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Today's Economic Docket: Just More Headlines
There are no notable economic events today so just like Noda, we will be watching, watching, watching those headlines and pretending to intervene if the world does not go our way. If that fails, we will spread rumors and demand that the US assist us in weakening reality whose moves have become too one-sided.
08:30: The Chicago Fed National Activity index for July will probably remain consistent with a slowing trend in growth. This indicator does not get a lot of market attention, but analysts like it for its ability to signal changes in the economy. Bloomberg's forecasting survey has a median forecast of -0.48 with a range from -0.56 o -0.40.
11:00 : Today's POMO - The Open Market Desk will buy nominal Treasury coupons in the 11/15/2021 - 08/15/2041 maturity range.
11:30 : Treasury will auction a combined $56.0 billion of 3- and 6-month bills.
Sources: GS, SMRA, Zero Hedge
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Gonna be hard to ram through QE3 if the market just melts up this week.
there just has to be some shock and awe in the markets this week. dow to 9,600.
Don't fight the Chinese and the Fed if they are both working at bring down the dollar gradually!!!
QE will continue on a steady basis into the next term of the next President. Conditions in the equity markets do not matter.
All mondays have shades of black in them from here on out. Quiet days, dull days but any one can explode into a deep, dark black.
Like today. Last week's tremendous tension suddenly seems dissipated? Maybe this is geo-political risk week, last week was bank liquidity crisis week.
Good to be merely observing at thsi point, not playing.
Vivek (ORI)
http://aadivaahan.wordpress.com
This week is Jackson Hole week. Bulls are waiting ready for their next bucketful of easing.
The dollar has to go down another 20% for the deficit, sovereign debt and bank problems to be brought back into control. This puts Gold at $2500. No need to worry. This is a no-brainer.