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  • Finance 0

    USDX Elliott Wave Analysis – Thursday, July 6

    Short term USDX (USD Index) Elliott Wave view suggests the rally to 97.88 high on 6/20 ended Intermediate wave (X). A decline from there is unfolding as an impulse Elliott Wave structure with extension and ended at a 95.47 low on 6/29.   This 5 wave move could be a Minor wave A of an Elliott wave zigzag structure, where Minute wave ((i)) ended at 97.17 and Minute wave ((ii)) ended at 97.47. Minute wave ((iii)) ended at 96.15, Minute wave ((iv)) at 96.61 and Minute wave ((v)) of A ended at 95.47. A minor wave B bounce is currently in progress to correct cycle from the 6/20 peak. A revised view suggests the subdivision of Minor wave...
    On July 6, 2017 / By
  • Finance 0

    For Hopeful Bears, A Bull Market Target

    Written by  Rick Ackerman, Rick’s Picks I proffered rally targets as high as 230.08, or even 269.40 in my last tout, but we’ll lower the bar a bit just to be cautious. Mainly, it’s a case of the FAANG/lunatic stocks having difficulty making headway and providing no leadership for the broad averages recently. The nearest significant Hidden Pivot resistance for this vehicle lies at 217.67, equivalent to a DOW rally of a little more than 300 points, and we should trade with a bullish bias until it is reached. There have been no ‘mechanical’ buy signals as yet, but we can respond to the opportunity intraday if this occurs. Stay ...
    On July 6, 2017 / By
  • Finance 0

    E GBP/JPY Intraday View; Looking Higher

    We see a nice impulsive bullish activity on hourly chart where recent price action since the start of June, looks corrective. It’s wave four that is pointing up into wave five, towards 148.00. GBP/JPY, 1H  ...
    On July 6, 2017 / By
  • Finance 0

    Crude Oil Prices May Rebound After Biggest Drop In A Month

    Crude oil prices plunged, posting the largest one-day loss in a month, as investors digested a toxic batch of headlines. Perhaps most critically, Russia was said to oppose a deeper cutback in production beyond thresholds established in the existing OPEC-led output cut scheme. From here, EIA inventory flow figures are in focus. Forecasts suggest a drawdown of nearly 1.8 million barrels last week but data from API published yesterday projected a far larger 5.8 million barrel outflow over the same period. Results closer in line with that estimate may offer prices a lifeline. Gold prices dipped to a two-month low but failed to gain serious t...
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  • Finance 0

    Best First Half For Wall Street Since 2013: Top 5 Gainers

    U.S. stocks saw the strongest first half of a year since 2013 on expectations that the Trump administration will deliver on the much-awaited policy changes. But as prospects for such initiatives dwindled in the later part of the first half, the gains were driven by strong corporate earnings, more confident consumers and a 16-year low unemployment rate. Tech companies were some of the best performers in the first half, resulting in the splendid performance for the Nasdaq in almost eight years, while the financials space also gave healthy returns on the back of solid stress test results. Stocks also benefited from improving global economics, pa...
    On July 6, 2017 / By
  • Finance 0

    New Home Sale Prices Surge In May 2017

    We’re telling a story in two charts today. First, the relationship between median new home sale prices in the U.S. and median household income, from December 2000 through May 2017. In the chart above, we see that after having flatlined for the first four months of 2017, the first estimate of median new home sale prices appear to have significantly surged in May 2017. We should note that this data will be revised three more times in the next three months before being finalized. In the chart below, we’ve taken all of the median new home sale price data we have and have divided it by all the median household income data that we ha...
    On July 6, 2017 / By
  • Finance 0

    What’s Going On With US Consumers? Store Traffic Plunges 8% Into July 4th Weekend

    First it was auto the auto parts suppliers getting hammered after O’Reilly Auto announced unexpectedly poor results (duly blamed on “mild weather” and weaker than expected Hispanic spending) and tumbling the most in 5 years, and then it was the retail REITs turn, after channel checks at Prodco Retail Traffic Analytics revealed that the US consumer continued to hibernate into the July 4th weekend with North American store traffic 8.1% lower in the week leading up to the July 4 holiday weekend, a steeper drop than the year-to-date trend of down “only” 6.6%. In the week ending July 1, with footfall at luxury r...
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  • Finance 0

    WTI Crude Oil And Natural Gas Forecast – Thursday, July 6

    WTI Crude Oil The WTI Crude Oil market fell apart during the session on Wednesday as the Russians say they are not willing to cut production. As soon as I across the newswires, oil fell drastically. In fact, we sliced through the $45 level at one point during the day, and at this point I feel that the market will sell off every time we rally, and I’m looking for short-term exhaustive candles to start going short again. This market looks likely to reach down to the $42.50 level, and I think that with this massive bearish candle it’s likely that the sellers will get aggressive. The $47.50 level above continues to be the massive resistance t...
    On July 6, 2017 / By
  • Finance 0

    EUR/USD Bounces At 50% Fib But Needs Break To Confirm Wave 4-5

    EUR/USD 4 hour The EUR/USD break above resistance (red) could see price approach the Fibonacci targets of wave 5 (purple) which could complete wave 3 (green). Price is now close to broken resistance levels, which is indicated by the support zone (blue box). 1 hour The EUR/USD bounced at the 50% Fibonacci level of wave 4 (brown) but still needs to break above the resistance trend line (red) before an uptrend continuation is likely. USD/JPY 4 hour The USD/JPY uptrend seems to have completed 5 waves (orange) within wave C (brown) but an extension of the trend is always possible as long as price stays above the support trend line (blue). A bullis...
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  • Finance 0

    Sensex Trades On A Positive Note; Realty Stocks Witness Buying

    After opening the day on a positive note, stock markets in India have continued their momentum. Sectoral indices are trading on a positive note with stocks in the realty sector and FMCG sector witnessing maximum buying interest. The BSE Sensex is trading up 164 points (up 0.5%) and the NSE Nifty is trading up 41 points (up 0.4%). The BSE Mid Cap index is trading up by 0.6%, while the BSE Small Cap index is trading up by 0.8%. The rupee is trading at 64.78 to the US$. Minutes from the Federal Reserve’s last meeting released showed a lack of consensus on the future pace of US interest rate increases. This came as Fed policym...
    On July 6, 2017 / By