Image Source: Pixabay EUR/USD hovers around 1.0700 on Wednesday amid the weaker US Dollar. The Eurozone flash PMI showed the economy gained recovery momentum in April. S&P Global suggested US business activity continue to expand in April, albeit at a softer pace than in March. The EUR/USD pair holds above the 1.0700 psychological barrier during the early Asian session on Wednesday. The weaker-than-expected US PMI data for April drags the Greenback lower and creates a tailwind for EUR/USD. Investors will take more cues from Germany’s IFO business sentiment index and Expectations, along with the US March Durable Goods Orders. ...
Image Source: PixabayStocks finished the day higher, with the S&P 500 up 1.2%, following yesterday’s advance. So far, the rally has been relatively ordinary and boring. It appears to be bouncing in ordinary negative gamma fashion, with these rallies emerging out of thin air. However, that will likely start changing as we go through the rest of the week, especially as we get more data; it seems likely that rates and dollars will return from vacation.We get the 5-year Treasury auction tomorrow, which could be a non-event but still needs to be watched. Today’s 2-year auction was a non-event for the most part. But by Thursday, when the G...
Image Source: Unsplash Crude Oil gets pulled in both directions on Tuesday. A misfire in US PMIs spark fresh rate cut hopes. Risk assets get pumped higher as markets celebrate softening US economy. West Texas Intermediate (WTI) US Crude Oil started Tuesday on the low side, falling below $81.00 per barrel before a broad-market recovery in risk appetite dragged barrel bids into a fresh high above $83.00. US Purchasing Managers Index (PMI) figures printed much softer than expected, sparking renewed hopes of a weakening US economy forcing the US Federal Reserve (Fed) to begin cutting rates sooner than previously expected.Crude Oil markets rema...
Image Source: Unsplash AUD/USD extends gains, influenced by disappointing S&P Global PMIs from the US, suggesting possible Fed easing. US Dollar weakens as Treasury yields fall and equity markets respond positively to the potential shift in Fed policy. Upcoming Australian CPI data could influence the Reserve Bank of Australia’s policy stance. The Aussie Dollar recorded back-to-back positive days against the US Dollar and climbed more than 0.59% on Tuesday, as the US April S&P PMIs were weaker than expected. That spurred speculations that the Federal Reserve could put rate cuts back on the table, following last week’s ha...
Image Source: Pexels Tesla unveiled its first-quarter earnings on Tuesday after market close. Revenue declined by 9% to the low of $21.3B. The EV firm has been under pressure following its plans to pivot from cheaper models. Tesla (TSLA) reported its Q1 earnings on Tuesday after the bell. The report reveals various financial challenges, with declined profitability.Its earnings per share came at $0.45, lower than analyst estimates of $0.51. Also, the EV marker’s revenue declined by 9% to $21.3 billion, missing the consensus expectations of $22.3 billion.Tesla has seen deteriorated profitability, with CEO Elon Musk pressured to better artic...
Photo by Timothy Newman on UnsplashOil prices ended notably higher today after recovering strongly from overnight weakness (driven by a Bloomberg report that said fresh U.S. sanctions targeting vessels and refineries handling Iranian oil shipments were having a muted impact on crude supply).If implemented and enforced, the new sanctions could add as much as $8.40 to global prices, according to ClearView Energy Partners, a Washington-based consulting firm.But… “Oil traders are nonchalant because they know Biden will certainly sign whatever waivers are necessary to keep Iranian oil flowing into the market just as he is keeping Ru...
Image Source: Unsplash 100% technical buy signals 6 new highs and up 6.32% in the last month 149.81+ Weighted Alpha The Chart of the Day belongs to the regional airline SkyWest (SKYW). I found the stock by using Barchart’s powerful screening functions to find stocks with the highest technical buy signals, highest Weighted Alpha, superior current momentum and having a Trend Seeker buy signal then used the Flipchart feature to review the charts for consistent price appreciation. Since the Trend Seeker signaled a buy on 1/ 24 the stock gained 30.97%. SKYW Price vs Daily Moving Averages SkyWest, Inc., through its subsidiaries, enga...
Image Source: Unsplash The volatility trade remains engaged on Tuesday. Both the NQ & ES pushed higher and pushing resistance higher and supply initial evidence of the possibility of the indexes moving to new ATH’s before the next cycle trough hits. I update both Preferred counts. I review the Fibonacci levels for both counts.Video Length: 00:19:19More By This Author:S&P 500 & Nasdaq 100 Elliott Wave Update: Monday, April 22 Big Picture Technical Update For The Nasdaq 100 – Saturday, April 20 Eye Of The Storm Podcast – Big Picture Technical Update S&P 500...
Stocks continued moving higher in a relief rally from a short-term oversold condition.Without a fresh fundamental reason to continue to rise higher, the correction in the market is probably coming quickly to an end.Non-Farm Payrolls report for April on next Friday, May 3rd will likely affect the markets.Gold and silver were hit hard early on, as part of the Comex option expiration boogie-woogie.That also may be quickly passing. Gold achieved a 38.2 Fibonacci retracement early today, and then bounced back to almost unchanged by the close. Silver actually posted a gain for the day.A big chunk of gold took a walk out of the Hong Kong Comex wa...
Image Source: Pixabay The stock market rally has been driven by implied volatility melting and rates and the dollar stalling out ahead of a big week of data to come.Video Length: 00:07:06More By This Author:Stocks Rally As Rates Stall Ahead Of Treasury Auctions And Data Dump Economic Data Could Send Rates Soaring And Stocks Lower The Week Of April 22, 2024 This Hasn’t Happened To The Market In Almost 50 Years...