Remember the algo-ignited, six sigma anomaly that sent 10-year yields down 30 bps in seemingly no time flat on the morning of October 15? Well despite the CFTC’s contention that it was “just a high volume day” without “any break in liquidity,” the Center for Financial Stability is out with a new report which cites the Treasury flash crash as a glaring example of what happens when an increasingly illiquid market collides head-on with “herding investment behavior.”
From the CFS:
On October 15, the deepest and most liquid market in the world demonstrated a six standard deviation move in less than two hours, a move that happens once in 506,797,346 days! It is impossible to suggest that this supersized move in the US Treasury market was due to downward assessment of economic expectations. Economic expectations shift weekly – if not daily. Clearly, a shift in the structure of the US Treasury market and substantial reduction of private sector market makers is at the core of recent complications. Similarly, this issue extends well beyond simply the sovereign debt market for US securities, as a result of the interconnectedness among markets and the unique role for Treasury debt as benchmark securities. To be sure, a sustained “flash crash” in the world’s leading fixed income market could readily unleash a pronounced slowdown of the global economy, or worse.
Put simply, excessive (and incessant) Fed meddling has fundamentally altered the market structure, creating all types of strangeness (the 2-, 5-, and 10-year all special for example) and in the process of sucking collateral from the system, the central bank has made things far more precarious. Recall what Bloomberg had to say about this back in October:
The amount of U.S. debt available to trade at one time without moving prices as of October has plunged 48 percent to $150 million since April, according to JPMorgan Chase & Co.
As the CFS report goes on to point out, the lack of liquidity in the market is readily observable by way of data on various shadow banking conduits. Incredibly, liquidity has plummeted by nearly half since the eve of the crisis:
…the reduction of market finance is excessively steep. The CFS measure of market finance is down a stunning 46% in real terms since its peak in March 2008! This phenomenon starves financial markets from needed liquidity and is detrimental to future growth by exposing the economy to potentially unnecessary shocks.
Even more alarming is the following table which shows that shadow banking has contracted for 82 consecutive months…
…and here’s Bloomberg again, with DB’s take:
A Deutsche Bank index that gauges liquidity by the three-month average size of daily dealer transactions in Treasuries relative to the variability of the 10-year note yield during that period is down to a reading of about 25, from over 500 in 2005. The current level is close to the low of about 19 at the depth of the financial crisis in 2009.
The problem isn’t confined to government debt. CFS also notes that the veritable dearth of liquidity in the secondary market for corporate paper (presumably related to regulation ostensibly aimed at eradicating prop trading) could lead to an “accident”:
…a recent report by BlackRock highlights how “the secondary trading environment for corporate bonds today is broken.” Data suggest that diminished corporate bond liquidity is in part due to limited participation by market makers. For example, debt holdings by primary dealers are down by 80 percent since a peak in October 2013. These examples signal that the probability of an accident is high and the stage is set for an adverse event meeting with an outsized impact on markets and possibly economies.
We predicted this 18 months ago, when we warned that “the slightest gust of wind, or rather volatility, threatens to shut down the secondary corporate bond market, which already is running on fumes.”
Of course the last thing you would want to see in this type of environment is a scenario wherein non-human actors are all programmed to move in exactly the same direction at exactly the same time, thus exacerbating the already amplified (thanks to the illiquidity issue) impact of a market-moving event. Thanks to the rise of the machines (a fifth of electronically executed Treasury trades will be executed by robots this year), we have precisely that, as even the zen masters at Bridgewater are starting an artificial intelligence unit. As we noted previously, “it seems that everyone has forgotten [what happens] when all the machines chase down the same rabbit holes?”
Perhaps the ultimate irony in the whole thing is that a Fed policy (i.e. QE) designed explicitly to stamp out tail risk (i.e. a three standard deviation move), is beginning to create six standard deviation moves in the space of just hours. Throw in the unintended consequences of new regulations and a growing legion of lightning fast (if often hapless) robots and you’ve got the makings of a truly impressive meltdown.
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Stuart Gulliver, the boss of HSBC, grumbles that publicly owned businesses are now being held to a higher standard of behaviour than bishops. A more apt comparison might be medieval monks, given the self-flagellation that the London-based banking giant has felt obliged to perform in the wake of a tax-dodging scandal. It has run grovelling, […]
Back in 2013, Elon Musk laid out his dream of developing a mass-transit system which could propel capsules carrying humans at high speed through a series of low pressure tubes. That dream now seems closer to reality than ever. Hyperloop Transportation Technologies (HTT) – a crowd funded startup – has reportedly secured a stretch of […]
At one of Target’s shops in downtown Chicago, one recent weekend, customers congregated in the electronics department and the area that sells towels and bedding. Upstairs, the women’s clothes department was almost deserted. A quick examination of its stock revealed why: dowdy dresses, garish sweaters and jackets that any reasonably fashion-conscious woman under 60 would […]
NXP Semiconductors, a big chip manufacturer, is near a deal to acquire a smaller peer, Freescale Semiconductor, in a cash-and-stock transaction, people briefed on the matter said on Sunday.
An agreement could be announced as soon as Sunday evening, …
Actually, all I’m thinking is that the alligators & crocs have been around much longer than governments have [on this rock]…
My money is on the alligators & crocs going #FOARWARD
Frankly ~ the artists rendition is neither an alligator, n…
Chesapeake Energy Corporation (NYSE:CHK) posted fourth-quarter results for fiscal year 2014 (FY14) on Wednesday. The company missed consensus earnings estimate, while beating the revenue estimate. The crude oil and natural gas company posted a quarterly profit of $586 million, or 81 cents per share. For the same quarter last year, Chesapeake had reported a net […]
(Reuters) – NXP Semiconductors NV is close to a deal to acquire smaller peer Freescale Semiconductor Ltd in a $40 billion cash and stock merger that will reshape the semiconductor industry, according to two people familiar with the matter. NXP is finalizing a deal to pay a little over Freescale’s $11 billion current market capitalization, […]
A fledgling electric vehicle (EV) maker from the US, Tesla Motors Inc (NASDAQ:TSLA) is starting to grow some wings. From selling only a few thousand Model S units back in mid-2012, when the four-door electric sedan was first launched, the Palo Alto-based automaker has gone on to sell more than 30,000 EVs in 2014. And […]
Over the last few months, Yellen repeatedly stated that lower oil prices were “positive” for the US economy. This is simply astounding because the Fed has repeatedly told us time and again that it was IN-flation NOT DE-flation that was great for the economy.
And yet, repeatedly, the head of the Fed admitted, in public, that deflation can in fact be positive.
How can deflation be both positive for the economy at the same time that the economy needs MORE inflation?
The answer is easy… Yellen doesn’t care about the economy. She cares about the US’s massive debt load AKA the BOND BUBBLE.
Yellen knows deflation is actually very good for consumers. Who doesn’t want cheaper housing or cheaper goods and services? In fact, deflation is actually the general order of things for the world: human innovation and creativity naturally works to increase productivity, which makes goods and services cheaper.
However, DEBT DEFLATION is a nightmare for the Fed because it would almost immediately bankrupt both the US and the Too Big To Fail Wall Street Banks. With the US sporting a Debt to GDP ratio of over 100%… and the Wall Street banks sitting on over $191 TRILLION worth of derivatives trades based on interest rates (bonds), the very last thing the Fed wants is even a WHIFF of debt deflation to hit the bond markets.
This is why the Fed is so obsessed with creating inflation: because it renders these gargantuan debt loads more serviceable. In simplest terms, the Fed must “inflate or die.” It will willingly sacrifice the economy, and Americans’ quality of life in order to stop the bond bubble from popping.
This is also why the Fed happily talks about stocks all the time; it’s a great distraction from the real story: the fact that the bond bubble is the single largest bubble in history and that when it bursts entire countries will go bust.
This is why the Fed NEEDS interest rates to be as low as possible… any slight jump in rates means that the US will rapidly spiral towards bankruptcy. Indeed, every 1% increase in interest rates means between $150-$175 billion more in interest payments on US debt per year.
If you’ve ever wondered how the Fed can claim inflation is a good thing… now you know. Inflation is bad for all of us… but it allows the US Government to spend money it doesn’t have without going bankrupt… YET.
However, this won’t last. All bubbles end. And when the global bond bubble bursts (currently standing at $100 trillion and counting) the entire system will implode.
If you’ve yet to take action to prepare for the second round of the financial crisis, we offer a FREE investment report Financial Crisis “Round Two” Survival Guide that outlines easy, simple to follow strategies you can use to not only protect your portfolio from a market downturn, but actually produce profits.
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The Samsung Galaxy S 6 Edge in Green Emerald.Credit
Updated, 1:11 p.m. | BARCELONA, Spain — Samsung has often been accused of being a clever copycat. In the case of its new flagship Galaxy S phones, announced Sunday at the Mobile World Congress in Barcelona, Spain, Samsung has created phones that unquestionably borrow on the most appealing elements of the iPhone. But they also stand out with their own impressive design twists.
The Samsung Galaxy S 6 and Galaxy S 6 Edge have a more iPhone-like naming convention: Galaxy S becomes the brand name, with the 6 tacked on after a space. Theyâ€™ve been redesigned all in glass, dumping the removable plastic back cover that many complained felt cheap. The phoneâ€™s interface is simpler, thereâ€™s a greater emphasis on the camera and the fingerprint sensor, and Samsung announced that mobile payments would soon come to the phones in force.
Sounds a little like an iPhone 6, right? But the Galaxy S 6 and S 6 Edge are no mere clones, and the S 6 Edge in particular brings a new style that actually makes the iPhone look conventional by comparison.
Samsung also announced a new version of its virtual reality headset, the Gear VR, to complement its new phones.
That phone features a curved screen that wraps down along each side of the phone for a sort of infinity pool effect. Samsung introduced the idea of the curved display with its Note Edge, released last year.
At the time, it was more a proof of concept than anything, and indeed, the curved sides donâ€™t add significant functionality. Thereâ€™s an alarm clock mode — a low-power display that shows the time and date on the curved edge, which is nice on a desk or by the side of the bed. You can add a list of contact shortcuts to the side screen as well, and since the display is curved on both sides, it can be customized for righties or lefties.
But the curved screen doesnâ€™t really demand much extra functionality, because itâ€™s just so nice to look at. With the Galaxy S 6 and the S 6 Edge lined up next to each other, the S 6 almost disappears — you canâ€™t keep your eyes off the Edge.
Thatâ€™s not to take away from the S 6, which gets its own design-oriented overhaul. Both phones are noticeably thinner and a bit lighter than the previous models, and the glass bodies are made of Corning Gorilla Glass 4. The S 6 has a much thinner bezel than the S5, which also helps enhance the look of its screen.
The Samsung Galaxy S 6 in Blue Topaz.Credit
Samsung told me the phones should be durable enough to withstand a casual drop, although it will release a line of cases — including a translucent back case — for extra protection.
The translucent cases are designed to show off the phonesâ€™ colors. Each model will be available in black sapphire, white and a sort of pale gold that I found much too flashy. But the S 6 can be had in a rich blue, and the S 6 Edge in a truly lovely emerald green, and both of those colors make the phones look more like jewelry than electronics. They are extremely fancy — and the prices are likely to match.
In another convergence with the iPhone, the Galaxy S phones now come in three storage configurations: 32, 64 and 128 gigabytes. As a result, Samsung has eliminated the SD card slot, so you canâ€™t expand your own internal storage — and it also means three price points. Samsung wouldnâ€™t specify pricing, but told me the 32GB model was expected to start at the same price as the previous Galaxy S5.
That was about $200 with a new contract for most people. If iPhone pricing is our guide, the 128-gigabyte model could cost as much as $400 with a new contract. The cheapest iPhone 6, however, has just 16GB of storage with no expandable memory, so the low-end Galaxy S 6 may prove a better value.
Samsung argued that not many people actually used SD cards to expand the storage in their phones, but the lack of options may frustrate some. And the all-glass design also takes away another big benefit of Samsung phones: the ability to swap out the battery. Samsung phone users often carry spares, and since battery life degrades over time, a decaying internal battery could mean you may have to replace the phone sooner.
The Samsung Galaxy S 6 Edge in Gold Platinum.Credit
In terms of specs, the Galaxy S 6 and S 6 Edge are top of the line, with a new 64-bit processor, and increased and also more powerful internal memory. Samsung said it believes its active-matrix organic LED display boasts the worldâ€™s highest resolution (a claim that is hard to verify before other devices have been announced), and added that it is 20 percent brighter than the Galaxy S5.
To take advantage of that high-resolution screen, Samsung also announced a new version of its Gear VR virtual reality headset. The Gear VR works by plugging your phone — previously only the Note 4 was compatible — into the VR goggles and using the screen as the virtual reality display. The new model will allow the S 6 to fit in the goggles, and the higher-resolution screen should reduce what’s known as the “screen door effect” where you can see space between individual pixels while watching virtual reality video.
The company also emphasized camera improvements. The 16 megapixel rear camera now has an improved lens and full-time optical image stabilization to make it perform faster and capture brighter, sharper images. The front camera goes from 2 megapixels to 5 megapixels, and thereâ€™s a new feature called fast-tracking auto focus that promises to make it easier to get in-focus shots of a moving subject.
In a particularly welcome change, you can now double-tap the home button on the phone to quickly launch the camera from any app or if the phone is locked.
The phones support wireless charging, using Samsungâ€™s own accessories or most of the mats that you sometimes see in places like Starbucks. And the fingerprint sensor has been improved; instead of having to swipe down to unlock the phone, you simply hold your finger or thumb on the sensor (yes, like on the iPhone).
That fingerprint sensor will eventually power Samsungâ€™s other big announcement: mobile payments, arriving on the S 6 and S 6 Edge, but not until summer. The feature is called (what else?) Samsung Pay, and will be based on the technology Samsung acquired in February when it bought the mobile wallet company LoopPay.
Samsung Pay, when itâ€™s released, may be usable at more locations than Apple Pay or even Google Wallet, because the technology it uses for mobile payments can work over near-field communication (NFC) like Apple Pay, but can also mimic a traditional magnetic stripe card swipe.
That means Samsung Pay could theoretically be accepted at more stores — including those that havenâ€™t yet upgraded their terminals to either NFC or the new chip-and-PIN terminals that will eventually do away with the card swipe. The company says it has teamed up with American Express and Visa and is working with major banks to get them to accept its payment system. Other details were sparse.
Samsung has recently struggled to keep buyers interested in its steady stream of new Galaxy models. The S5, for example, didnâ€™t seem to add much over the S4. But with the Galaxy S 6 and Galaxy S 6 Edge, Samsung is moving in a beautiful and powerful new direction, and has indeed created something that looks and feels new and different.
Its high prices might deter some, but the Galaxy S 6 accomplishes something important for Samsung: Itâ€™s a flagship phone that finally feels like a flagship.
While it will hardly come as a surprise to many, especially those who have followed the historic collapse of the Baltic Dry index to levels which, all else equal, signify a global depression of epic proportions…
… and which led South Korea’s Hyundai Heavy Industries, the world’s largest shipbuilder, to report a $3 billion loss in 2014, the recent comments of the CEO of the world’s largest container-shipping group, Maersk Line, should put things into perspective, especially for those who say that the Baltic Dry is no longer indicative of anything but massively dry-bulk ship overbuilding and excess supply (some 8 years after the past cyclical peak).
Unfortunately, as Søren Skou, Maerk’s CEO, admitted when he warned that global trade growth could slow this year from recent 4% growth ratnes, as Chinese, Brazilian and Russian economies disappoint, the Baltic Dry is still not only relevant and accurate but telling the real story of global growth, or lack thereof.
As the FT reports, container demand rose by about 4% in both 2013 and 2014 and Maersk Line, the Danish group that ships about 15% of the world’s seaborne freight, expects it to increase 3 to 5% this year. Actually make it 3%. Or lower.
“I’m personally more towards the low end of that,” Søren Skou, Maersk Line’s chief executive, told the Financial Times. “Growth from a historical perspective is quite sluggish. It has a huge impact for us as an industry.”
Furthermore, in the ongoing debate whether the collapse in crude prices is due to excess supply or a global contraction, this is what the world’s biggest shipper thinks: Mr Skou called the halving of oil prices in the past year “a net positive for container growth” but nonetheless said the opposing forces were potentially greater.
In other words, yes supply isn’t helping, but it is the lack of global demand that is pushing equilibrium levels lower, aka global deflation.
“The economies in Europe are still very sluggish. Brazil, Russia and China: those three economies used to drive a lot of growth, and right now we are not really seeing that to the same extent. The only real bright spot is the US, and even the US is good but not great,” he added.
Well, yes, because as even economists finally figured out, it is once again snowing in the winter.
Back to the Maersk CEO whose comments are seen as a good indicator of global trade as it carries goods and products between Asia, Europe, the US, Africa and Latin America: we learn that following what was supposedly the “hottest year on record” it snowed pretty much everywhere too, and what we, and Goldman, both said about the world being in contraction now is validated when looking at trade volumes:
He said that it was always hard to interpret the first quarter because of the Chinese new year but added: “To my mind volumes were sluggish. There is nothing in container volume numbers that suggest that the global economy is just on the verge of starting a new growth trend.”
Why is 4% growth (and certainly lower) important? Because just like 7% is roughly the growth number that China needs to hit every year to avoid social “disturbance”, anything below this and suddenly you are talking mass corporate bankrutpcies due to oversupply, and a race to the pricing bottom by companies all of which are massively levered (in fact, as we have shown on numerous occasions, corporate leverage is the highest in history once more):
“Before if you acquired too much capacity you could kind of work your way out of it. In a 4 per cent environment capacity decisions take on a different perspective if you get it wrong. The good old days aren’t coming back,” he added.
And yet the biggest paradox, or perhaps most logical outcome, of all this is that just as margins are about to be squeezed across the entire global supply chain, the healthier companies are now rushing to do what the oil driller are doing, and overproduce, in the process pushing prices even lower in hopes of putting marginal companies, and those which don’t have access to cheap and easy funds, out of business. Call it the Amazon effect, only here one is dealing with net debt leverage of 3x, 4x or higher. To wit:
Despite the warning, Maersk is about to order new ships for the first time since 2011 when it bought 20 Triple Es, then the world’s largest vessels capable of transporting the equivalent of 18,000 20-foot containers.
Mr Skou said a decision would be made between April and June with the likelihood that more Triple Es would be ordered, possibly slightly modified to take up to 20,000 containers. Maersk has said it needs the new ships to help it maintain its market leadership up until the end of the decade.
So with global demand lower as a result of slowing trade, and with Maersk about to boost ship supply even more, the result will be an even more aggressive drop in cargo and haulage prices as the deflationary wave hits yet another industry, in the process forcing seaborne transportation to be the latest to succumb to deflation, which for the highly levered sector means even more defaults are imminent now that China no longer is pumping nearly $4 trilion in total new credit every year.
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It’s jobs week in America, which means we’ll get a crucial update on the health of the US economy. However, the investing world will continue to spend some time unpacking Warren Buffett’s 2014 letter to Berkshire Hathaway shareholders, which was published on Saturday. Among other things, Buffett revealed some old mistakes. Costly mistakes. Here’s your […]
The logo of Freescale Semiconductor Inc is seen at the entrance of the plant in Toulouse, southwestern France, April 24, 2009.
Credit: Reuters/Jean-Philippe Arles
WESTERWIJTWERD, Netherlands (Reuters) – Dutch church bells that for centuries have tolled to warn of floods across the low-lying countryside are sounding the alarm for a new threat: earthquakes linked to Europe’s largest natural gas field.
Everyone has their reasons for wanting to work on Wall Street. For Julissa Arce, an undocumented immigrant from Mexico who worked her way up from intern to VP at Goldman Sachs, the reason was simple: “I thought if I had a bunch of money I would be accepted.” Arce, who spent seven years at Goldman and structured […]
By Toby Sterling
WESTERWIJTWERD, Netherlands Sun Mar 1, 2015 4:05pm EST
1 of 5. A view of a gas production plant is seen in ‘t Zand in Groningen February 24, 2015.
Credit: Reuters/Michael Kooren
WESTERWIJTWERD, Netherlands (Reut…
Once the lone warrior in the upscale electric vehicle (EV) market, it seems competition for Tesla Motors Inc (NASDAQ:TSLA) is now growing by the day. This past Wednesday, European automaker Volkswagen AG’s (OTCMKTS:VLKAY) Audi AG launched the 2016 version of its popular sports car, R8, and also announced that an all-electric version of the two-door […]
Yes, we were in London, taking care of business. Now, we’re back in Buenos Aires. We’ve tried medication. We’ve tried prayer. We’ve tried heavy drinking – all in an effort to understand how our crazy money system works. And where it leads.
You’d think it would be easy. It’s just Central Banking 101, no? Well, no. It is squirrelly… and diabolically subtle. We doubt anyone understands it – especially those who are supposed to control it.
The basic unit for the system is a kind of money the world has never had before: the post-1971 fiat dollar. It’s paper money – worth as much as people think it is worth … and managed by people who think it should be worth less as time goes by.
Photo via Pixabay
Who are these people? Who do they work for? You might say they are “public servants.” But that implies they are working on the public’s behalf. Nooooo sireee…
They are employees of a banking cartel that is owned by private banks. These banks have a license to lend money into existence, earning interest on their loans.
It is no surprise that their share of US corporate profits has risen fourfold since President Nixon ended the quasi-gold standard Bretton Woods system. What a business! Their cost of goods sold is next to nothing. A few strokes on a keyboard and millions… billions… heck, trillions… of dollars are created.
As our friend and economist Richard Duncan points out in his book The New Depression, the amount of liquid reserves banks have to hold against their loans is now so small they provide “next to no constraint” on the amount of credit the system can create.
Banks just have to maintain a certain “capital adequacy ratio.” This restricts their lending to a multiple of their equity capital (money provided by their shareholders). Of course, money is valuable only as long as there is not too much of it. The market can absorb a little counterfeited money. But there’s a limit. And that limit has been greatly increased, thanks to:
Without these unique circumstances, central banks’ irresponsible policies – ZIRP and QE – would probably have caused inflation to rise to the double-digit range already … maybe higher.
Proof of Richard Duncan’s contention: prior to the crisis, a negligible amount of bank reserves “supported” trillions of dollars in outstanding bank credit. QED, reserves actually don’t matter anymore in the “fractionally reserved” system. However, it is still necessary to understand the money multiplier theory in order to fully grasp how the system works – click to enlarge.
The authorities must feel like a college student who has found his professor’s exam questions. He knows he’s going to get away with something…
And since there are about 1 billion people who live on $1 or less per day, central bankers expect to get away with a lot more. Not only that, but also they’re lauded as heroes for it.
And now there’s no further need to worry about how much governments borrow. Central banks buy governments’ bonds… hold them on their balance sheets… return the interest payments… and the whole thing will be forgotten. And when those bonds expire, central banks can use the repaid principal to buy more government debt!
In effect, today’s raft of central bankers is doing something previous central bankers could only dream of doing: printing money without causing inflation. Politicians, too, are enjoying this once-in-a-lifetime opportunity for recklessness. They will be able to do what none could do before: borrow money without paying it back. We have not seen it in the press yet, but it should be coming soon. Commentators and kibitzers are bound to urge Germany to lighten up:
“Why should Greece have to repay those loans, anyway? Where did the money come from? It didn’t come from German taxpayers. It came from nowhere, like all the rest of the world’s money. And so what if it isn’t repaid? What difference will it make? None.”
Unfortunately, it will make a difference: Even though most of the money was created ex nihilo, Greece’s liabilities are offset by assets someone owns. That “someone”, quite involuntarily, are the taxpayers in other euro nations. The above cartoon illustrates quite nicely how “helpful” money printing is to the economy.
Duncan, whose analysis of liquidity levels at Macro Watch helps us understand the effects of QE, believes central banks should – and will – buy 100% of government bond issuance… and then simply set fire to them. Too much government debt? Problem solved…
Hallelujah! Hallelujah! Nirvana for public finance has arrived. Heaven has come for politicians. Who says there is no such thing as a free lunch? We doubt that either the public or Congress has fully come to terms with this. We’ve just realized it ourselves. But eventually they’ll start lining up.
Budget restraint will be yesterday’s worry. Government debt will be written off and forgotten. The feds will be eating breakfast, lunch and dinner on money that never existed… and never will be paid back. But wait? Is that too good to be true?
Yes, it is too good to be true. If central banks really were to set fire to all government debt, this would happen. The illusion that money is “backed” by something with value, however ephemeral, would be irrevocably shattered.
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Here are my key levels in May Silver for March 2nd as we have proprietary fusion trading numbers & consolidation numbers and major matches levels as these numbers are updated daily on fusion pre-market planner for more information on a subscription please feel free to contact us at info@FTZfutures.com as our pre-market
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SI 03/02/15 FTZ Numbers
Daily Weekly Monthly
Up Target 1688 1760 1999
Resistance 1670 1692 1765
Pivot 1656 1651 1680
Support 1632 1596 1595
Down Side Target 1594 1473 1363
SI 03/02/15 Consolidation Numbers
Daily Weekly Monthly
Up Target 1780 1961 2058
Resistance 1722 1860 1956
Pivot 1670 1691 1860
Support 1628 1478 1638
Down Side Target 1560 1336 1441
Si 03/02/15 Key Major Levels
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If you are looking for a futures or option broker feel free to contact Jr Stegmueller at 815-806-9571 and I will be more than happy to help you with your trading or visit www.ftzfutures.com Skype
Address: coyotes6900 Mr. Stegmueller is taking on new client
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