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Trade Idea of the Day Presented by: Momentum Trading with RaginCajun

Trade Ideas For Thursday

Oil names continue to find their way onto my screens inside Exodus. Today, the system is flagging: EMES, DO, WFT, ESV, NE, KMI, & RRC. Let’s see if oil can peak it’s way above $50, if so, game on... Read More

Spectacular 7 Year Auction: Record Indirects, Soaring Bid To Cover

After a strong 2 Year on Tuesday, poor 5 Year on Wednesday we close the week with the Treasury's sale of $28 billion in 7 Year paper in what can only be described as a spectacular auction. The high yield priced at 2.084%, stopping 2bps through the 2.104%, the biggest gap between the two going back to January 2016. The Bid to Cover was a whopping 2.733, the highest going all the way back to November 2012. But it was the internals that were most impressive: showing some nervousness in recent auctions, Indirects took down a whopping 81.7%, the highest on record and 10% higher than last month. That left only 9.63%...

Crashing Canadian Mortgage Lender Bailed-Out By 321,000 Retired Ontario Healthcare Workers

With Canada's housing bubble imploding amid the collapse of the country's largest mortgage lender, it was no surprise that a bailout had been orchestrated, and now we know the source of the $1.5 billion 'loan' - 321,000 retired healthcare workers in Ontario. As we noted yesterday, the stock of Home Capital Group cratered by over 60%, its biggest drop on record, after the company disclosed that it struck an emergency liquidity arrangement for a C$2 billion ($1.5 billion) credit line to counter evaporating deposits at terms that will leave the alternative mortgage lender unable to...

NAR: Pending Home Sales Index decreased 0.8% in March, up 0.8% year-over-year

The Pending Home Sales Index, a forward-looking indicator based on contract signings, declined 0.8 percent to 111.4 in March from 112.3 in February. Despite last month's decrease, the index is 0.8 percent above a year ago. The PHSI in the Northeast decreased 2.9 percent to 99.1 in March, but is still 1.8 percent above a year ago. In the Midwest the index declined 1.2 percent to 109.6 in March, and is now 2.4 percent lower than March 2016. Pending home sales in the South rose 1.2 percent to an index of 129.4 in March and are now 3.9 percent above last...

Coffee Carnage Crushes Hedge Funds Amid Record Bullish Positioning

The 'smart money' was disastrously wrong... Having piled herd-like into near record-high bullish positions in Robusta futures (used in instant coffee) over the last year...Hedge funds face coffee carnage this week as the price for the commodity collapsed over 13% in the last 6 days...The biggest bloodbath since July 2011...As Bloomberg reports, while the market is facing a third annual shortage, more supply from key growers has eased concerns about short-term tightness and cut price gains in the past year to 22 percent. The slump over the past week pushed prices below both the 100-day and 200-day moving averages...

Philly Fed: State Coincident Indexes increased in 45 states in March

From the Philly Fed: The Federal Reserve Bank of Philadelphia has released the coincident indexes for the 50 states for March 2017. Over the past three months, the indexes increased in 45 states, decreased in three, and remained stable in two, for a three-month diffusion index of 84. In the past month, the indexes increased in 45 states and decreased in five, for a one-month diffusion index of 80. Note: These are coincident indexes constructed from state employment data. An explanation from the Philly Fed: The coincident indexes combine four state-level indicators to summarize current economic...

Treasury Sells $34 Billion In 5Y Paper In Ugly, Tailing Auction At Lowest Yield Since November

After yesterday's stellar 2Y auction, moments ago the Treasury sold $34 billion in 5 Year paper in what can only be described as a quite ugly auction. The high yield printed at 1.875%, which maybe because it was the lowest stop since November's 1.76%, drew far less bidside interest than yesterday's auction. It also tailed by 0.7bps to the 1.875 When Issued. The internals were just as ugly, with the Bid To Cover slumping to 2.34 from last month's 2.37 and the 6 month average of 63.5%, and the lowest since July 2016. With Directs...

New Home Prices

As part of the new home sales report, the Census Bureau reported the number of homes sold by price and the average and median prices. From the Census Bureau: "The median sales price of new houses sold in March 2017 was $315,100. The average sales price was $388,200." The following graph shows the median and average new home prices. During the housing bust, the builders had to build smaller and less expensive homes to compete with all the distressed sales. When housing started to recovery - with limited finished lots in recovering areas - builders moved to...

Gold Imports Into China via Hong Kong Double

Gold bullion imports into China via main conduit Hong Kong more than doubled month-on-month in March, data showed on Tuesday as reported by Reuters. China’s net-gold imports via Hong Kong more than doubled in March to 111.6 tonnes. Chart not updated as official data not publicly available yet. Source: Goldchartsrus.com Net-gold imports by the world’s top gold consumer through the port of Hong Kong rose to 111.647 tonnes in March from 47.931 tonnes in February, according to data emailed to Reuters by the Hong Kong Census and Statistics Department...

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