Ruby Tuesday

In a stunning development, prices are falling on Comex option expiration day.

29
Tue, Mar 26, 2019 - 10:42am

It's truly a Ruby Tuesday as we have red across the board this morning.

And why? Well, the stage was set overnight for a pullback and now it has come with slightly higher US rates and US$, along with a green "stock market". However, we were up $21 following the FOMC last week and now we've given back about 1/3 of that.

But again, why? It's not as if the US economic news has suddenly improved. Today's datapoints had to do with the housing market and they were dismal:

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Key Economic Events Week of 5/20

5/20 7:00 pm ET CGP speech
5/21 10:00 ET Existing Home Sales
5/22 2:00 ET FOMC minutes
5/23 9:45 ET Markit PMIs
5/24 8:30 ET Durable Goods

Key Economic Events Week of 5/13

TWELVE Goon speeches through the week
5/14 8:30 ET Import Price Index
5/15 8:30 ET Retail Sales and Empire State Manu. Idx.
5/15 9:15 ET Cap. Ute. and Ind. Prod.
5/15 10:00 ET Business Inventories
5/16 10:00 ET Housing Starts and Philly Fed
5/17 10:00 ET Consumer Sentiment

Key Economic Events Week of 5/6

5/9 8:30 ET US Trade Deficit
5/9 8:30 ET Producer Price Index (PPI)
5/9 10:00 ET Wholesale Inventories
5/10 8:30 ET Consumer Price Index (CPI)

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