(The Weekly Digest reproduces the morning capsules made available every morning before the market open in the Real Time Feeds to the paying subscribers. )    CHINA HALTS DEVALUATION, WEAK EUROZONE GDP, AND HOTTER INFLATION August 14, 2015 China has temporarily halted yuan devaluation.  It set the reference rate slightly higher indicating that yuan can also appreciate.  It appears that several banks were buying large quantities of yuan at 6.40, presumably on behest of PBOC.  This means that at least for today PBOC does not want yuan to fall below 6.40. Eurozone Q2 GDP came at 0.3% vs. 0.4% consensus. 

(The Weekly Digest reproduces the morning capsules made available every morning before the market open in the Real Time Feeds to the paying subscribers. )  EMPLOYMENT REPORT DISAPPOINTS PESSIMISTS August 7, 2015 Non-farm Private Payrolls came at 210K vs. 220K consensus.  However, whisper numbers were much lower.  Going into the report pessimists were running up gold, silver, and bonds.  After the report, gold and silver are retreating.  After first pulling back, bonds are becoming much stronger. In our analysis, the reaction of the bond market is misplaced and about half of it is the result of short covering. Oil is

(The Weekly Digest reproduces the morning capsules made available every morning before the market open in the Real Time Feeds to the paying subscribers. )  MARKETS CHEER IN UNISON EMPLOYMENT COST INDEX July 31, 2015 All markets including stocks, bonds, gold, silver, copper, and oil are rocketing in response to Employment Cost Index.  The index came at 0.2% vs. 0.6% consensus. In our analysis, the interpretation of market participants that the Fed will not raise interest rates now is just plain wrong.  Also all other evidence contradicts the number released this morning. Our very, very short-term early stock market is positive