Descargo de responsabilidad: Los CFD son instrumentos complejos y conllevan un alto riesgo de perder dinero rápidamente debido al apalancamiento.
Debe considerar si comprende cómo funcionan los CFDs y si puede permitirse el lujo de correr el alto riesgo de perder su dinero.
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Consensus Algorithm
How players in a decentralized blockchain network agree on one fair transaction ledger without a central authority. Consensus algorithms remove the trusted third party and rely on a rule-based consensus protocol that each participant has to follow.
There are two most prevalent options: Proof of Work (PoW) and Proof of Stake (PoS). PoW relies on nodes that can solve difficult cryptographic problems, which is a costly process in terms of energy. To prevent bad actors from undermining PoS, the protocol asks validators to stake tokens as collateral, with the risk of losing them if they act maliciously.
There are several other variations, such as Delegated Proof of Stake (DPS), Proof of Authority (PoA), and Byzantine Fault Tolerance protocols, which play with different decentralisation, transaction speed, and energy efficiency parameters. The algorithm determines the security model and environmental impact of a blockchain.
Example: A retail payment network requires thousands of transactions per second with almost instantaneous finality. Proof of Work is not suitable, as it has inappropriate block time and power consumption. Instead, the network adopts Delegated Proof of Stake, which compromises on decentralisation to meet the speed and throughput needs of the payment use case.
Consolidating market
A market that is trading sideways after a directional move, digesting recent gains or losses before determining the next leg. Consolidation is not random chop. It has the character of a purposeful pause. Often, price will compress into a narrowing range, volatility will shrink, and volume will drop. If the previous move was up, the market is absorbing supply. If the previous move was down, the market is building demand.
Trend traders should be on the lookout for consolidation phases as they typically come before the next impulse move in the same direction. The classic reading is: trend, consolidation, continuation. The base created during the consolidation is what makes the subsequent breakout sustainable. Weak hands have exited, and a new set of players have come in at better prices with new conviction.
The danger is that not all consolidations resolve in the direction of the previous trend. Some go the other way. The standard defense is tight stops just above or below the consolidation range.
Example: Gold rallied from $1,800 to $2,050 in late 2023, then consolidated between $2,000 and $2,050 for the first two months of 2024. Volume fell, daily ranges shrank, and the rally was declared dead by analysts. The consolidation then resolved sharply higher, with gold breaking above $2,100 and continuing towards $2,400 by mid-year. The pause was the setup.
Consolidation
A stage during which price trades sideways after a move in a direction and within a defined range, neither advancing nor retreating in any meaningful way. The previous trend stops. Volume tapers. The daily range compresses. The market is redistributing ownership. Sellers who profited from the move are exiting, and new buyers are accumulating at more stable prices before the next leg begins.
Consolidation is not the same as a reversal. A reversal is a change in the trend direction. That distinction is hugely important for how you position yourself. In healthy consolidation, the range tightens steadily, higher lows appear in an uptrend, and the breakout when it occurs comes with expanding volume. More likely distribution than consolidation, sloppy widening range with inconsistent volume.
Trend traders use consolidations to add to winning positions with less risk, getting in near the range boundary with a tight stop instead of chasing the initial move.
Example: A large-cap tech stock jumps 30% on a blowout earnings report, then trades sideways in a tight range just below the high for a few weeks. Volume dries. The stock is consolidating. Traders who recognize the pattern buy the range lows with stops just below the base and wait for the next breakout.
Construction spending
A release of monthly economic data from the US Census Bureau that measures total expenditures on new construction projects classified as residential, commercial, and public-sector. It ranges from single-family homes to highways to hospital expansions. It is published on the first business day of each month, and covers activity from two months earlier.
Construction spending is a leading indicator because construction activity leads a long chain of downstream economic effects. Permits lead starts. Starts lead completions. Completions drive furniture sales, appliance purchases, and mortgage origination. A steady increase in construction spending is a sign of a confident private sector and a healthy pipeline of government projects. A sustained fall is a sign of deteriorating credit conditions or weakening demand.
The residential portion gets the most attention from macro traders as it is the most interest rate sensitive. Residential construction is a reliable leading indicator of monetary-policy transmission, cooling first and fastest when borrowing costs rise sharply.
Example: When central banks raise rates aggressively, residential construction spending usually goes negative in two to three quarters as mortgage affordability takes a hit and developers mothball planned projects. Those who follow the data series can observe this transmission in near-real time, long before GDP figures catch up, and position accordingly in rate-sensitive sectors such as homebuilders and building materials.”
Consumer Credit
Loans given to people for their own, household or family needs: credit cards, personal loans, loans for cars, loans for students, and buy now, pay later facilities. Excludes mortgage debt. The Federal Reserve releases a consumer credit report every month in the United States that breaks out consumer credit into revolving credit (credit cards) and non-revolving credit (installment loans).
Consumer credit can indicate financial health: households are borrowing to fund discretionary spending; or financial distress: households are borrowing to meet basic expenses. Analysts break down data by income groups because there are two plausible readings of the data across income groups.
Falling mortgage interest rates have helped slow the growth in revolving balances, and an increase at higher interest rates could be a negative sign of the ability of household debt to service its payments as well as of future spending capacity.
Example: Consumer credit grows sharply for three consecutive months while wage growth is flat. But economists question whether it’s a sign of consumers’ confidence or financial pressures. The ambiguity is crucial: When the Fed faces borrowing by the people who have a lot of confidence, it responds in a very different way than it does when they are the people who are making up for a shortfall in resources, who are borrowing to stay afloat.
Consumer price index (CPI)
A report that tracks the average prices of daily necessities like food, healthcare, housing, and transportation.
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