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Another Week, Another Oil Price Pivot
Another Week, Another Oil Price Pivot
Recent experience suggests the safest assumption about oil prices and bond yields is that they will pop and drop with reasonable regularity. In other words, lower prices/yields for a few days following friendly war-related headlines tend to give way to unfriendly headlines and a market reversal. Wash, rinse, repeat. The new week is starting off with unfriendly news and higher oil/yields. There's not much sense in attempting to dig any deeper on market analysis so far today.
Not The Rally We Expected, But The Rally We Got
| Time | Event | Period | Actual | Forecast | Prior |
|---|---|---|---|---|---|
| Monday, Aug 10 | |||||
| 3:00PM | Fed Hammack Speech | ||||
| Tuesday, Aug 11 | |||||
| 6:00AM | Jul NFIB Business Optimism Index | Jul | 97.8 | 97.4 | |
| 8:15AM | ADP Employment Change Weekly | 15.0K | |||
| 9:20AM | NY Fed Bill Purchases 1 to 4 months (%) | $5.179 billion | |||
| 10:00AM | Jul Existing home sales (ml) | Jul | 4.04M | 4.09M | |
| 10:00AM | Jul Exist. home sales % chg (%) | Jul | -2.4% | ||
| 11:30AM | 6-Week Bill Auction (%) | 3.640% | |||
| 1:00PM | 3-Yr Note Auction (bl) | 58 | |||
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