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Finance 0
Copper: Strong Price Action But Resistance Even Stronger
The price of copper has been acting strongly in recent weeks. The million dollar question is whether this is a buy. Copper rose from $2.51 early June to close the month at $2.71, a gain of 8 percent. The copper price rally was noticed by all financial media, like Bloomberg and Forbes. The chart on Bloomberg’s site had a common pitfall: it showed a pattern on the daily chart but did not reveal the bigger picture pattern. The weekly chart provides the best insights in order to understand how attractive copper is. A couple of observations stand out on this chart: Copper broke out last November. InvestingHaven provided extensive coverage... -
Finance 0
Halftime
Podcast: Play in new window | Play in new window (Duration: 13:15 — 7.6MB) DOW + 62 = 21,349 SPX + 3 = 2423 NAS – 3 = 6140 RUT – 0.84 = 1415 10 Y + .03 = 2.30% OIL + 1.40 = 46.33 GOLD – 4.20 = 1242.20 BITCOIN + 0.39% = 2509.80 USD ETHEREUM – 6.64% = 279.09 I’m not sure we established a trading pattern this week. Down, up, down, up. We did see a return to volatility. The indexes saw big moves, much sound and fury amounting to very little. It might just be window dressing to finish out the quarter and heading into a long holiday weekend. The markets will be open for a half day on Monday, but, this is the beginning of a long holi... -
Finance 0
EURGBP Closes Lower On Higher Price Rejection
EURGBP- The cross closed lower the past week after rejecting higher prices. This development now leaves risk lower as we enter a new week. Support lies at the 0.8700 level where a violation will turn focus to the 0.8650 level. A break will expose the 0.8600 level. Resistance resides at the 0.8800 level where a violation if seen will turn risk towards the 0.8850 level. Further up, resistance resides at 0.8900 level followed by the 0.8950 level. All in all, EURGBP remains biased to the downside on price rejection.... -
Finance 0
Market Sentiment – Friday, June 30
This up trend that started with the election has been broken. Does that mean that we have a medium-term correction developing? It isn’t too convincing yet, but it is a start. Technology is taking a well deserved break. There should be a good buying opportunity sometime in the weeks ahead. Junk Bonds aren’t cooperating for the bears. This chart looks more likely to go up than down. The people who suggested buying Energy for the bounce turned out to be right. But it isn’t my style. I’d rather trade with the trend, so I would be a seller if it touches the top of this channel. The Leader List Momentum Stocks dropped off th... -
Finance 0
Market Digest – No Fireworks This Week As Q2 Closes
Q2 was quiet, and it ended with a whimper. U.S. stocks finished up 3% for the quarter but down slightly for the week. International stocks were up slightly for the week and outpaced the United States for a second consecutive quarter (+5.7%), driven largely by dollar weakness. Financials had a strong week, led by banks following successful Fed stress tests. Passing the tests allows major financial institutions to increase dividends and join the share buyback party. Weekly Returns: S&P 500: 2,423 (-0.6%) FTSE All-World ex-US: (+0.1%) US 10 Year Treasury Yield: 2.30% (+0.16%) Gold: $1,241 (-1.2%) USD/EUR: $1.143 (+2.1%) Major Events: Tuesday... -
Finance 0
Stock Picks For US Energy Dominance
Thursday night (Friday morning in Sinapore) CNBC Asia’s Street Signs program must have had an interview cancellation, because they needed someone to give them 3 energy stock picks in response the Trump’s “Energy Dominance” speech on last minute notice.They sent me (and probably a bunch of other people) an email two and a half hours before air. I did not see it until 20 minutes before the actual interview. I warned them that I do clean energy, not fossil fuels, but apparently they had no other takers who were awake and able to give energy stock picks at 11:23 pm ET on a moment’s notice. I think they found me bec... -
Finance 0
Tech Turmoil: Black Swan Vol. Event Burns ETFs, Hedge Funds Dump Nasdaq Longs
In case you haven’t noticed, folks are getting nervous about tech. Here’s what the Nasdaq 100 did in June: And that’s a real shame, because tech was the glue holding everything together in the face of increasingly lackluster data and jitters about the Fed hiking into a deflationary backdrop. Indeed, it’s been no contest YTD as the Nasdaq just turned in its largest H1 gain since 2009: But investors are starting to question the sustainability of a situation in which a handful of tech-y names are shouldering a disproportionate share of the burden. And Goldman didn’t help matters by reminding investors that FAAMG is becoming increasing... -
Finance 0
E Market Briefing For Friday, June 30
The ‘trap door’ was sprung immediately after pre-opening futures shifted from up to down, continuing the alternating series of reversals seen this week. It recovered some after President Trump focused on ‘Energy Dominance’; just the term I hoped he’d use to describe a key part of America’s recovery effort. S&P is exacerbated by thin pre-holiday activity, although there is an emphasis on what central banks are saying; what the implications of policies are; and on the negative aspect of new buybacks, which suggest not just sensitivity to rates (hardly, and might do better if they were higher); but va... -
Finance 0
Week In Review: Nasdaq Tracing Out Head And Shoulders Top
The complexion of the market changed considerably in June as fatigue finally set in after a very strong rally. June was littered with a spate of heavy volume down days, especially in tech stocks, which is not ideal for this aging bull market. The biggest negative divergence occurred in the Nasdaq and the Nasdaq 100, when they both traced out a large negative reversal on a monthly basis. They both closed below their respective 50 DMA lines on Friday which is not ideal. Additionally, they both snapped a very strong win streak and the Nasdaq tracing out a large head and shoulders top pattern. In fact, over the past 12 months, the Nasd...
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