on the road

market vibes

May 14…)

“Our battered suitcases piled on the sidewalk again; we had longer ways to go.” Jack Kerouak

There are no economic data releases today. The DOE will report the nation’s petroleum inventories and industry stats at 10:30 EDT. Survey expectations are small draws in crude and products.

In the News

There is very little worthy journalism today, other than Trump’s trip, Trump’s new jet, Trump’s tax bill, Trump’s pressure on Iran and NATO, plus other Trump-related trivia. A few silly editorials on equities, one of them calling this rally in stocks “the August 1982 of our time.” Biden’s final days seem to have captured the human interest corner, competing with the Harvard (Trump again) feud.

It’s Wednesday and hump day, chilly and rainy in the northeast.

In the Markets

A smattering of dollar FUD; the Won is higher (chart below with relative weakness of USD vs. TWD and JPY). The trends look obvious.

DXY is on its butt again. BBG thinks Trump’s next move is a weak dollar policy, which poses the question: how will he do it? Not rates. Over Powell’s dead body.

Even so, and despite the rally in select equities on the Nasdaq, FX flows east seem to be trending dollar negative. There is a nice pop in Yen and Euro futures today … from a very deep sell-off recently. I would say DXY failed in the void.

The relic in a precarious position on tap this morning, then oil teetering at the top of a rip, stocks ready to rotate, and bitcoin steady on the highs, plus a few lines in the vibe about coming and going… here we go!