Home > July 2017 > July 13, 2017 Yellen is Dovish and us Bears get killed…hey China Copper Imports down 7% YoY

July 13, 2017 Yellen is Dovish and us Bears get killed…hey China Copper Imports down 7% YoY

July 13th, 2017

Well everyone is taught to buy everything that is Tech, REITS, etc except for FAST (down 2%) on a drop in bond yields. The Bots did and we had another massive rally. But how long can this continue? China Copper Imports stayed at the same level as May and has been showing continued weakness. Tonight Shanghai Futures didn’t rally ala 2009 with dovish fed talk. Our futures are up about ,15% in the third hour of the Europe Session. VIX is down to 10.12. Gold is up .15%. Aussie is on a Central Bank High of .84% against the USD. Yet, the Euro is actually weaker to the USD which is a bit strange. Oil is down .68%. DXY is flat.

July 2017

  • Trading_Nymph

    Reuters..BEIJING, July 13 (Reuters) – China’s imports of copper and copper products for June were unchanged with May at 390,000 tonnes, according to Reuters calculations based on official data, reflecting a decline in refined imports this year.

    China imported 2.23 million tonnes of copper in the first half of this year, down 18.4 percent compared to same period last year, official data showed on Thursday. For the first five months of the year, China imported 1.840 tonnes of copper.

    June’s monthly figures were also down by 7 percent on the 420,000 tonnes in the same month of last year.

    China has imported less refined copper this year amid tough restrictions on dollar-denominated credit, and as buyers turned instead to cheaper scrap metal after a recovery in copper prices prompted a flood of scrap into the market earlier this year.

  • Trading_Nymph

    From FAST conf call (I was a little bummed that CEO didn’t give US Economic comments like he has done before)…Yes, I’m really explaining sort of a component, if you will. Because again we would still expect the mix to be a drag. Seasonality can sort of historically suggest that Q3 margins are flat to maybe slightly down. And then we did have everything kind of move our way this quarter. And so as you move into Q3, yes, I think that there could be some incremental pricing that slips into Q3 before the costs catch up as you get into Q4. But how does that seasonality play out this year? Do some of these things that went our way this quarter, is it more of a balanced mix of pros and cons in the next quarter? It’s really difficult for us to say. I don’t see anything that is not sustainable over time with respect to what we’re doing with the gross margin, but it’s really hard for me to look at Q2 and understand the pieces with so much depth at this point to be able to give you a real, real concrete indication of where the quarter is going exactly.

  • panther341

    Draghi coming to and speaking at Jackson HOle. And bonds sold off everywhere/ LOL http://www.marketwatch.com/story/treasury-yields-tick-higher-after-jobless-claims-ppi-2017-07-13

  • panther341
  • panther341

    And here is the problem with the Dow Jones Industrial Average: Boeing adds more than JPM takes away, because it is weighted by stock price and not market cap. http://www.marketwatch.com/story/boeings-stock-rally-adds-more-to-dow-than-jp-morgans-decline-erases-2017-07-14

  • panther341

    bonds after this morning’s inflation numbers. LOL

  • panther341

    China on Monday – also Hong Kong. Europe mixed on Monday.

    copper up over 1%.

  • panther341

    after hours Monday we had NFLX earnings. after 5 minutes: NFLX up $15 and Nasdaq 100 futures up 7.50. Even the SPX futures are up on NFLX numbers.

    CNBC says NFLX up on strong guidance, but the report was also good. In the past Reed Hastings has blown the conference call but I think he has gotten smarter in his “old age”

  • panther341

    I didn’t check his numbers …. but this was from Monday after the close:

    Tim Knight‏ @SlopeOfHope
    20 minutes ago

    If you thought today was as boring as *((*^&^&, you weren’t imagining things – Volume in the S&P 500 ETF (SPY) was its lowest in TWELVE YEARS

    Apparently ZH agrees. http://www.zerohedge.com/news/2017-07-17/bonds-bullion-bitcoin-bid-stocks-dollar-hit-doldrums

  • Trading_Nymph

    it is cuz all of Bears were under our beds..lol…ouch.

  • Trading_Nymph

    GDP beat

  • Trading_Nymph

    me too..and there are so many copycats now out there.