I've not much to say, other than I think that U.S. equities and bonds will continue to outperform the rest of the world markets (especially since the Mueller investigation is now closed, as AG Barr emphatically stated in his testimony before the Senate Judiciary Committee this past week)...that the slow melt-up continues, punctuated, periodically, by episodes of consolidation and minor pullbacks...watch for a strong U.S. dollar to support this. And, I doubt very much if the Fed cuts rates any time soon, as President Trump has suggested...not with the strong economy firing on all cylinders.
Inasmuch as other countries, such as Canada, have numerous trade messes with multiple countries that they're trying to sort out, without much luck, so far, and with their economies slowing, I don't see a growing world-wide slow-down abating anytime soon.
For example, German manufacturing PMI contraction continues to deepen for the fourth straight month, as noted below.
Major resistance for the U.S. dollar sits at 100.00 and major support at 90.00, as shown below.
So, basically, I've nothing significant to add to what I posted on March 26 and April 3, except to suggest keeping an eye on the market gauges mentioned therein.
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UPCOMING (MAJOR) U.S. ECONOMIC VENTS...
* Wed. May 22 @ 2:00 pm ET ~ FOMC Meeting Minutes
* Thurs. May 23 @ 3:30 am ET ~ German Flash Manufacturing PMI (watch for a hold below 50)...N.B. Jan. 24 PMI came in at 49.9, Feb. 21 PMI came in at 47.6, Mar. 22 came in at 44.7 & Apr. 18 came in at 44.5 (contraction mode deepens!)
* Wed. May 29 @ 2:00 pm ET ~ Beige Book Report
* Fri. June 7 @ 8:30 am ET ~ Employment Data
* Wed. June 12 @ 8:30 am ET ~ MoM & YoY CPI & Core CPI Data
* Fri. June 14 @ 8:30 am ET ~ Core Retail Sales & Retail Sales
* Wed. June 19 @ 2:00 pm ET ~ FOMC Announcement + FOMC Forecasts and @ 2:30 pm ET ~ Fed Chair Press Conference
*** Click here for link to Economic Calendars for all upcoming events
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