Above The 40 – A Quiet Bearish Divergence Out Of Overbought Territory
AT40 = 69.9% of stocks are trading above their respective 40-day moving averages (DMAs) – ended 12 straight days overboughtAT200 = 59.7% of stocks are trading above their respective 200DMAsVIX = 9.9Short-term Trading Call: bullish (see caveats below) Commentary AT40 (T2108), the percentage of stocks trading above their respective 40-day moving averages (DMAs), slipped below the overbought threshold […]
Gold Snaps Six-Day Winning Streak
Gold prices moved lower on Monday as the dollar clawed back some of its recent losses. In economic news, the Federal Reserve Bank of New York reported that manufacturing activity in the region jumped to 30.2 from 24.4 a month earlier. The XAU/USD pair is currently trading at $1294.15, slightly lower than the opening price […]
U.S. Bancorp (USB) To Report Q3 Earnings: What’s In Store?
U.S. Bancorp (USB – Free Report) is scheduled to report third-quarter 2017 results on Oct 18, before the opening bell. The bank’s revenues and earnings are anticipated to be up year over year. Why a Likely Positive Surprise? Our proven model shows that U.S. Bancorp is likely to beat on earnings in the third quarter. This is because […]
USDCAD Daily Analysis – Tuesday, Oct. 17
USDCAD moved sideways in a trading range between 1.2433 and 1.2598. A breakdown below 1.2433 will confirm that the upside movement from 1.2061 had completed at 1.2598 already, then the pair would find next support at 1.2300, followed by 1.2061. On the upside, a breakout of 1.2598 resistance will indicate that the uptrend has resumed, […]
EUR/USD Builds ABC Zigzag In Expanded Wave 4
EUR/USD 4 hour The EUR/USD has made a bearish bounce away from the resistance trend line (orange) which therefore makes a bullish ABC (purple) zigzag within a wave X (pink) correction more likely in an ongoing and extended wave 4 (light purple). 1 hour The EUR/USD is building an ABC (blue) correction within the larger […]
S&P 500 And Nasdaq 100 Forecast – Tuesday, Oct. 17
S&P 500 The S&P 500 rallied during the day after initially falling on Monday, showing signs of support at the 2550 level. I believe that the uptrend continues in this market, and we will continue to gain as earnings season should give us plenty of reason to go back into the stock market. I believe […]
UK Inflation Hits 3% As Expected – GBP/USD Slides
Headline inflation comes at 3%, as expected. Core inflation also meets the early forecasts and stands at 2.7%. The RPI slightly missed expectations and remained at 3.9%. The House Price Index also fell short of projections and stands at 5% y/y. PPI Input rose by only 0.4% m/m, below expectations. All in all, the main figures […]
Why Has 3D Systems Been Taking A Beating?
Well, it appears to be HP’s fault. 3D Systems (DDD) took a good hit during the last 2 trading days. There aren’t many explanations around, but the fact that Stratasys (SSYS) also took good hit points toward a common denominator. If we add that HP’s results and outlook presentation occurred simultaneously and that investors have […]
Euro And Pound Sterling Flip-Flops On Brexit Talks
The common currency was seen giving up more than half the gains made last week as price action in EUR/GBP was bearish. Closing at 0.8892 on Friday, EUR/GBP, however, remains supported above 0.8837 level of support. The gains in the euro came about as the Brexit talks continued but with no significant progress made. […]
What Else Needs To Be Said? Why It Will Continue, Cont’d
If the essence of modern eurodollar money is bank balance sheet capacity, then we need not wonder what has gone wrong or why. The very heart of this global currency system no longer beats so healthy and strong. Global banks shrink rather than expand at a breakneck pace, their desire to do the latter restrained […]
