Recap 1-13-14


Here’s some Monday morning quarterbacking:

Deleveraging trades started gaining momentum on Friday with the bond rally. USDJPY joined the partly early this morning, followed by equities this afternoon. On the S&P, watch the ~1812 level:

So far, this seems to mostly be a positioning driven move, so I’m not expecting a big move further. Larger corrections usually need a story or a ‘reason,’ and so far there isn’t a good one, although markets have a tendency to create their own ‘reasons.’


  • BoC Business Outlook Survey:

  • Iran – Iran has agreed to start eliminating its stockpile of higher levels of enriched uranium on January 20 under an interim deal announced in November, the White House said Sunday – CNN The country will get the first $550MM of blocked funds (out of $4.2B total) on Feb 1 – Reuters

Upcoming Data:

  • Mon: Japan Eco Watchers Survey
  • Tue: France, CPI, UKPPI, US Retail Sales
  • Wed: Empire Mfg, Core PPI, UK RICS House Price balance, Australia Employment
  • Thu: US CPI, Jobless Claims, Philly Fed, NAHB Housing Market Index, Bernanke Speaks