Tuesday Like A Monday

Tue, Sep 8, 2020 - 10:37am

A long three-day US market holiday weekend comes to an end and, with it, The Summer Doldrums. But you'd never know it by the "market" action today as it's another day of a sharply higher POSX leading to lower Comex metal prices.

Jeezo. This is really getting old. All that matters is the rising POSX. Help from a rally in bonds? Nope. A safe haven bid from a falling "stock market"? Nope. Lower real rates? Nope. Just The Pig. That's it. Everything else is insignificant.

And just so you appreciate how annoying this is on a relative basis....As I type, the cash POSX is up 74...

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Key Economic Events Week of 5/3

5/3 9:45 ET Markit manu PMI
5/3 10:00 ET ISM manu PMI
5/3 10:00 ET Construction Spending
5/3 2:20 ET Chief Goon Powell
5/4 8:30 ET US Trade Deficit
5/4 8:30 ET Factory Orders
5/4 1:00 ET Goons Daly and Kashnkari
5/5 8:15 ET ADP jobs report
5/5 9:45 ET Markit service PMI
5/5 10:00 ET ISM service PMI
5/5 12:00 ET Goon Mester
5/6 8:30 ET Productivity and Labor Costs
5/6 10:00 ET Goon Kaplan
5/7 8:30 ET BLSBS

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