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Updated: 6 hours 20 min ago

Notes From Underground: Wow Unto Chair Powell

Jul 28, 2021
The previous blog post about President Lagarde painting the FEDERAL RESERVE into a corner OUGHT to be revealed tomorrow as there is expected to be no change in FED policy and I believe that Chair Jerome Powell will do his best to pose as dovish as possible. If there is a CHANGE it will be in the mix of the QE as the SOMA will be moved to cut MBS purchases and replace mortgages with longer-term treasuries. The purchases of longer duration U.S. debt would probably lead to an initial flattening of the curve but I advise caution to see how long that trade would hold. The last FED meeting led to a

Notes From Underground: Trade Complications (The Power of the Nation-State)

Jul 28, 2021
That headline is courtesy of Whitewave Trading, an interactive chat room in which high-powered analysis for traders generates some great trades and uses NOTES FROM UNDERGROUND to add a fundamental view. Monday’s Whitwave has this advice: “When and if they ever taper, I’ll turn over the trading card.” For those never on the trading floor this is in reference to going from the BLUE buy side to the RED sell side. In a follow up to last week’s blog post this makes perfect sense for as it seems that a critical indicator to an equity correction in the U.S. would begin with the FED actually moving

CQG Market Performance

Jul 27, 2021
This Microsoft® Excel Dashboard comes frontloaded with 30 Sector and Industry symbols. However, you can enter in whatever symbols you like using the Symbols tab. The long description of the symbol is displayed on the Symbols tab. Be sure to use “S.” before the core symbol, such as “S.MSFT” and always use capital letters. The dashboard has four charts: three histogram bar charts and an O-H-L-C bar candle stick chart with volume. The first histogram bar chart displays today’s net percent change ranked from high to low. This chart is using the Excel techniques described in this post. The second

Is December 2021 Corn Poised for a Breakout?

Jul 26, 2021
Since the May 7th high at $6.38/bu., CME Group December 2021 Corn futures have been trading in a sideways albeit large trading range with the $6.10-$6.38 area as resistance and $5.00-$5.15 area as support (See Figure 1 below). Recent ADX readings below 20 are confirming this market’s intermediate-term trendless action. Although classical technical analysis favors breakouts from sideways markets in the direction of the prior, longer-term trend (bullish in this instance), we tend to be agnostic regarding low volatility breakouts and favor bracketing December 2021 Corn with buy stops above $6.25

Market Summary: July 25, 2021

Jul 26, 2021
Petroleum prices gained for the first week in three despite opening the week with a 7.5% drop on Monday. The severe drop was due in large part to ongoing concerns of the delta variant of COVID-19 that has been resurgent in a number of countries including the US. Last week, OPEC achieved what it had originally hoped for two weeks earlier as the dispute essentially between Saudi Arabia and the UAE was resolved. Participants to the OPEC+ agreement will continue to increase output by 400 KBPD through 2022. The UAE will have the marker for its output adjusted in August of 2022. After Monday's

The Energy Bull Continues To Push Prices Higher

Jul 26, 2021
Commodity prices have been trending higher since reaching lows in March and April 2020. Over the first six months of 2021, a composite of the asset class was up over 20%. In May, lumber, copper, and palladium prices reached all-time highs. While the three industrial commodities corrected from their peaks, the bullish baton passed to another set of commodity futures. In late June, coffee rose to its highest price since October 2014 at over $2 per pound. Meanwhile, energy commodities have made higher lows and higher highs since reaching bottoms in 2020. NYMEX crude oil traded to its lowest

Judd Hirschberg Reviews Equity Indices, Sectors, FX and Commodities with CQG IC

Jul 22, 2021
Judd Hirschberg, President of WhiteWave Trading Strategies and the Financial Repression Authority, uses CQG IC to review equity indices, sectors, FX and commodities. Presented by Financial Repression Authority. ‌‍‍‍‍ CQG Integrated Client Get a 2-week free trial

What's new in CAST 2 v2.23

Jul 20, 2021
Various bug fixes Thanks for being a valued partner. We hope that these updates help improve your administrative workflow as we continue to improve your CAST 2 experience. Send us feedback on features that you like or want via our CQG Forums site CAST2 Help site Previous release notes The CQG CAST Team

What's new in CAST 2 v2.22

Jul 20, 2021
Various bug fixes Thanks for being a valued partner. We hope that these updates help improve your administrative workflow as we continue to improve your CAST 2 experience. Send us feedback on features that you like or want via our CQG Forums site CAST2 Help site Previous release notes The CQG CAST Team

Notes From Underground: Are You Ready When Delta Is?

Jul 20, 2021
I’ve been away minding my two Floridian grandsons (exhausting yet delightful). I did, however, have time to catch up on some reading, particularly W.E.B. Du Bois’s “Suppression of the African Slave Trade,” as recommended by Chris Whalen. Du Bois looks at how the large state-domiciled banks helped finance the importation of African black slaves. This is high quality prose written in 1896, a well documented and enlightening read about the politics of America at its early beginnings. We could all stand to learn from a genuine scholar rather than shouting at each other. Also, I followed up the Du

Notes From Underground: Notes From Underground: Are You Ready When Delta Is?

Jul 20, 2021
I’ve been away minding my two Floridian grandsons (exhausting yet delightful). I did, however, have time to catch up on some reading, particularly W.E.B. Du Bois’s “Suppression of the African Slave Trade,” as recommended by Chris Whalen. Du Bois looks at how the large state-domiciled banks helped finance the importation of African black slaves. This is high quality prose written in 1896, a well documented and enlightening read about the politics of America at its early beginnings. We could all stand to learn from a genuine scholar rather than shouting at each other. Also, I followed up the Du

Market Summary: July 18, 2021

Jul 19, 2021
Petroleum prices dropped for a second consecutive week and second in eight, falling by the largest amount since the week of March 26th. Prices did recover slightly on Friday. The resurgence of the COVID-19 virus with the emerging Delta variant, relatively soft inventory numbers that showed significant reductions in refined product demand in the week after the 4th of July holiday and what appeared to be lack of resolution among participants to the OPEC+ agreement all served to weigh on prices. OPEC will reconvene today to apparently re-establish an agreement now that the differences between

What's New in CQG Desktop Version 6.6

Jul 16, 2021
General Moved all HMS/OTC widgets into a new widget group Various bug fixes We hope that these updates help improve your trading workflow. We continually strive to improve your CQG Desktop experience. We invite you to vote for or enter features you want via our CQG Forums site. And see past release notes on our website. Happy Trading! The CQG Desktop Team Log on to CQG Desktop

The Roundtable Insight – Gerard Minack and Yra Harris on the Global Economy and Financial Markets

Jul 15, 2021
Gerard Minack, Founder of Minack Advisors, and Yra Harris on the Global Economy and Financial Markets.  Presented by Finacial Repression Authority. ‌‍‍‍‍ CQG Integrated Client Get a 2-week free trial

The Roundtable Insight – Peter Boockvar and Yra Harris on the Financial Markets

Jul 15, 2021
Peter Boockvar, Chief Investment Officer at Bleakley Advisory Group and Editor of The Boock Report, and Yra Harris discuss the latest news regarding finacial markets.  Presented by Finacial Repression Authority. ‌‍‍‍‍ CQG Integrated Client Get a 2-week free trial

Petroleum Market Summary: July 11, 2021

Jul 12, 2021
Petroleum prices eased for the first week in seven after briefly touching six-year highs as support derived from strong fundamental circumstances of rising demand and falling inventories was countered by a continuing rift between Saudi Arabia and the UAE that threatens OPEC+ cohesion. A rise in cases of the Delta Variant of the COVID-19 virus has emerged, posing a threat to anticipation of increasing demand primarily in Asian countries. Total commercial petroleum inventories in the United States fell by 9.9 MB. On the week, WTI and Brent fell by 0.8%, RBOB by 0.3% and ULSD by 1.1% in rather

Notes From Underground: Notes From Underground: A Question to Ponder

Jul 06, 2021
Do China and Russia have state authorities investing in the markets? If the answer is yes then global investors have many issues to consider. The use of massive amounts of leverage (perfectly legal) utilized by Sovereign Wealth Funds and national pension funds have the power to distort prices as much as the involvement by the FED, ECB and BOJ to cause major distortions in the credit markets. Add in the Bank of Canada, Reserve Bank of Australia, the RBNZ and the price of credit is as overvalued as COPPER during the onset of the pandemic. Learn more about CQG's solutions for financial markets

Market Summary: The Fourth of July 2021

Jul 06, 2021
Petroleum prices continued to increase as Crude rose for a sixth consecutive week, the longest such streak since December. A dispute within OPEC has extended their scheduled meeting into this week, tempering gains on Friday. All other key market drivers were positive as US Crude stocks continue to tighten, pushing WTI prices into further backwardation which has reached its highest level in three years. The outright price of Gasoline closed at its highest level since October 28, 2014. The average price at the pump for a gallon of Gasoline in the US is now $3.11 per gallon, a seven year high.

The Excel Waterfall Chart

Jul 06, 2021
Microsoft® Excel 2016 and higher offers the Waterfall Chart. The Waterfall Chart is also known as a bridge chart or a cascade chart. Typically, this kind of chart is used to see how positive or negative values in a data series contribute to the total. Here, the Waterfall chart is a data visualization technique to compare percentage net change for the current trading session of the 30 stocks in the Dow Jones Industrial Average®. The sample spreadsheet available at the bottom uses two forms for the Waterfall Chart. The first form is simply detailing the percent net change for the sesssion

Q2 2021 is in the Books - Commodities Continue to Post Gains

Jul 04, 2021
The raw material markets asset class moved higher in the second quarter of 2021 after posting gains in Q1. The commodity asset class consisting of 29 of the primary commodities that trade on US and UK exchanges moved 10.76% higher in Q2 than the level at the end of March and was 20.32% above the level for the year that ended on December 31, 2020. In 2020, the asset class moved 9.89% higher. In 2019 it gained 10.98%, but in 2018 the asset class lost 6.82% of its value. The overall winner of the 29 for the first quarter was the MGE wheat market that posted a gain of 42.24% in Q2 as dry