Tuesday, 3 July 2012

10am update - need more caffeine to stay awake

An even more duller day than expected so far.

Factory orders:  +0.7%  vs -0.7% previous  - a little above expectations.


sp'daily5, 4mth

Transports, daily

*look at the weakness in the tranny. So far, its the last index yet to break the FOMC peaks. From a cycle perspective, the MACD will very likely be rolling over by Friday.


There is talk the ECB might cut rates on Thursday, so that might be a problem for those bears shorting ahead of the holiday.

More talk on clown channel of disappointing jobs data to come this Friday. They quoted one target of 40/45k. Its almost as thought they are trying to 'soften up' the viewing sheep for a lousy number <50k. Consensus remains 90k, whilst I'm seeking somewhere around 30/35k.

Moody skies here in the city...

More later...