Hi Folks.
Last week, as a part of my alerting everyone to the Renko-HMA, I sent out a brief analysis on the news as it was scheduled on the Forex Factory Calendar. Turns out a lot of people liked that and asked if I could send out a short synopsis on how I thought the market would react to this week's news events.
Since I do this for myself on Sunday afternoon or Monday morning, I said I would be happy to share if anyone really cared.
So here is what I see happening this week in terms of economic news scheduled during the New York session:
Monday: There is literally nothing scheduled, morning or afternoon, news wise. 2 Fed clowns speak at 12:50 and 1:00 p.m. respectively. Given the zero news climate from earlier, it may generate at least a little price action if one or both say something stupid (or honest). No way to know that until after it happens.
Tuesday: Nothing firmly scheduled in the morning but there is a floater: the RCM/TIPP Economic Optimism Report, which usually comes out after 10 a.m. eastern but not at any specific time. It also usually has little impact on any of the charts. So basically no news today.
Wednesday: Wholesale Inventories (a non-event) at 10 a.m. eastern, Crude Oil at 10:30 and a Fed clown speaking at 11:00. A meaningless report and another Fed clown speaking in the afternoon. Very low probability either will cause any sort of price disruption.
Thursday: Unemployment claims at 8:30, NatGas at 10:30, a floating Mortgage Delinquencies number (no set release time given). None of those have any sort of history of making the markets move. At 1:01 p.m. the 30 year Bond Auction takes place. This may cause some prices to move, particularly in Gold and the Indices, but by the time we see this number it's too late to do much about it, unless the first number is significantly higher or lower than the last auction, in which case we may see some sustained buying or selling based on the market's belief that interest rates are staying put or going higher (with a very small nod towards the possibility they could drop at some point in the near future). If the number stays the same as last month, it may turn out to be nothing.
Friday: Bowman from the Fed speaks at 9:00, Preliminary Univ. of Michigan Inflation Expectation and Consumer Sentiment numbers drop at 10, Barr from the Fed speaks at 1:30.
All in all, this is a LOUSY week for scheduled news. It may take something drastic, like yet another war starting up somewhere (smart money says Taiwan but don't rule out that lunatic in N.K. pushing a red button and starting something somewhere) or a major bankruptcy filing to generate enough action to make the trades worth the risk.
My plan is to add smaller Renko charts next to my Big Number Renkos and watch them both. As much as I love 80-100 point Gold trades, I'll take a bunch of 20 point winners if that's all the market is willing to hand out this week.
Jeff
