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Gold Prices Surge On Weak Dollar
Gold rallied to its highest in nearly 14 weeks on Wednesday as falling equity markets and weakness in the U.S. dollar underpinned the precious metal. The XAU/USD pair was able to cleanly break through the resistance in the 1132/1 zone after a surprisingly soft reading on the U.S. services sector reinforced the view that the Federal Reserve will refrain from raising interest rates in coming months. The Institute for Supply Management’s non-manufacturing index came in at 53.5, down from the previous month’s 55.3 and below expectations for a reading of 55.1. Not surprisingly, breaching the 1132/1 area drove up prices and as a result ... -
Finance 0
Euro Correction Expected After Break In Trend Line
Yesterday’s Trading: In mid-December the euro bulls didn’t manage to strengthen above 1.10. Now they are in jubilation on part of New York Fed chief Dudley who helped them pass the important technical levels and pop the stops off the sellers’ short positions. All Dudley had to say was that a strong dollar is the Fed’s, the economy’s and US companies’ main problem and then the speculators began selling US dollar. At first the 1.0950 resistance was passed, then the main trend line which took its beginnings from the 1.1712 maximum and passed through 1.1045. The dollar cheapened, despite strong private sector employment data from the ... -
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Stops Are Good For The Oil Market (Review From Feb. 3, 2016)
A weak U.S. Dollar and Production Cuts News mitigated a bad EIA Inventory Report today in the oil market. Video Length: 00:23:16... -
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U.S. Dollar Drops Most In Seven Years, Oil Prices Jump
The dollar tanked the most in seven years against major currencies as data indicating a slowdown in service industry growth fueled concern over the strength of the U.S. economy. American stocks staged an afternoon rally, erasing earlier losses as crude oil rebounded. The dollar index slid as much as 1.9 percent to an over seven-week low, making commodities priced in the greenback cheaper for holders of other currencies, amid growing skepticism that the Federal Reserve would be able to hike U.S. interest rates again this year and after data showed the U.S. services industry had slackened to the weakest pace in nearly two years. The Dow Jones I... -
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Daily Market Analysis – 2/4/2016
Video length: 00:01:54 During the course of the day on Thursday, we get several announcements but really nothing that we think is going to drastically move the markets. We have the Monetary Policy Statement coming out of Australia, so we could get some movement in the Aussie dollar, but beyond that we feel that the trends will simply continue going the way they have been, as we await the Friday Non-farm Payroll announcement. Ultimately, we believe that precious metals are starting to really find a significant amount of footing, and we expect them to go higher over the longer term. Because of this, we believe that the call buyers will ret... -
Finance 0
If Services Stumble Too There Truly Is Nothing Left
So much for the services savior? The worries about manufacturing weakness spreading are spreading. It’s maddening only because it was entirely predictable, maybe even inevitable. If consumers aren’t buying goods, and they aren’t, it is not because they are otherwise healthy (in financial terms) and have only just recently decided they have in the aggregate accumulated enough stuff. The economy just doesn’t work that way outside of some cartoons. After both non-manufacturing PMI’s came in much weaker than expected, especially the ISM, the word “spreading” or some variation of it was in every commentary. Bloomberg: Service indust... -
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Weatherford International Beats 2015 Q4 Earnings Estimate & Misses Revenue Estimate
Weatherford International (WFT – Analyst Report) released their fourth quarter earnings after market close yesterday, posting earnings of $-0.13 and revenue of $2.01 billion. Currently, WFT has a Zacks Rank #3 (Hold), but it is subject to change following the release of the company’s latest earnings report. Here are 5 key statistics from this just announced report below. Weatherford: 1. Beat earnings estimates. The company posted $-0.13, beating our Zacks Consensus Estimate of $-0.19. 2. Missed revenue estimates. The company saw revenue figures of $2.01 bil... -
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People Over Eager To Buy Energy Stocks
Are you getting excited to buy oil stocks? you may want to think twice because the bottom may be in for oil but that is only the beginning of the bloodbath that is in-store…... -
Finance 0
The Dollar Is Getting Hammered, Gold Jumps
It appears the ADP Employment report was not good enough to support fed rate-hikes as across the majors, traders are selling USDs… Gold is also surging. It appears someone is betting large that this week’s payroll data will be weak… Dollar is being dumped against the majors… And gold is bid… As Bloomberg reports, ICE’s U.S. Dollar Index has tumbled from an almost two-month high set on Jan. 29, when the Bank of Japan’s decision to implement negative interest rates drove investors into the greenback. Now, traders are refocusing their attention on the outlook for U.S. borrowing costs, with the prospect of t... -
Finance 0
Three Biotech Stocks To Buy Now: ABBV, BLUE, GILD
New Buys in Biotech: Two good values: ABBV, GILD and one speculative play: BLUE Biotech Stocks Are Still Risky But Are Due For A Rally Yesterday we published our first installment of the Rayno Life Science Portfolio for 2016. We believe large cap biopharmaceutical stocks will be less volatile and will outperform small caps as the sector bottoms in Q1 2016. The biotech sector is down over 20% YTD and has been in a bear market since September 2015 despite a Q4 rally. Unlike market trends in 2015 the biotech downdraft has coincided with negative macro news-flow and even correlation with crude prices. A strong dollar remains a major risk for m...
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