EU Session Bullet Report – The Calm Before The Storm
EUR/USD Intraday: further advance. Pivot: 1.1115 Most likely scenario: long positions above 1.1115 with targets @ 1.124 & 1.131 in extension. Alternative scenario: below 1.1115 look for further downside with 1.107 & 1.1 as targets. Comment: even though a continuation of the consolidation cannot be ruled out, its extent should be limited. Gold spot Intraday: […]
EUR/USD: Inverted H&S, GBP/USD: Multi-Year Channel
The recent big moves in Forex markets created opportunities and interesting patterns on the charts. Here are the views from SocGen: Here is their view, courtesy of eFXnews: EUR/USD retested last March levels (1.0570/1.05) and also the multi decadal channel back in November after which it has embarked on a recovery. This week it has confirmed an […]
Hyperinflating Venezuela Used 36 Boeing 747 Cargo Planes To Deliver Its Worthless Bank Notes
The weeks ago, when we showed “What The Death Of A Nation Looks Like: Venezuela Prepares For 720% Hyperinflation”, we said that after looking at a chart of Venezuela’s upcoming hyperinflation… …a hyperinflation in which the soaring stock market has failed to keep pace with the collapsing currency, thereby mocking all erroneous thought experiments that […]
22 Signs That The Global Economic Turmoil We Have Seen So Far In 2016 Is Just The Beginning
As bad as the month of January was for the global economy, the truth is that the rest of 2016 promises to be much worse. Layoffs are increasing at a pace that we haven’t seen since the last recession, major retailers are shutting down hundreds of locations, corporate profit margins are plunging, global trade is […]
Germany To Enforce A €5,000 Limit On Cash Transactions
The German people do not have to worry about their taxes rising because of the Greeks; the refugees are whom they should worry about. Now the German government is joining the rest of the crowd and preparing to move electronic. They will look at introducing a limit of €5,000 euros on any cash transaction to combat money laundering […]
EUR/USD And GBP/USD Forecast – February 5, 2016
EUR/USD The Euro rallied during the session on Thursday, finally clearing the resistance barrier that had been causing this market to consolidate for some time. Because of this, looks like we are ready to go higher but with the Nonfarm Payroll Numbers coming out today, it’s very likely that the markets will have quite a […]
Explaining Gold’s Relative Expensiveness
In the blog post “Some gold bulls need a dose of realism“, I noted that relative to the Goldman Sachs Spot Commodity Index (GNX) the gold price was at an all-time high and about 30% above its 2011 peak. I then wrote: “Rather than imagining a grand price suppression scheme involving unlimited quantities of “paper […]
Crude Oil Bottoms And Blues
Crude oil prices have dropped from about $106 in June of 2014 to briefly under $30 in January of 2016 – down about 74% peak to trough.This appears to be an on-going disaster for oil companies, the banks who loaned money to frackers, oil exporting countries, global stock markets and others. Conventional wisdom suggests that […]
Europe: This Support Better Holds, But It’s Not Looking Constructive
This is a short update on the European markets. The two key indexes in Europe are the German DAX (the largest German companies) and the Euro Stoxx 50 (the largest European companies). Both indexes have a very similar chart setup. In sum, this setup does not look very constructive. There is certainly a possibility of […]
ConocoPhillips: A Cautionary Tale From The Oil Patch
ConocoPhillips (COP) announced Q4 and full year 2015 financial results on the morning of February 4, 2016. The news included a capitulation to the on-going deterioration of business conditions in the oil patch: COP slashed its dividend by two-thirds: “ConocoPhillips (NYSE: COP) today announced it is taking actions to maintain its strong balance sheet in response to […]
