Stocks are suddenly pulling back sharply at middayStocks are suddenly selling off sharply at midday, with the Dow Jones Industrial Average (DJI) down almost 300 points at last check. The losses are just as deep for the S&P 500 Index (SPX) and Nasdaq Composite (IXIC), while gold prices surge to fresh highs amid the risk-off trading. At last check, April-dated gold futures were trading up 0.8% at...Read More
RambusJust a quick update on the Yen / PM combo we've been following. Today the yen is moving lower in its new impulse move to the downside doing away with the positive correlation it used to have with the PM complex. While the yen is moving lower more PM stock indexes are breaking out to the upside. I just wanted to post this combo chart early so you can follow the breaking out and the backtest...Read More
- Steve St. Angelo, SRSrocco Report According to a precious metals dealer I spoke with, the world out on the street is that demand for gold and silver has recently surged due to investor concerns about a disruption to the Global Supply Chain. We are already seeing a massive slowdown in China's oil demand as official reports show a 20% reduction in oil consumption. However, I believe China'...Read More
By: Ira EpsteinGold Market: higher highs ad higher lows short-term. What resistance exists above? Markets in general are looking at the "what if" scenarios..Read More
One needs to keep on booking profit as long as gold does not break $1633.80 and silver does not break $1882.90. There is a big technical resistance between $1633.80-$1648.50 and $1663.30. For gold to rise to $1900-$2000 for the rest of the year, it has to break and trade over $1633.80-$1648.50-$1663.30 zone. Why am writing this? This is always a slip between the cup and the lip. The Lip here is...Read More
Options traders have been focused on calls for a whileRenewable resource stock Plug Power Inc (NASDAQ:PLUG) is having a resurgent start to 2020, up 72.8% year-to-date. PLUG is 3.4% higher today too, last seen at $5.85, and options traders are piling on the penny stock with an emphasis on calls. At last check, 62,000 calls have changed hands, 10 times the average intraday amount and nearly seven t...Read More
ETFC has already had a volatile run over the past 12 monthsShares of E-Trade Financial Corp (NASDAQ:ETFC) are surging this morning, last seen up 24.7% at $56.04, earlier off an annual high of $56.30, after news it has accepted a buyout offer from Morgan Stanley (MS), for $13 billion in stock. The purchase will allow Morgan Stanley to build on its wealth management sector through the addition of E...Read More
It appearedthat the bears firmly took the reins of yesterday’s session, but most of theirgains were history before the closing bell. Have we seen an important turningpoint for oil?Let’s startwith the daily chart examination (charts courtesy of http://stockcharts.com and http://stooq.com ).Crude oil opened yesterday’s session with the greenbullish gap that’s slightly below t...Read More
DPZ hit a new record high right out of the gateA big earnings winner this morning is Domino's Pizza, Inc. (NYSE:DPZ). The restaurant company reported adjusted fourth-quarter earnings of $3.13 per share on $1.15 billion in revenue, both of whichtopped analyst expectations. Same-store sales also roared past estimates, and the company attributed faster delivery and new promotions as catalysts behind...Read More
Coronavirus, the topic du jour. It is still the major threat for the global health and economy. But we should not forget about other geopolitical and economic developments. What do they imply for the gold market?Coronavirus, China’s Economy and Gold PricesThe number of cases of coronavirus reported by the WHO have increased from 45,171 cases and 1,115 deaths by February 12 to 51,867 cases an...Read More
L Brands will sell its lingerie unit to Sycamore Partners After months of speculation surrounding L Brands Inc (NYSE:LB) and speculation that it wanted to sell its struggling subsidiary Victoria's Secret, it appears that the rumors were true. It was announced this morning that the firm will be selling a controlling stake in the lingerie brand to Sycamore Partners for $525 million. Additionally, L...Read More
Traders have economic data to sift through this morningU.S. stock futures are pointing to a lower open, with earnings and economic data in focus. Weekly jobless claims showed 210,000 Americans filed for unemployment benefits in the past week, matching expectations, and thePhilly Fed manufacturing index rose to a three-year high in February. Still, the Dow Jones Industrial Average (DJI) looks set f...Read More
Theanalysis of the precious metals market isn’t just goldanalysis – there are times when silver rises to the forefront ofeveryone’s attention. And we fully expect such a moment of the white metalstealing the spotlight to arrive shortly. What lessons can we draw from the silverchart?Thekey analogy in silver (in addition to the situation being similar to mid-90s)continues to be the...Read More
RambusJust a quick update on the Yen / PM combo we've been following. Today the yen is moving lower in its new impulse move to the downside doing away with the positive correlation it used to have with the PM complex. While the yen is moving lower more PM stock indexes are breaking out to the upside. I just wanted to post this combo chart early so you can follow the breaking out and the backtest...Read More
- Steve St. Angelo, SRSrocco Report According to a precious metals dealer I spoke with, the world out on the street is that demand for gold and silver has recently surged due to investor concerns about a disruption to the Global Supply Chain. We are already seeing a massive slowdown in China's oil demand as official reports show a 20% reduction in oil consumption. However, I believe China'...Read More
- Stewart Thomson, Graceland Updates 1. The decline of the American empire continues relentlessly. The citizens look towards their government for guidance and all they see is maniacal debt worship. Monkey see...monkey do:2. New statistics show that credit card debt of millennials now rivals total student loan debt. 3. Please click here now. The nation's so-called "leaders" now...Read More
By: Ira EpsteinGold Market: higher highs ad higher lows short-term. What resistance exists above? Markets in general are looking at the "what if" scenarios..Read More
One needs to keep on booking profit as long as gold does not break $1633.80 and silver does not break $1882.90. There is a big technical resistance between $1633.80-$1648.50 and $1663.30. For gold to rise to $1900-$2000 for the rest of the year, it has to break and trade over $1633.80-$1648.50-$1663.30 zone. Why am writing this? This is always a slip between the cup and the lip. The Lip here is...Read More
Dexin Steel Indonesia will fire up its first blast furnace on Friday February 21, an industry source told Fastmarkets.Owned by China's Delong Holdings, the mill in Central Sulawesi province's Indonesia Morowali Industrial Park, will have a total production capacity of 3.5 million tonnes per...Read More
Flat steel sales from Brazilian distributors increased by 5.3% year on year in January, with the country's steel consumption rising amid price increases, according to national flat steel distributors' association Inda. Shipments amounted to 279,400 tonnes last month, against 265,300 tonnes a year before, Inda said on Tuesday February 18."The market is improving slowly," Inda president Carlos Loure...Read More