's economy looks set to be forming a meaningful floor in Q4 and with a helping hand from a temporary pause in protectionism we should see KRW remain in bid for the first half of 2020. For the domestic story, Korean exports have fallen which spilt over to the demand side. With this in mind, should the USD devaluation / reflationary theme pick up pace for the first half of 1H20 it will mean repricing in KRW. On the monetary side, cuts are widely priced from BoK for January. Fundamental risks to the thesis com from US-China trade and the significance of USD devaluation. On the technicals, a textbook Steel Resistance has held at 1219.xx after completing an ABC target sequence. Very high odds a meaningful top is in place and invalidation to this count comes in above 1200. Thanks for keeping the support coming with likes, comments, questions and etc. Another round of 2020 FX maps coming over the next few sessions. For those wanting to dig deeper with the 2020 strategies: NZDUSD USDJPY EURUSD EURSEK USDCNY
Short
by ridethepig
ridethepig | MAJOR BREAKOUT IN PLAY FOR EURUSDWith Fed & ECB cleared a good time to update the EURUSD chartbook: We have positioned live in two textbook cases: For the technicals EURUSD remains rangebound till we break above the highs. Only a close above will suggest a more important base is in place and upgrade my thesis to a conviction. Plenty of resistance above the market, I see scope for 1.16 in 2020 but would expect this to attract some profit taking. Good luck to those trading EURUSD already in longs or for those waiting patiently on the sidelines for the breakout to form. Thanks for keeping your support coming with likes and jumping into the comments!
Long
by ridethepig
4
Large Swing In Play For USDINR in 2020Here we are tracking the 2020 macro map for USDINR, a high yielding EM currency. The expansion in volatility here will come from CB coordination, and being short USDINR which generally would also support a view for better risk appetite means it acts a great portfolio hedge for those looking for high carry. On the INR side, macro figures are starting to indicate further upside although still stuck in low gears. The tax cuts from the fiscal side doing some of the heavy lifting thanks to Modi (India's version of Trump). Inflation is subdue with a lot more slack left in the labour market and a cheap commodity board. Should investors see the deficit handled appropriately then all boxes are checked for capital flows into India. Demand for INR looks set to improve and combined with the USD devaluation theme it makes a great few months for INR to see some appreciation. Risks to my thesis come from US-China protectionism, private capex not picking up (low odds after the attractive tax cuts) and to a lesser extent if RBI push the INR down by accumulating.
UShort
by ridethepig
Several bullish signals for the SPYThe bullish signals in my mind include: 1) Today's surge through resistance 2) The Fed keeping the rates the same from yesterdays meeting 3) Strong recent jobs report 4) USMCA trade agreement announced. Even though our politicians are mud slinging and financially irresponsible children, they managed to help the American worker and economy for once this year. I wish I only had to accomplish one thing per year :D 5) I believe our orange Thanos will now be able to use USMCA to make a trade deal more attractive for China; this is speculation but possible.
AMEX:SPYLong
by Johnny_Nickles
UK election results and ECB decisionConcluding a year that saw the central bank take down its benchmark rate three times, the Federal Open Market Committee on Wednesday met widely held expectations and kept the funds' rate at the same level. The Fed is completely satisfied with the current state of things. As a result, markets do not expect any changes in the monetary policy until the end of 2020. The dollar was sold out following the Fed’s decision and Powell’s comments. Our position on the dollar today is unchanged - we are looking for points for its sales. Another promising position for today is pound purchases. General election 2019 polling day today Today, December 12. Its results can change not only the political situation in the country but also affect Brexit. Moreover, its influence can be quite diverse and even opposite. Detailed analytics on this issue is given in yesterday’s review. Here, we note that, in our opinion, the balance of threats/opportunities and profits/risks is biased towards profits and opportunities. Christine Lagarde faces her first real test at ECB debut meeting. The era of Draghi is over, but what Lagarde will remember is still unclear. If she decides to express her vision and strategy, movements may well be in pairs with the euro. As for the parameters of monetary policy, today we do not expect any changes. So today it’s worthwhile to be more careful with the euro, on the one hand, be more careful, and on the other, the euro may well get out of hibernation, which will provide opportunities for earning. And finally, a few words about the oil market. IPO Saudi Aramco the initial public offering is expected to raise at least $25.6 billion, making it the largest ever with a capitalization of $ 1.88 trillion. The oil market more than calmly reacted to this news. Nevertheless, so far our position on oil remains unchanged - we will continue to search for opportunities for oil purchases on the intraday basis.
by Trade24Fx
ridethepig | RUB Market Commentary 2019.02.12Here we go for a round of EM FX market updates and with Oil on the move first up USDRUB. After the doldrums of Thanksgiving liquidity is starting to enter back into play, although with market out of position there is no need to overload exposure. The USD tide is turning and clients here are pressing the buy side on RUB crosses to play the dollar sell-off. More activity coming with NY session, a good level to pick up offers as the cross drives through technical momentum at 64.3x. Best of luck all those in RUB
Short
by ridethepig
3
Expecting Weakness In Dollar Into Year EndA timely update to the Dollar chart after clearing Fed minutes. Nothing to update after the third cut, Fed front loading the DXY decline over the coming months and quarters. Firstly lets start with our Long-term Dollar chart: Mainstream media selling the orderly brexit resolution and reflationary growth rebound to strategically converge the gap with the US. This is on track to work, a master stroke which will weaken flows into US assets. EUR will benefit as collateral here with global yields higher it is going to squeeze the hand of the over leveraged US market, which will be the start of the turndown in US Equities: I also see EURUSD rallying next year: As widely expected since 2018... For the short-term flows, all eyes on 98.00 as the key level in play for the rest of the year. Expecting market to turn offer into year-end and I target the 96 handle with potential for USD to continue the decline well into 2020. Best of luck all those trading USD, jump into the comments with your ideas and charts!
TVC:DXYShort
by ridethepig
2
ridethepig | Buying Dips In Euro...A very good time to update the Euro chart after the infamous "Worm in the apple". For those who have not played before I highly recommend seeing the textbook examples from the playbook here: EUR holding well and failing to give anything back to bears after our flawless swing earlier in the week (but also not taking the widely mentioned key 1.11xx resistance). While its both unsurprising and clear that risk markets are less sanguine, perhaps what is surprising is the resilience the Euro has shown. For those macro players this is screaming loudly !!!! that FX positioning is changing into yearend and the flight to quality into USD is losing its importance . The technical jurisdictions are clearly mapped with 1.109x acting as resistance, if US data undershoots again today a break of the highs is in play. Those looking to add bullish exposure should track the 1.103x support. Remember we can comfortably lean on the long-term swing: I am expecting EUR to find a strong bid next year as we see a new chapter in growth differentials. This will act as a catalyst in the reversal of capitals flows from the euro area to the US and serve as support in EURUSD . The risk to the thesis comes from European growth flopping next year, investors will therefore expect lower returns from the euro area and therefore European assets would sell off, weighing heavy on the currency. Short-term threatening to enter into wide consolidation till year-end, price action eminent of strong support at current levels. I sense that a clean break of 1.11 is now being watched as the catalyst for fresh demand and am comfortable buying anything inside the 1.09xx handle, as opposed to chasing the breakout. Watching EURJPY through 120.70 for clues. Good luck to all those trading the buy side and today's data. Thanks for keeping the support coming with likes and comments!
Long
by ridethepig
5
ridethepig | USDJPY Market Commentary 2019.11.26Here we are trading USDJPY at the highs in the range with macro risk-off themes still remaining in play and unchanged despite how the local news is selling the extended bull market. On the monetary side, BOJ clearly have their hands tied with the ECB/FED coordination. To put simply, any BoJ easing will follow ECB/FED which will be positive JPY via risk factors. On the rate differential sides, UST and JGB continue the decline which still indicates lower USDJPY. Here I am tracking for the leg towards 100 and beyond as USD devaluation kicks in. On the technical side, tracking 109.0x steel resistance with 107.0x support holding the key to unlocking the swing towards 100.xx. Good luck all those holding $JPY ... a very interesting environment as we enter into year-end.
Short
by ridethepig
ridethepig | NZD 2020 Macro MapA good time to update the roadmap for NZDUSD as we enter into the final chapter of 2019. The market has been heavily short NZDUSD all year, pricing in further cuts from RBNZ, the anticipation of a dovish CB was short-circuited and we are starting to see a reduction in their short positions. This was evident in my previous post: From a strictly macro perspective, NZD is not expected to outperform however the housing market is showing signs of strength as collateral from AUD. I see room for markets to reduce further the over pricing of RBNZ cuts, which will support NZD in the short-medium term. On the USD side, as widely mentioned here and in the Telegram channel, USD weakness is reaching out theatres and will be even more evident in high-beta currencies like NZD. Those following will also know I am long NZD crosses, NZDCAD continues to make a lot of sense with CAD longs being unwound after the dovish BoC. Important to note 

key risks to this trade come from unexpected RBNZ intervention. Good luck all those planning FX trades into 2020. The environment is going to become increasingly difficult as investors position around US election risks, my 2020 FX outlook reports along with other strategy research in the coming weeks. 2020 is setting up for fireworks on the FX board with expectations and valuations starting to diverge and with late cycle concerns creeping back in through the back door to put the cherry on top. For those interested can send a PM on Tradingview.
Long
by ridethepig
ridethepig | CHF Market Commentary 2019.11.28USDCHF still caught in the tight range, patience and flexibility important here, range bound 1.002x - 0.984x with both parameters significant now, it looks like being a roller-coaster into year-end. EURCHF very strong support 1.093x - more inclined to buy dips and play from the long side. I still favour upside EURCHF but as people still cutting longs we are unlikely to progress significantly higher in short term. We are right back to our previous entry point and tracking exactly the same flows ... and by now I know all following here will know what to do at key resistance: Remember, we can comfortably lean on the long-term chart: and for those with a background in waves - we got stuck in severe chop within the same sequence: With two sides to the theme we are trading the large macro flows from widespread USD devaluation as a main course dinner, while CHF outflows are likely via "orderly Brexit resolution" which will go on to act as desert. Remember CHF is the lowest yielder in G10 FX, it's been mainly used as a funding currency for carry trades, if risk ticks high in 2020 we are going to have a textbook zig-zag in play. So the initial 'zig' (as seen above) coming from front-loaded USD devaluation into year-end/Jan, followed by decent CHF profit taking in February as those who used CHF to hedge Brexit begin to unwind. The major waterfall looks only to continue with momentum via US election risk and Brexit after the fact impacts (the kind you cannot heal from a political poll in the Times). In any case, thanks all for keeping the likes and support rolling. As usual jump in the comments with your ideas and charts !!
Short
by ridethepig
5
ridethepig | USDCAD 2020 Macro MapThis chart is for those mapping USDCAD over the coming Quarters; a clean and simple strategy targeting the lows of 1.27xx by mid 2020 before finding somewhat of a bounce back towards the 1.30xx handle by year-end. Main theme behind the flows is coming from dollar devaluation, I would recommend all to follow the Macro Dollar charts I have posted: The reflation theme which is a bi-product of the dollar devaluation will allow CAD to outperform in the immediate term. There are two sides to the currency pairs, rather than CAD strength in this move we are trading USD weakness. A wide range which is already starting to show signs of cracking the downside: Best of luck all those trading USDCAD into year-end with dollar devaluation underway, this is going to be a monster swing with fireworks on both sides.
Short
by ridethepig
4
Trump helps safe havens and puts pressure on the dollarYesterday against the positive comments from the US and China regarding trade negotiations, safe-haven assets were under pressure. That is not surprising. Recall our position on gold and the Japanese yen – is to buy, however, now we should trade with an eye to a possible surge of optimism in the financial markets against the background of breaking news from Washington. Nevertheless, such descents of safe-haven assets should be tried to be used for short-term speculative trading with small stops. Yesterday is a vivid confirmation of this. The meeting between Trump and Fed Chairman Jerome Powell provoked the sale of the dollar in the foreign exchange market and led to an increase in gold prices. The reason is Trump's comments on negative rates and a strong dollar, which were discussed at the meeting. So there is nothing new: Trump consistently opposed the strong dollar and ultra-low rates. So nothing extraordinary happened yesterday. Another important news is the information about the IPO Saudi Aramco - on the one hand, it is the largest public offering in history (company's capitalization), and in addition, this event is important for the oil market. So, $ 2 trillion of capitalization seems to remain in the dreams of the Crown Prince of Saudi Arabia. Preliminary estimates are $ 1.6- $ 1.7 trillion. Which, however, will still make the company the most expensive in the world. Regarding the situation in the oil market, despite the desire of the Saudis to conduct an IPO in the most favorable conditions (rising oil prices), as well as the continued decline in the number of active oil wells in the United States, we believe that current oil prices are close to extreme for of these conditions, which means we will sell oil both on the intraday basis and in the medium term. But do not forget about the stops. A breakthrough in negotiations between the US and China could provoke not only sales in safe-haven assets, but also an increase in oil prices. Our other trading preferences are unchanged - the Russian ruble can and should be sold. The US dollar is also interesting enough to open short positions, especially after yesterday's sales. The pound feels rather confident in the foreign exchange market in light of the growing confidence of the markets in the victory of the Johnson party in the elections, but we are interested in its purchases on the slopes, and not along the way. So we will wait until the pound is substituted, and only then buy it.
FOREXCOM:XAUUSDLong
by Trade24Fx
Powell breaks taboo & opens a Pandora's boxThis week Fed Chairman Jerome Powell was speaking to Congress. He the things that may modify the state of the foreign exchange market. It is not about the Fed rates and the monetary policy vector, but about problems that have been trying not to talk about, because attracting attention to them is a very risky idea. We are talking about the so-called “three Ds” which are major US problems and precisely because of which it can collapse into the abyss. They are Government Debt, Budget Deficit, Trade Balance Deficit. In our reviews, we have already mentioned that more than once. The markets preferred to remain silent about “three Ds” existence since this is a time bomb for the US economy It's only a matter of time before it detonates. The US debt exceeds GDP and reached $ 24 trillion, the budget deficit is about a trillion dollars a year, the negative balance of export surplus on an annualized basis has exceeded $ 0.5 trillion. These figures also tend to deteriorate, since the construction of the pyramid of public debt in such conditions is inevitable and sooner or later it will collapse. Sum up, the dollar and the US economy will be under ruins. Therefore the markets are trying not to think about it. However, this week, Powell upset the stability and attracted the attention of markets to the problems of public debt and budget deficits, noting that without their fundamental decision, the US won't help any Fed action. The current rate leaves very little chance for the action of the Central Bank in the event of a crisis. Powell admitted that this time the Fed is unlikely to be able to pull the United States out of depression, as it was in 2007-2009. Focusing on the “three Ds” is a very bad signal for the dollar. If the markets turn their attention to these problems, the dollar may begin a very protracted decline, the bottom of which is simply not visible from the current height. So, our position to sell the dollar has only received additional argumentation. It is worth noting the positive statistics on German GDP. Positive because the country escaped the recession and was able to demonstrate even minimal, but still GDP growth (0.1% with the forecast of -0.1%). The eurozone as a whole also showed GDP growth (0.2% with the forecast of 0.1%). In this light, the current price of the euro seems quite attractive for us to purchase it. The variation of the hundred points is permissible. Remember set up small stops. The pound ignored weak macroeconomic statistics (retail sales appeared worse than expected in the negative zone). Which once again confirms our recommendation to buy a pound at the earliest opportunity. The only threat to the pound is Brexit. But from this side, problems should not be expected until the election results are announced. So we continue to look for points to buy the pound. China showed weak data. Which again renewed the purchase of safe-haven assets. Nevertheless, buying gold or the Japanese yen you should be careful, since any positive news regarding the negotiations between the US and China may stimulate local sales in safe-haven assets.
TVC:DXYShort
by Trade24Fx
Morgan Stanley warns, Powell & inflation under scrutinyThe current week is full of informational events around the oil market. Which continues to play into the hands of sellers. Yesterday, for example, Morgan Stanley analysts warned that if OPEC + participants at their next meeting on December 5 do not announce a higher reduction in production (current volumes of 1.2 million barrels), then Brent quotes will drop to $ 45 (now the price is around 62). That is, the scale of the fall will be about 25-30%. The chances of a new agreement are small, since countries that are not members of OPEC + are increasing production, so it’s not worth counting on the fact that Cartel members will aloud another loses. Accordingly, the downward pressure on oil quotes in December may increase sharply. Recall that this week we revised our intraday asset position and again recommend oil sales. And a few words about the oil market, but in the context of our recommendation to sell the ruble. According to Saudi Aramco, the cost of producing a barrel of oil in Russia exceeds $ 40, two times more compared with Saudi Arabia, and in general, is one of the highest rates in the world (even higher than in the UK and the USA). That is, Russia is one of the most vulnerable countries in the world for falling oil prices. That is why we recommend the sale of the Russian ruble. Meanwhile, ZEW data for the Eurozone as a whole and Germany, in particular, show that economic expectations are still pessimistic, so yesterday's downward pressure on the euro is understandable. The pound reacted quite positively to the statistics on the labour market in the UK, but yesterday there were no strong movements in pound pairs. We continue to wait for news from the Brexit, but for now, there is none - we work with the pound without obvious preferences on the intraday basis - you can buy or sell it, also use the oversold/overbought time zones as guidelines. Today, the reason for the pound volatility jump may be inflation statistics. Given that at the last meeting of the Bank of England Monetary Policy Committee, two members spoke out in favour of lowering the rate, weak inflation data could well trigger a pound decline. We recommend using this for cheaper purchases. Also, data on consumer inflation will be published in the United States. It will be interesting in the context of the fact that in the evening Fed Chairman Jerome Powell will speak to the Congress. The markets are now very concerned about what the Fed is going to do next. The current consensus is a pause in the Fed's actions. But any Powell's allusions to the possibility of an early rate cut will almost certainly provoke a dollar sale in the foreign exchange market.
FX:USOILShort
by Trade24Fx
Uncertainties remain! Dovish statement We just received the 25 basis points rate cut. The market had already priced it in. Powell just released the statement. It seems to be a dovish one . He will start his speech at 2:30pm, where the market will try to understand the possibility of a 4th rate cut in December. The CBOE Fed tool has the 4th cut in December at 26%. We should see the yield curve steepen. ----- Economic reports GDP report was positive/neutral. ADP employment change headlines were good, but analyst are not happy reading into the details.
TVC:TNXShort
by dorfmanmaster