Here are some good articles from over the weekend and I will also get you updated on all the key events and earnings to look forward to for the week.
It looks like traders are getting (and have been) long commodities during this recent run. Bloomberg has more.
Bloomberg also has an interesting article with comments from Italian PM Monti to Germany about Europe’s future.
This is an article from Der Speigel with comments on ECB’s action from last week.
Speaking of the ECB…one of my favorite blogs to visit is BBH’s Marc Chandler. Here is his latest on the markets reaction to the ECB last week.
For those of you who are interested in China’s recovery (that should be everyone reading this, btw), here is a Reuters’ piece that sums it up.
On the calendar this week we start off with Monday, the Fed Chairman will be delivering a speech called “Economic Measurement.” Late Monday night we have the RBA rate decision. Tuesday we have CHF CPI, GBP Manufacturing Production, CAD Building Permits and Ivey PMI. Late that afternoon the Fed Chairman is speaking again and may get some audience questions. Wednesday morning GBP Inflation report, and then later tat evening NZD then AUD will have Employment numbers. China will also have CPI. Also sometime that evening JPY will have their Monetary Policy Statement. Thursday morning US and CAD both have Trade Balance. US will also have the weekly Unemployment Claims. Later that evening AUD will have RBA Monetary Policy Statement. Friday morning GBP will have PPI and then CAD wraps up the week with their Employment Numbers.
We are in earnings season and I will not list every company reporting, but here are some highlights: Monday we have CF, CHK and TSN. Tuesday we have DIS, CVS and ESRX. Wednesday is M and RL. Thursday is KSS, NVDA, JWN and DV. Friday JCP wraps up the week.
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E-mini’s are pushing a major resistance and the RSI below looks set to break higher too.
AUD/JPY is at the “golden” Fibonacci level. If that clears the equity markets (globally) could follow.
Copper bounced off the major trend line and neckline (Monthly H&S)
USD/CAD could challenge longer term triangle at .9935
EUR/USD showing some USD weakness coming in the near term. The 50% retracement coincides with inverted H&S target.