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Today's Economic Data Docket - PPI, No Volume Melt Up

Tyler Durden's picture




 

With no major newsflow out of Europe, and no notable economic news in the US (except for PPI), we assign a probability of 99.9% to another no-volume melt up (absent news flow, because any news is bad news) as HFTs bid up every offer while collecting rebates, afterwards getting petted behind the ears for doing Brian Sack's work.

8:30: Producer Price Index (July): Moderate gains. We forecast that the July Producer Price Index (PPI) rose by 0.1% (mom) after declining by 0.4% in June. Commodity prices edged up in July, according to the Goldman Sachs Commodity Index (GSCI), with gains in energy and metals offsetting a further decline in agricultural prices. We forecast that the core PPI rose by 0.2% (mom), down slightly from a 0.3% gain in June. Vehicle prices have been lifting both the PPI and the Consumer Price Index (CPI) in recent months, and will be an important component to watch in this morning’s report.
PPI: GS: +0.1%; Consensus: +0.1%; Last -0.4%.
Core PPI: GS: +0.2%; Consensus: +0.2%; Last +0.3%.

11:30: Treasury will auction a $20.0 billion 12-day CMB to raise all new cash, or the surge in Bill issuance is here
 
13:20: Dallas Fed President Richard Fisher on Fed functions and monetary policy.

 

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Wed, 08/17/2011 - 07:56 | 1568294 cossack55
cossack55's picture

Gotta love revoking natural laws, like, I don't know,.....gravity.

Wed, 08/17/2011 - 08:00 | 1568298 Dick Darlington
Dick Darlington's picture

Just look at the dollar, equity melt up guaranteed.

Wed, 08/17/2011 - 08:10 | 1568315 Paralympic Equity
Paralympic Equity's picture

I just can't wait for the flat/better YoY data coming due to the base effect to the last years between QE1 and QE2 time.

There will be titles like, economy getting up, etc.

Wed, 08/17/2011 - 08:14 | 1568324 Lady Heather...UNCLE
Lady Heather...UNCLE's picture

...this looks like a set-up from hell. My guess is equities dump, dollar rallies. Equity shorts jump on train ...and then...tomorrow or Friday, equities rally sharply. A 100pt up on the 500. Disclosure: no index equities possie but bidding large at 1178. Short Euro at 1.4445. So yeah am talkin' my book, but that is kind axiomatic I guess

Wed, 08/17/2011 - 08:15 | 1568327 Lady Heather...UNCLE
Lady Heather...UNCLE's picture

...not 100 pips in 2 days of course, but over the course of...

Wed, 08/17/2011 - 08:22 | 1568347 oogs66
oogs66's picture

yeah, feels like a slow motion melt up day

Wed, 08/17/2011 - 09:36 | 1568618 Smiddywesson
Smiddywesson's picture

I don't believe it is a set up.  If TPTB want to offset the bad days with a low volume melt up, they have to take advantages of low volume no news days.  They have to capitalize on all opportunities with this much bad news.

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