MARKET ANALYSIS:
Talking Points:
MARKET ANALYSIS:
- Well we are not sure it would have mattered what the FED Minutes said as Fixed Income continued it's march lower and Equities joined along.
- Like any good trader we will admit when we were wrong. The Market's reaction to the neutral minutes was unexpected by our as we felt the move was already priced in.
- Markets continued to sell off during the Asian session. Though we have seen a bit of a turnaround following the stronger than expected China PMI data.
- On the Econ docket today there is key Flash PMI throughout the E-zone. Good prints will knock Bunds and Euribor down even further.
LIVE ECON DATA:
Real Time Economic Calendar provided by Investing.com
SPEAKERS & AUCTIONS:
FED's Fisher, Treas. Sec Lew, Jackson Hole // 5yr Tips Auction
SUMMARY:
As our Technical Models across the board have projected - Short Fixed Income, Short Equities. Our Fundamental Model was considerably more cautious, regardless follow price action and that continues to trend driven. Aside from E-zone PMI there is not much today to turn the train around. However, Fisher is speaking and you can expect him to reiterate the party line that a reduction in QE does not mean higher rates..........right..........
GLOBAL MACRO THEMES:
FED Tapering in Sept / Debt Ceiling / Student Loans and Muni's Defaults / Eurozone Dysfunctionality / China Slowdown / Japan's Money Printers / UK Improving on higher inflation and falling wages / EM Slowdown in Full Swing
HEADLINES:
Summary: Oddly enough News Readership Algos must sense that writing about the Minutes was good for only a half hour after the event. With no other major themes in play the existing "Sell the Market" Trend should continue....
Today's Trading News:
Asian Stocks Drop as Fed Minutes Signal Tapering Support. - Bloomberg
Fed's hawkish message a lever for rates - CNBC
Goldman's(GS) FOMC Post-Mortem: "Tapering Likely In September". - hmmm I think Traderscheatsheet has been saying this for more than a month - welcome to the big leagues GS - Zerohedge
china-hsbc-pmi-jumps-most-3-years-miracle-expansionary-print - It makes non sense tell us where there is real growth in the world, NO EM, Not Europe, Some in the U.S - So how did it China's PMI jump to Expansion - Zerohedge
Good chart on the dangers of interest rate spikes: - Real Clear Politics
Asian Stocks Drop as Fed Minutes Signal Tapering Support. - Bloomberg
Fed's hawkish message a lever for rates - CNBC
Goldman's(GS) FOMC Post-Mortem: "Tapering Likely In September". - hmmm I think Traderscheatsheet has been saying this for more than a month - welcome to the big leagues GS - Zerohedge
china-hsbc-pmi-jumps-most-3-years-miracle-expansionary-print - It makes non sense tell us where there is real growth in the world, NO EM, Not Europe, Some in the U.S - So how did it China's PMI jump to Expansion - Zerohedge
Good chart on the dangers of interest rate spikes: - Real Clear Politics
Fed's hawkish message a lever for rates - CNBC
Goldman's(GS) FOMC Post-Mortem: "Tapering Likely In September". - hmmm I think Traderscheatsheet has been saying this for more than a month - welcome to the big leagues GS - Zerohedge
china-hsbc-pmi-jumps-most-3-years-miracle-expansionary-print - It makes non sense tell us where there is real growth in the world, NO EM, Not Europe, Some in the U.S - So how did it China's PMI jump to Expansion - Zerohedge
Good chart on the dangers of interest rate spikes: - Real Clear Politics
Global Macro News:
This is turning into the mess we all thought it would - Radioactive Leaks in Japan P - Bloomberg
Credit Swaps in U.S. Climb as Fed Minutes Support Stimulus Cuts - Bloomberg
U.S. Suspects Syria Used Gas. - WSJ
-in-most-states-welfare-pays-more-than-minimum-wage-job - FOX NEWS
spains-real-gdp-could-be-21-lower-reported - Zerohedge
This is turning into the mess we all thought it would - Radioactive Leaks in Japan P - Bloomberg
Credit Swaps in U.S. Climb as Fed Minutes Support Stimulus Cuts - Bloomberg
U.S. Suspects Syria Used Gas. - WSJ
-in-most-states-welfare-pays-more-than-minimum-wage-job - FOX NEWS
spains-real-gdp-could-be-21-lower-reported - Zerohedge
Credit Swaps in U.S. Climb as Fed Minutes Support Stimulus Cuts - Bloomberg
U.S. Suspects Syria Used Gas. - WSJ
-in-most-states-welfare-pays-more-than-minimum-wage-job - FOX NEWS
spains-real-gdp-could-be-21-lower-reported - Zerohedge
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