Weekly Chartfest

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Weekly Chartfest

US economic data:

Play Quizzes 4

Ism non-manufacturing came in at 55.3 vs 55.8 est., up slightly from 53.9 prior.

clostDurable goods +4% y/y.

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Consumer goods continue to struggle, weighed down by autos.

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Which continue to roll.

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Net charge offs are trending higher, which has historically been correlated to initial claims.

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Based on my leading indicator, the probabilities of these picking up pace are high.

clostAnd we are already seeing stress in recent vintages, as 2 year loss rates are the highest since ’08, and well above the ’06-’08 avg. clost

The financials seem like they are beginning to take notice as breadth deteriorates. Note: Fins are 33% of FY17 EPS growth.

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Libor has  recently taken a breather, as y/y rates are nearing the zero. clost

The flow of new credit also supports this assertion, as it typically leads economic growth by 9-12 months and turned sharply lower ~ a yr ago.

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This would mean these forecasts for Central Bank balance sheets are likely moving in the wrong direction.

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But equity investors continue to keep spoos bid.

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With positioning among leveraged funds & asset managers (e-mini, Dow, S&P, NDX) near the highest level since Oct. 2014. (via JPM / H/t @sunchartist)

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However, under the surface there is some worry.

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But not among retail, as TD Ameritrade’s barometer reaches a new high. clost

Foreign CB’s are still hungry for treasuries.

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But maybe there’s more demand.

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Falling yields have led to a divergence with global PMIs. clost

Likely due to the move in commodities, primarily copper.

clostWhich has been supported by Chinese measures. clostBut inventories remain high. clost

And credit creation is set to slow. clost

So let’s have some fun, and keep an eye on crude. clost

The post Weekly Chart Flow 9.10.2017
appeared first on Pervalle.

 

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