The European steel market will not recover from the drastic drop in demand caused by the measures to combat the spread of the Covid-19 virus until late 2020-early 2021, the European steel association Eurofer said this week."Although the wide uncertainty and the unprecedented nature of the crisis make it rather complicated to produce a reliable forecast at the time of writing, market conditions are...Read More

Black Tusk Resources' receives the okay to construct 18 drill pads. Black Tusk Resources Inc. (TUSK:CSE; BTKRF:OTCMKTS; 0NB:FSE) received the required permit to diamond drill at its McKenzie East gold project north of Val d'Or in Quebec, it announced in a news release.With the permit, the Vancouver, British Columbia-based explorer may construct 18 drill pads in addition to supporting water supply...Read More

Fed Chair Powell's bleak comments drove the Dow down over 600 points at its session lowsInvestors were unable to get over Fed Chair Jerome Powell's warnings this morning, as the Dow locked in an over 500-point loss by the close. Many traders are starting to have even more doubts about the surge stocks saw last week in anticipation of an already shaky economic reopening, with Appaloosa Management f...Read More

Disney has lost "powerhouse" status amid the coronavirus pandemic Entertainment and theme park mogul Walt Disney Co (NYSE:DIS) has stepped back from its normal "powerhouse" status amid the coronavirus pandemic, forced to close all theme parks across the globe and halt production on films and television series. This drop-off has triggered the security to fall back below its $200 billion market cap...Read More

Royal Caribbean is offering $3.3 billion in senior bondsThe shares of Royal Carribean Cruises Ltd (NYSE:RCL) are down 5.8% to trade at $34.21 at last check, amid news that the company is offering $3.3 billion in senior bonds, backed by 28vessels and two private islands for collateral. The cruise line plans to use the notes to repay a $2.35 billion loan as well as manage other aspects of the compan...Read More

The Dow is down over 300 points middayThe Dow Jones Industrial Average (DJI) is down over 330 points midday as economic data and increasing uncertainty due to Fed Chair Jerome Powell's comments on potential "downside risks" weigh on the market. As states begin to ease lockdowns, CEO of The Earnings Scout, Nick Raich, wrote that "everything is dependent on the next several months and how successfu...Read More

This will be Draftking's first earnings report as a publicly traded company Online sports and gaming name DraftKings Inc (NASDAQ:DKNG) is barreling towards a new all-time closing high today, up 4.2% at $27.40,after billionaire investor George Soros disclosed a stake in the company last night. The surge comes two days ahead of DraftKings' first-quarter earnings report, due out on Friday, May 15. T...Read More

Occidental Petroleum is offering voluntary buyouts to employeesThe shares of Occidental Petroleum Corp (NYSE:OXY) are down 4.5% at $13.91 at last check, following news that the company is offering their employees voluntary buyouts over the next two weeks -- citing issues and the massive decline in oil prices as a result of coronavirus. OXY posted a roughly $2 billion quarterly loss just last week...Read More

LVS has traded sideways in the last three weeksThe shares of Las Vegas Sands Corp. (NYSE:LVS) are down 1.1% to trade at $45.50, after the casino developer axed its Japanese casino pursuits. Although no specific reason was given, all signs point to the coronavirus pandemic. After the company made quick recoveries in other Asian markets, LVS CEO Sheldon Adelson said in a statement, "It is time for...Read More

Prices for hollow steel sections in Europe moved down this week because of poor demand, with eyes now turning to the upcoming renewals of the EU import quotas, sources told Fastmarkets on Wednesday May 13.Fastmarkets' weekly price assessment for steel sections (medium), domestic, delivered Northern Europe, was ?,?580-590 ($628-639) per tonne, down from ?,?580-595 per tonne one week before.The EU i...Read More

Powell also remarked that more fiscal policy will be needed Dow Jones Industrial Average (DJI) futures are sitting right around fair value this morning, giving back sizable gains in the wake of some jarring headlines. First, the U.S. producer price index (PPI) tumbled by a larger-than-anticipated amount for April. But the real pivot came from Fed Chair Jerome Powell in a webcast event, remarking...Read More

Twilio's Programmable Video will power Zocdoc's new telehealth video service The shares of cloud concern Twilio Inc (NYSE:TWLO) are up 1% to trade at $192.16 this morning,right above last night's all-time closing high of $190.29, after announcing that its Programmable Video will power Zocdoc's new free telehealth video solution. The HIPAA-compliant video service will help healthcare professionals...Read More

Stocks tend to be more bullish after certain Fibonacci retracementsThe S&P 500 Index (SPX) continues to rally after the coronavirus market crash that started in March. The index, however, is running right into its 61.8% Fibonacci retracement level after being rejected there around the end of April. These levels are accessible on most charting software because they are popular support/resistance le...Read More

Turkish pipe export prices declined over the past month, in line with falling raw materials costs and with demand still weak due to Covid-19 lockdowns in the country's major markets, sources said on Wednesday May 13.Fastmarkets' monthly price assessment for steel structural pipe, export, S235JR grade, EN10219, 2mm wall thickness, fob main port Turkey, was $460-470 per tonne...Read More

By: Ira EpsteinGold is forming a triangle pattern and from that pattern, we will see how the price will breakout. In the meantime we have an uptrend..Read More

Car manufacturer Ford has announced that it intends to restart initial production at two plants in the UK and one in Valencia, Spain, from May 18, which will complete the restart of all its European units, it said on Wednesday May 13.The UK production sites at Dagenham and Bridgend will restart from May 18, as will the Valencia Engine Plant. These will be the last of the Ford sites to restart, wit...Read More

The European steel market will not recover from the drastic drop in demand caused by the measures to combat the spread of the Covid-19 virus until late 2020-early 2021, the European steel association Eurofer said this week."Although the wide uncertainty and the unprecedented nature of the crisis make it rather complicated to produce a reliable forecast at the time of writing, market conditions are...Read More

Domestic prices for cold-rolled coil in Europe have fallen further over the week despite limited trading activity, sources told Fastmarkets on Wednesday May 13.Fastmarkets' weekly price assessment for steel CRC, domestic, exw Northern Europe, was ?,?500-520 ($542-563) per tonne on May 13, compared with ?,?500-525 per tonne a week earlier. The assessment, however, was down by ?,?30-40 per tonne sin...Read More

By Gary Savagehttps://blog.smartmoneytrackerpremium.com/ Read More

By Ricky WenOvernight price action overshot to 2830 support on the Emini S&P 500 (ES), bottoming out at 2825.25, as price was oversold given the 100-point drop from the 2930s.As of the regular trading hours open, the ES was around the same spot as yesterday's closing price area of 2850, which coincides with our key 2850 level discussed below.What is the bias/gameplan going into today?For intrada...Read More