We are kicking this week off torching metal hoping we can take advantage of an uptick in the steel market, but our eyes are on on of the biggest weeks of the first part of the year:
First, the week after the Chinese New Year, where is copper (screen shot) and where is the Yuan to Dollar. Already we see…….
Second, for us in manufacturing, where is the ISM Manufacturing Index? The expectation is 48, which signals contraction, and it would be down from 48.4 in January. This will tell us what this sector, so important to scrap metal is trending.
Third, Wednesday 230 Fed meeting. Anything other than a .25 rate increase to 4.5-4.75 will shock the market in either direction. It’s not the decision its what is said in the press conference that really moves markets. Will we get guidance on the terminal rate? Will we hear how long they will be at these higher levels, that’s what we are looking for.
Fourth, Unemployment number out on Friday. Projection is 3.6 up slightly. If it goes higher this will be good for the market because it will signal that the Fed doesn’t have to tighten more to raise unemployment.
Fifth, earnings. according to the calendar some massive companies reporting earnings and this can move stocks. GM, Caterpillar and other industrials are reporting and this moves markets, so that’s huge for us. Staying on top of this and rumors like Lucid’s rumored investment from Saudi Arabia (Pic of Isaiah at Lucid) really move the needle.
So we’re processing metal and looking at trends (shot of you all in the office) in a huge week ahead this week, and we will let you know what we find out!
Big week, maybe the biggest of the first part of the year
Fed Press conference
