Morning 2-19

 Eurozone PMI data great for manufacturing but a touch disappointment for Services, the Composite PMI 3 year highs for EZ and Germany. Stocks did rally a bit. Chip maker AMT reported “outstanding results” and this pulling all Chip makers Higher worldwide. The tech sector in Europe +1.2% also travel and leisure sector +1.2%, European Bourse Higher on day Spoos =15 handles, Nasdaq +.5% but Russ+1% Rotation back? Aussie dollar having a day +1% as West bank forecasting Aussie 10 year yields to increase by end of year, GBP 3-year highs above 1.40 handle. I’m watching Dollar Index level of 90 ish    Long term trend is still down but short term is choppy sideways a break of 90 a confident break may re assert short term down trend. Dovish yellen yesterday not surprise all adding up to a bit of risk on so far today. A warning watch Yields they are kryptonite to further Stock gains.

 Copper on the Bid as a Goldman calling for higher prices due to More scarcity in Supply then initially thought, Copper +11% MTD higher by 2.5% today tin +2%  ish  as squeeze continues. Yields a touch higher   here and Germany.

 In Texas Ercot says Grid coming out of Emergency conditions today and saying sufficient power to serve load over Morning peak”-BBG also weather starting to return to Seasonal temps so hopefully worst behind for Texans. Nat gas LNG exports still hampered and oil production still not back to pre-black out levels, this is key point moving forward when will production be back too normal?


  • Deere boosted Earnings outlook.
  • Roku beat but warned on Slow outlook.
  • BidenG-7 virtual meeting today where he will pull back on America first policy.

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