2015/02/27 TrendView VIDEO: Global View (early)
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TrendView VIDEO ANALYSIS & OUTLOOK: Friday, February 27, 2015 (early)
As noted on Wednesday, it seems like the battle between Agony and Ecstasy in the equities has been resolved in favor of the latter, even if that is more apparent in Europe and Japan for now. However, the still accommodative Fed in the form of Ms. Yellen’s 2-day Congressional testimony and Q&A should still be a supportive factor for the US equities as they lean toward a test of key lower near term support into the weekend (more below.) Of course, the other influence contributing to the friendly situation in the equities is the near term resolution of the EU-Greek loan agreement confrontation. While many would argue this is merely another bit of kicking the can down the road, the fact that Greece ultimately agreed to respect the previous deal while the EU (and other Troika members) allowed there should be some review of the strict austerity that was not working to address Greece’s indebtedness seems reasonable.
In any event, even though the economic data has been a bit weaker of late it has not assisted the govvies. This would speak of the government bond markets still remaining sensitive to the equities anticipatory bullish tone; and that is in spite of the bump the weaker govvies had after Ms. Yellen’s accommodative appearance began on Tuesday. Seemingly they are concerned about the potential for economic activity to pick up in spite of the mixed data of late. It will be very important to watch how the T-note and Gilt perform into their reinstated lower supports (more on that below as well.) For now the US GDP has been released since the video recording, as it was lower but a bit better than expected.
Video Timeline: It begins with macro (i.e. fundamental influences) discussion of the key factors noted above along with how much the global data has been mixed, even if Europe remains weaker than not. It also reviewed Chinese Advance Manufacturing PMI popping above 50.0, and as that was delayed by the Lunar New Year observations the final will be released this weekend. The only remaining data is Chicago PMI and Michigan Confidence.
It moves on to MARCH S&P 500 FUTURE short-term indications at 02:15 and intermediate term view at 04:30, OTHER EQUITIES from 08:30, GOVVIES analysis beginning at 11:30 and SHORT MONEY FORWARDS 18:00. FOREIGN EXCHANGE begins with the US DOLLAR INDEX at 21:15, jumping over to EUROPE at 23:50 and ASIA at 27:10, followed by the CROSS RATES at 30:10 and a return to DECEMBER S&P 500 FUTURE short term view at 34:40 for a final look and additional perspective. As this is an especially extensive analysis due to the need to discuss extended background factors, even more so than usual we suggest using the timeline cursor to access the analysis most relevant for you.
Authorized Gold and Platinum Subscribers click ‘Read more…’ (below) to access the balance of the opening discussion and TrendView Video Analysis and General Update. Silver and Sterling Subscribers click ‘Read more…’ (below) to access the balance of the opening discussion.