Eight months of dismal readings on durable goods orders. Make it 9?
I mean at some point durable goods orders need to bounce right? If only in some kind of one-off, seasonally skewed, meaningless bounce that's part of the regular ebb and flow?
The last good report on core durable goods orders (non-defense capital good orders ex-air, which is basically the only part of the report that really matters) was in June. After a couple middling months, the past six months have been negative. And that's in an economy that's supposed to be gaining steam.
Durable goods orders
This is a huge report. I wrote yesterday how this market is insanely tied to economic data.
The most straight-forward trade is simply the dollar. 'Go with' whatever direction this report points to.
Is there a skew?
The dollar has been beaten up a little bit over the past two weeks so a rebound might be in store. That said, the market is still in love with dollars so the better money to be made might be in something like euro longs on a protracted squeeze up to (and above?) 1.10.
