What’s Ahead For Gold?
It’s very late in gold’s intermediate cycle (18 weeks) it’s now due for an intermediate degree correction. As most know, I think gold is probably stuck in a difficult basing pattern this year. The big reversal on election night drove gold sharply back below the 200 DMA and that took the fire out of the […]
Oil Stumbles Back To $50 Handle As Saudi/OPEC Jawboning Fails
Oil prices limped higher overnight as desperate jawboning of OPEC production cut deal extensions by the Saudis supported a recovery from yesterday’s post-inventories plunge. However, confirming the market’s lack of faith in OPEC (and Saudi’s ability to hold the deal together), WTI prices are sliding back towards a $50 handle as jawboning half-lives slump. As The FT reports, oil producers […]
Verizon Unlimited Turns The Tide Of Wireless Losses In Q1
Verizon Communications Inc. (NYSE:VZ) early Thursday posted worse than expected first quarter earnings results, although its new Verizon Unlimited wireless plan helped turn things around mid-quarter.
“OPEC Has A Deal!” Buy Euros! Wait, There’s A French Election? Welcome To Thursday
Let’s start with oil real quick, because there are some notable headlines on Thursday morning. Recall that things took a decisive turn for the worst on Wednesday after EIA data confirmed Tuesday’s bearish API print(s). Specifically, the crude draw came in lower than expected (just like API) and the unexpected gasoline build was even bigger than […]
Foot Locker, Inc. Lowers Its Q1 Earnings Guidance Significantly
Foot Locker, Inc. (NYSE: FL) early Thursday significantly lowered its first quarter earnings guidance and noted its full-year outlook would likely be impacted as well, blaming late tax refunds for slowing customer traffic.
Morning Call For Thursday, April 20
OVERNIGHT MARKETS AND NEWS Jun E-mini S&Ps (ESM17 +0.28%) this morning are up +0.28% and European stocks are up +0.34% as a rebound in crude oil prices from Wednesday’s 2-week low boosts energy producing stocks. May WTI crude oil (CLK17 +0.89%) is up +0.97% on optimism that OPEC will extend its crude production cuts past June. Oman’s […]
A Couple Gold Ratios And Their Messages
The Palladium-Gold ratio (weekly) has furthered the scenario that it could be starting a new ‘Chop & Grind’ phase like the one that preceded 2015’s market top (that wasn’t); i.e. the market disturbances that manifested in 2015. To be sure, Pall-Gold is not broken and we are on a positive signal, but nothing in these […]
More Uncertainty As Investors Await Quarterly Earnings Releases
Briefly: In our opinion, speculative short positions are favored (with stop-loss at 2,410, and profit target at 2,200, S&P 500 index). Our intraday outlook is bearish, and our short-term outlook is bearish. Our medium-term outlook remains neutral, following S&P 500 index breakout above last year’s all-time high: Intraday outlook (next 24 hours): bearish Short-term outlook (next […]
Sensex Closes Higher; Realty Stocks Outperform
Indian share markets finished the volatile trading session in the green zone with Midcaps and Smallcaps indices leading the rally. At the closing bell, the BSE Sensex closed higher by 86 points, whereas the NSE Nifty finished higher by 33 points. The S&P BSE Midcap ended up by 0.7% while the S&P BSE Small Cap Index ended up by 1.1%. Among the BSE sectoral […]
Why Bonds Aren’t Overvalued
Doug Kass wrote a very interesting piece this week on the bond market: “As overvalued as I believe the U.S. stock market may be, fixed-income instruments may be even more overvalued. Yesterday the 10-year note was yielding 2.21% — the lowest yield since last Nov. 11 — and the long bond’s yield is down to […]
