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Finance 0
Resumption Of Strength
The up/down/up/down market remains fully in place, it seems. After a brief bout of weakness yesterday, sure enough, the market recovered last night, and we’re mashed right up against that descending blue trendline which has proved to be a mildly important level of support and resistance in recent history. It would take a break above that higher blue trendline for the bulls to start to capture some sustainable momentum. Looking at the NQ (which has been aided in large part by AAPL, after the big Warren Buffett investment), its next big test is tinted in green, which is just above 4400. As you can see, though, for about three weeks, it has be... -
Finance 0
Stock Trends, Charts, And Commentary – Tuesday, May 24th
The Banking Index closed at 68.63 with the C-RSI at a Caution-Positive level of +4.32. The Accelerator had an upside bias. The Timing Indicator was in positive territory with an up tick while the two month pattern was showing an expanding wedge. Note the up coming channel resistance that is coming soon. Trying to pass this level will be a major challenge. ______________________________________________________________ ... -
Finance 0
World Currency Profit Gameplan
Recently, I told you I was working on a special Currency Report, with profit recommendations for a large basket of world currencies. There’s so much information here, I’ve decided to break it into a two-part series. The simplest way to do this is to start with the Big Five. These major currencies serve as the “drivers” for the minor ones. In my upcoming Part 2, I’ll tell you which of the minor currencies (like the Aussie dollar or the Swiss franc) are tied to which of the major ones, how that impacts their direction, and how you can profit. Right now, we’ll start with profit recommendations for the 5 major currencies that drive al... -
Finance 0
Today’s Trading Plan: Stocks Curb Their Enthusiasm
Technical Outlook: My Trades: Did not close any positions yesterday. Added one swing-trade to the portfolio yesterday. Currently 20% Short / 80% Cash Remain Short QQQ at $105.00 and one other position. The back and forth from the market over the last 7 trading sessions requires that we remain flexible in the current market environment. Chart for SPX:... -
Finance 0
The Fed’s Loss Of Credibility Is Real: This Is What It Looks Like
Asset markets aren’t prepared for a hawkish Fed. As Bloomberg’s Richard Breslow notes Fed speakers have even taken to the Sunday talk shows to beat the rate-rise drum as economics is morphing into punditry. They’re going to raise rates because they can, are independent, apolitical and can’t be bullied by foreigners. The numbers notwithstanding… Hallelujah Perhaps we’ll know more when Chair Janet Yellen speaks on Friday in the more rarefied surroundings of Radcliffe Yard. For all the talk, one thing is true: asset markets aren’t priced for a FOMC ready to raise rates and looking to do more. The yield curve c... -
Finance 0
German ZEW Misses With 6.4, Current Conditions Higher
German ZEW Economic Sentiment comes out at 6.4 points, well below 12 points expected. On the other hand, the Current Conditions components missed with 53.1 points, above 48.9 predicted. EUR/USD is not going anywhere fast, consolidating its earlier slide. The German ZEW Economic Sentiment was expected to tick up to 12 points in May, from 11.2 in April. The Current Conditions component carried expectations for a rise from 47.7 to 48.9 points. EUR/USD was sliding towards the publication, trading around 1.1170 before the release. This is mostly the result of the stronger dollar. Later today, euro-zone finance ministers will convene to discu... -
Finance 0
FTSE 100: Range Trading Dominates
The FTSE 100 was range bound this morning, much as it has been since price reached the current levels on May 4. The May 6 low of 6053 is a strong support and traders have attempted to take out this level over the last few weeks, but buyers have thus far managed to repel such efforts. On the other hand, the May 12 high of 6195 that has kept buyers at bay. Within the 6053-6195 range, the FTSE 100 lacks a trend and neither bullish nor bearish traders have control. This situation will probably prevail until a break to the range occurs. We note that a similar episode prevailed earlier this year, when the FTSE 100 traded sideways from ... -
Finance 0
Yen Volatile In Wake Of G7 Rhetoric
Though lower now, the Japanese Yen had been able to retain recent gains, having been propped up by FX trader’s risk adverse sentiment after another decline in the price of crude oil. A fall in the global stock markets had also put some fear in FX traders that largely drove safe haven demand. At the same time, the fall in commodities put the Aussie and Canadian Dollar under some sell pressure. In the past week, the Yen has also been supported by the lessening of concerns over a possible intervention by the Bank of Japan. Last week at the G7, the United States issued a broad caution regarding currency manipulation. As reported at 11:00 am (BS... -
Finance 0
Is The Case For A June Rate Hike Premature?
The Federal Reserve continued to press ahead yesterday with its public relations effort of talking up the possibility of a rate hike, perhaps as early as next month. The latest addition to the hawkish-chattering club is the Philly Fed’s Pat Harker, who advised on Monday that “I can easily see the possibility of two or three rate hikes over the remainder of the year.” The comment follows similar remarks from central bankers in recent days, including the New York Fed’s Bill Dudley, who said that “if I’m convinced that my own forecast is on track, then I think a tightening in the summer, the June-July time frame, is a reasonable ... -
Finance 0
GBP/USD Mid-term Forecast
Although the cable has currently a bearish setup, from a longer-term view, there are some elements that suggest that there could be a possible bounce and a change in trend from bear to bull. Elements to be considered for the Trading Forecast (based on Technical Analysis): PROs: On Image1 Price is still in a Rising Channel (red dashed) ; Symmetrical Triangle formation highlighted in light purple (lower pecks and higher valley “compressed” into two converging trend lines) has broken upward, retraced back to the upper trend line and then continued to rise; the points A and C of the Triangle are also the Neck of a Complex Inverted Head and Sh...
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