From the desk of Joe Rios
Last week we witnessed a wild ride for stock indices as volatility rose with US Treasuries, helping interest rate yields to tumble. Wednesday the stock indices dove lower intraday but only to rebound following comments from St. Louis Fed President Bullard suggesting the last cut in QE3 should be delayed because of continuing low inflation expectations. Stocks continued to regain losses by the end of the week as Treasuries traded lower from the highs helping the US Dollar stabilize. In the commodity space Crude Oil prices fell from a peak above 107 in June breaking down the key 80.00 level but seemed to stabilize by the end of the week.
In the week ahead I will continue to focus on corporate earnings and guidance. Earning season kicked off with a strong start with robust numbers being reported across the S&P 500, Dow Jones and Nasdaq. Most sectors have beaten expectations for sales and earnings. However I don’t think earnings will be enough to sustain the recovery that started on Friday. We may continue to see volatility until the next FOMC meeting on October 31st. I will also continue to pay attention to the correlations between the US 10 Year Note, S&P 500, Gold and the US Dollar.
Chief Market Strategist
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Monday
8:30 AM CAD Wholesale Sales
10:00 AM USD FOMC Member Powell Speaks
8:30 PM AUD Monetary Policy Meeting Minutes
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Tuesday
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8:30 PM AUD CPI
Wednesday
4:30 AM GBP MPC Official Bank Rate Votes
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5:00 PM AUD RBA Gov. Stevens Speaks
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