This post may fall into the “Dog bites Man” bucket, but I will see if I can’t shed a little more light on the phenomenon. Here’s the question: “When do we see new highs in the stock market most often?” The punchline: “After a recent new high.” The red squares above show the probability of hitting a new high so many days after a new high. The black line near it is a best fit power curve. The blue diamonds above show the probability of hitting a new high so many days after not hitting a new high. The green triangles above show the ratio of those two probabilities, matching up against the right vertical axis. The black line nea...
After spending three days trading above the price for an ounce of gold, Bitcoin prices crashed overnight – down over $120 in a few short hours – following Bloomberg headlines citing China officials saying that Bitcoin regulation is not temporary. As a reminder, a lot of this most recent run-up has been catalyzed on hope of a positive ruling by the SEC with regard the approval of Bitcoin ETFs – the ruling is due on Saturday....
There are a number of great companies in the market today but there are also many which are overvalued by the market. By using the ModernGraham Valuation Model, I’ve selected the most overvalued Canadian companies reviewed by ModernGraham. Defensive Investors are defined as investors who are not able or willing to do substantial research into individual investments, and therefore need to select only the companies that present the least amount of risk. Enterprising Investors, on the other hand, are able to do substantial research and can select companies that present a moderate (though still low) amount of risk. Each company suitable for t...
Michaels Companies, Inc. (NASDAQ:MIK ) early Tuesday [Mar 7, 2017 | 7:10am ] posted solid fourth quarter earnings results and offered an upbeat forecast for 2017, as its lagging comps are seen recovering in the latter part of the year. Written by StockNews.com The Irving, TX-based arts & crafts store operator reported adjusted Q4 earnings per share (EPS) of $0.96, which was $0.01 better than the Wall Street consensus estimate of $0.95. Revenues rose 4.1% from last year to $1.75 billion, roughly in-line with analysts’ $1.76 billion view. On a sour note, Michael’s said that comparable store sales (“comps”) fell 1.0% in the latest pe...
TM editors’ note: This article discusses a penny stock and/or microcap. Such stocks are easily manipulated; do your own careful due diligence. As Trump sets out to ‘make America great again’, gold is back on everyone’s radar, gaining on widespread uncertainty and promises of high-level inflationary infrastructure spending. For our favorite precious metal, this is a euphoric time. Gold is great again, and all-American gold—even better. The world’s hottest mining belt right now is the U.S. state of Montana. With gold futures up 10 percent and spot prices up almost 7.5 percent in the first quarter, history is preparing to repeat ...
If anticipations of a March rate hike amid the hawkish comments of several Fed officials have made investors in the REIT space jittery, then this is the right time to think again. This is because the fourth-quarter 2016 performance of REITs highlights strength and stability amid an improving economy. According to a NAREIT Media release, occupancy rates touched record level, while funds from operations (FFO) reported growth. Per an earnings scorecard, initiated by the NAREIT, for comparing the operating performance of the Equity REITs, which constitute around 95% of the S&P 500 Real Estate Sector’s equity market capitalization, with th...
OVERNIGHT MARKETS AND NEWS Mar E-mini S&Ps (ESH17 -0.18%) this morning are down -0.15% and European stocks are down -0.14% as weakness in metals prices undercuts mining stocks and raw-material producers. Apr gold (GCJ17 -0.09%) is down -0.15% at a 2-1/2 week low as expectations mount for a Fed rate hike at next week’s FOMC meeting, and May copper (HGK17 -0.57%) is down -0.60% at a 1-month low on signs of increased supplies amid weak demand after LME copper inventories jumped +26,725 MT to 261,975 MT, a 5-week high, and German factory orders plunged by the most in 8 years. Losses in stocks were contained after the OECD pro...
It was a relatively quiet overnight session on the news front, although you wouldn’t know it from the number of Bloomberg e-mails in my inbox. China’s FX reserves “unexpectedly” rose in February although I’m not entirely sure why everyone is using the term “unexpectedly” here. Have you heard much lately about the yuan? No? Exactly. Of course you shouldn’t discount the Politburo’s penchant for making sure the data (any data) looks firm during the NPC, so there very well might be some… hmmm… let’s call it “smoothing” going on here. Whatever the case, FX reserves rose $6.9 billion to $3.005 trillion, compared with...
Yesterday and this morning, the market is calm with most pairs relatively unchanged from yesterday. Overall, we have seen some USD weakness following the rate hike confirmation form Fed’s Janet Yellen in March. Obviously, as there is not much more to speculate, investors have decided to books some of the profits they made buying the USD for months. Today is another quiet day in terms of data releases, in a week that will see the ECB release its rate decision on Thursday and US NFP on Friday. Both events carry significant risk for the EUR and USD. Interestingly, Iraq commented that it is ready to cut oil production further if th...
Short term #Elliottwave structure of AUD/CAD from 3/1 peak (1.025) looks to be showing an impulse structure with a nice 5 waves subdivision where Minuette wave (i) ended at 1.0198, Minuette wave (ii) ended at 1.0235, Minuette wave (iii) ended at 1.0115, Minuette wave (iv) ended at 1.0147, and Minuette wave (v) ended at 1.0098. We can also see momentum divergence at the end of wave (v) as shown by the RSI making lower high while price makes lower low. This 5 waves down form a higher degree Minute wave ((a)) of a zigzag structure. The 5 waves move from 1.025 high doesn’t look to be part of wave C of a FLAT in higher degree structure,...