Gold: Having the commodity continued to recover higher, more strength is likely. As long as it trades and holds above the 1,246.24 zone, we think it should head higher. On the downside, support comes in at the 1,260.00 level where a break will turn attention to the 1,250.00 level. Further down, a cut through here will open the door for a move lower towards the 1,240.00 level. Below here if seen could trigger further downside pressure targeting the 1,230.00 level. Its daily RSI is bullish and pointing higher suggesting further strength. Conversely, resistance resides at the 1,280.00 level where a break will aim at the 1,290.00 level. A turn ab...
Podcast: Play in new window | Play in new window (Duration: 13:16 — 6.1MB) DOW + 41 = 18,202 SPX + 5 = 2,144 NAS + 2 = 5,246 10 Y + .00 = 1.74% OIL – .15 = 51.45 GOLD + .60 = 1,270.50 The consumer price index climbed 0.3% last month. The cost of shelter — rent, new homes and previously owned homes — rose at the fastest pace since May. Energy prices, mainly gas, also posted the biggest increase since early spring. The cost of food was unchanged for the month. Over the past year, consumer prices have advanced 1.5%. The so-called core CPI, which strips out food and energy costs, gained 0.1 percent last month. That slowed the year-on...
The Australian economy shed 9,800 jobs in September, significantly worse than a gain of 15K expected. The unemployment rate remained unchanged at 5.6%. While the latter figure is better than expected, it comes on top of a drop in the participation rate: from 64.7% to 64.5%. Also the breakdown of employment is far from encouraging, to say the least. Full time employment is down 53K while part-time employment is up 43.2K, certainly not good news. AUD/USD is sliding from the highs. The pair had already made a break to higher ground, making a move against the 0.7740 level, but after the data came out, we are back to battling the 0.77 level. F...
The Dow Jones Industrial Average pushed higher after a busy day of earnings reports, key economic data, and a surprise inventory report from the U.S. Energy Information Administration. Let’s look at the final numbers on Wednesday for the Dow, S&P 500, and Nasdaq: Dow Jones: 18,202.62; +40.68; +0.22% S&P 500: 2,144.29; +4.69; +0.22% Nasdaq: 5,246.41; +2.57; +0.05% Now, here’s a look at today’s most important market events and stocks, plus a preview of Thursday’s economic calendar. DJIA Today: Markets Rally After Oil Prices Surge; Fed Rate Timing in Focus The Dow Jones rallied 40 points as investors wei...
In conventional thinking, China’s problems are China’s problems. As those related to its currency, it is believed a mere matter of either intentional policy (devaluation = export stimulus) or the outflow of “hot money” because of China’s unique circumstances. From this position, one populated by policymakers, what has transpired over the past year plus was all very confusing. It is exceedingly difficult to reconcile “hot money” outflows with global liquidation(s). There were many clues that this was the wrong approach. The Treasury International Capital (TIC) data though delayed a few months actually provides a great deal of ...
Outside, perhaps we do see a double rainbow (yesterday’s commentary). Inside, though, a solar powered glow-in-the-dark Rallysaurus has resurrected. On September 25th, nearly a month ago I asked, “Have sustainable or renewable energy instruments finally bottomed?” Today, First Solar’s (FSLR) price rose by over 6%. SunPower (SPWR) and Canadian Solar (CSIQ) gained over 4% each. TAN, the Solar Energy ETF, posted a nearly 2% increase. And that’s not all. Nasdaq 100 confirmed the improvement to a bullish phase. Regional Banks (KRE) confirmed as well-with gusto! Whereas we counted on the Semiconductor sector along with Transportation and...
Today Mike Swanson of WallStreetWindow interviewed me regarding the short-term outlook for gold stocks. We covered why to avoid the 3x ETFs, why outlandish predictions for Gold get media attention, the short-term support and resistance for Gold and why the sector will remain in a larger consolidation.the sector will remain in a larger consolidation. Video Length – 00:18:47...
Netflix Forecast Summary: Netflix reports better than expected 2016 third quarter report I Know First accurately predicted an increase in stock price since its September 15, 2016, forecast. I Know First continues its bullish forecast October 18, 2016 Accurate Forecast: Netflix, Inc. (NFLX), is the largest internet television network provider offering online streaming of films, documentaries, television programs, and original programs, such as the hit series Narcos, by Netflix. Netflix has been posting earnings per share exceeding expectations for the past 3 quarters. Given the company’s positive revenue return, strong potential in...
Today lets talk about BABA. I want to talk about it for a few reasons. One is from an educational point due to multiple technical analysis patterns that are building here. I say building because they still need chart time to complete. The other reason is that there is going to come a time when this whole bull market cycle ends and there is going to be a lot of action on the short side. Remember the YELP chart from a few weeks back? IF you start to see a lot of the characteristics and patterns showing up as shown below then at the least you’ll be prepared in advance vs being a deer in the headlights if you will. Now if you don’...
As one smart CNBC chap argued “you’ve been paid to optimistic”… But then again “ignorance is bliss”… Stocks rallied today.. because… oil… As WTI Crude surged to a 15-month high today… Just one question… what happens next? Trannies and Small Caps were best as Nasdaq limped along unch hurt by Intel… Something odd of note – 6 days in a row with a weak close and notice last 3 days a VIX push has not helped (some chatter about index ETF rebalancing questions on desks) As “Most Shorted” stocks squeezed higher for the second day… Two notable...