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Finance 0
WTI/RBOB Sink On Massive Product Inventory Builds
A relatively stable day in energy markets as many other markets turmoiled, but as tonight’s data hit, both WTI/RBOB kneejerked lower after API showed massive product inventory builds (despite a big crude draw). API Crude -5.48mm (-2.5mm exp) Cushing -1.95mm (-2.4mm exp) Gasoline +9.196mm – biggest build since Jan 2016 Distillates +4.259mm – biggest build since Jul 2017 After last week’s surprise product builds and huge destocking at Cushing, expectations are high for more of the latter, but Cushing’s Draw was less than expeted and the massive builds in Gasoline and Distillates was shocking… The initial ... -
Finance 0
Valuation Indicators: Market Remains Overvalued
Here is a summary of the four market valuation indicators we update on a monthly basis. The Crestmont Research P/E Ratio (more) The cyclical P/E ratio using the trailing 10-year earnings as the divisor (more) The Q Ratio, which is the total price of the market divided by its replacement cost (more) The relationship of the S&P Composite price to a regression trendline (more) To facilitate comparisons, we’ve adjusted the two P/E ratios and Q Ratio to their arithmetic means and the inflation-adjusted S&P Composite to its exponential regression. Thus the percentages on the vertical axis show the over/undervaluation as a percent abov... -
Finance 0
Retail REITs Uplift Overall Market Performance In November
REITs delivered an encouraging performance in November backed by increased shareholder activity in the retail real estate market. Moreover, decent performance from a number of other core sectors improved the overall market returns. Per data from REIT.com, total returns of the FTSE Nareit All REITs Index logged in a gain of 2.6% in the month, after reporting negative returns in the last two months — a 0.2% decline in October and 0.6% fall in September. However, the figure lagged the S&P 500’s total return of 3.1% for the month. Particularly, total returns of retail REITs recorded 7.3% growth in November which was driven by 9.3% incre... -
Finance 0
IOTA Cryptocurrency Price Goes Parabolic. How Much Upside Potential?
The price of cryptocurrency IOTA, the token that represents the decentralized Internet of Things platform, is literally going through the roof. It was trading at $0.5 as November started. At the moment IOTA is trading at $3.5. Is there more upside potential? Before looking into this question it is worth looking into IOTA’s price chart: The hard thing with this type of parabolic rise is to resist buying as it rises. There are two ways to look at this: As this is rising so fast it means there is incredibly demand so investors should not miss out. As this is rising so fast it is too late so let’s wait for a better entry. While option (2)... -
Finance 0
Bi-Weekly Economic Review: Who You Gonna Believe?
We’ve had a pretty good run of data recently and with the tax bill passing the Senate one would expect to see markets react positively, to reflect renewed optimism about economic growth. We have improving economic data on pretty much a global basis. It isn’t a boom by any stretch of the imagination but there is no doubt that the rate of change has recently been more positive. We also have a change in tax policy that should, if one believes the economists and politicians on the starboard side of the political divide, be positive for future growth. And stock punters certainly seem to believe both, that the incoming data is the beginning of ... -
Finance 0
UTStarcom – Chart Of The Day
The Chart of the Day belongs to UTStarcom (UTSI). I found the network solutions stock by using Barchart to sort today’s 52 Week High list first for the highest Weighted Alpha, then I used the Flipchart feature to review the charts for consistency. Since the Trend Spotter signaled a buy on 9/5 the stock gained 136.24%. UTStarcom Holdings Corp. is engaged in providing interactive Protocol based network solutions. The Company also provides integration and support services in Internet Protocol TV, Interactive TV, Internet TV and Broadband for cable and telecom operators. It designs and sells IP-based telecommunications infrastructure ... -
Finance 0
Natural Gas Move Another Leg Lower Despite Inbound Cold
Natural gas prices dropped another 2.5% today as they continued to encounter heavy selling from slightly easing cold weather forecasts and elevated production levels. The prompt month January contract bounced right off a $2.88 support level we had been watching, closing a few cents off the lows. This came as cash prices were a bit more firm, declining just a few cents on the day as cold began moving in across the country. Selling today was not quite as much of a surprise, however, as we saw overnight weather trends as bearish enough to pull prices a leg lower. We warned clients about a bit more downside this morning, and natural gas price... -
Finance 0
More Seesaw For Cable?
Sterling continued to seesaw in Asia and early London trade dropping to a low of 1.3360 on disappointment that there was no announcement of a deal yesterday, only to pop back on comments from Philip Hammond that talks were progressing well. Behind the scenes, the key issue is the status of Northern Ireland and the unfettered movement of goods services across all of the Irish isles. PM May appears ready to concede those points to the Irish, but the carve out of these rights could open up pandora’s box of problems for Ms. May as the Scotts and even the city of London — both hot spots of Remain sentiment may seek the very same privile... -
Finance 0
Stock Market And Precious Metals Charts – You Can’t Handle A Tax Cut
I think Chuck forgot about healthcare, food, rent, and education. Well, some may think that only corporations and the already wealthy are smart enough to handle any extra cash. The rest can wait for the trickle down effect. Stocks were in rally mode this morning, and there was the usual heavy-handed hit on the precious metals in late London trading and the opening of the Comex. However, stocks did a rather impressive turnabout, closing flat to down by the end of trading. Several reasons could be cited for this. Probably the most significant is the usual blundering destructiveness of the GOP Congress. The Freedom Caucus in the House is throwi... -
Finance 0
A Proxy On Global Trade Growth
After years of non-existent growth, global trade growth rebounded in 2017, defying expectations. Heading into the year, many analysts were predicting a trade war between China and the US as tension mounted, but the opposite has happened. As 2017 draws to a close, the International Monetary Fund is projecting the volume of trade in goods and services will have climbed 4.2% over the year, up from 2.4% in 2016. If these figures turn out to be accurate, this will be the first time trade has outpaced growth since 2014. Hedge Fund Q3 Letters Growth is heating up across the world. The USUS ISM manufacturing for November came in at 58.2, down slig...
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