Gold futures have been very volatile to start the week thanks to multiple catalysts in the market. Futures initially fell yesterday as Swiss voters rejected a proposal to increase the central bank’s gold holdings. But then news broke that India, one of the world’s largest gold consumers, lifted trade restrictions on gold imports, causing futures to reverse […]
Sevens Report 12.2.14EIS
Sevens Report 12.1.14GBW
Sevens Report 11.26.14HTG
Sevens Report 11.25.14AQD
Sevens Report 11.24.14HSW
Global November Flash Manufacturing PMIs Chinese PMI 50.0 vs. (E) 50.2. German PMI 50.0 vs. (E) 51.5. EMU PMI 51.3 vs. 50.9. US PMI: 54.7 vs. 56.5. Takeaway The biggest disappointment in the data was the German PMI, which very surprisingly plunged to 50.0. This was the biggest negative of all the reports, although the […]
Time to Buy XLE? Fundamentally, the outlook for oil remains broadly the same: Waiting on OPEC. But, as we discussed earlier this week, most major energy companies are not aggressively shutting in aggregate production, as increases from profitable wells are offsetting shut-ins from high-cost wells. From a macro standpoint, pressure is mounting on OPEC, the […]
Sevens Report 11.21.14AFS
Housing Starts October Housing Starts were 1.009M (saar) vs. (E) 1.028M (saar). Takeaway The housing starts number was a miss on the headline but the details were actually good. As always with housing starts, the two key numbers are single family housing starts and single family building permits (which led starts by 3-6 months). Single […]