On Tuesday, share markets in India opened in red and were rangebound throughout the day but arrested losses and ended on a flat note. The BSE Sensex closed lower by 25 points to end at 32,609 while the broader NSE Nifty ended the day higher by 4 points to close at 10,234. Among BSE sectoral indices, realty index rose the most by 0.8%, followed by oil and gas stocks at 0.7%. Cipla and Bharti Airtel, were among the top gainers. Top Stocks in Action Today Wipro share price is likely to be in focus today after the company declared its second quarter results yesterday. The country’s third-largest software services exporter, pos...
EUR/USD is stuck in range, in the middle of the 1.17 handle. What’s next? Here are three opinions, which lean towards buying the dips. Here is their view, courtesy of eFXnews: EUR/USD: Where To Buy Dips? – SocGen Societe Generale Cross Asset Strategy Research expects EUR/USD dips-buyers to emerge on further move towards 1.1720 ahead of the key support around 1.1660/18. “As for EUR/USD, it’s still backing off the major resistance line it failed at (1.1880) and still above support at 1.1720, let alone the 1.1660 level that is a clearer line in the sand for any dip-buyers. ….The pair is evolving within a Head and Shoulders pattern. Sh...
To date, I am not nearly as loaded up on commodity trades as I plan to be once certain technical factors line up. With all the current buzz about inflation and the rising producer price index, preparedness for buying languishing commodities makes sense. Currently, the Federal Reserve’s inflation target falls short of the parameters they would like to see before raising rates further. Interestingly though, just about everything can change on a dime. For example, who will lead the Fed come February, is one change we expect to occur. The historically low ratio (has only been this low twice in the last 100 years) between commodities and equi...
TD Ameritrade roiled the investment community this week when it announced it was shaking up its commission-free ETF lineup across its entire brokerage platform. The highlights include an expanded number of funds available to trade and fewer restrictions on eligible accounts. They also dropped Morningstar as the advisor that selects the commission-free list, giving in-house management more control over which funds make the cut. This type of expansive announcement is typically met with great enthusiasm by the advisor community. However, the biggest bombshell is that they are no longer offering Vanguard ETFs on their commission-free list. Yeah, ...
EUR/USD broke below 1.1780 support and extended its downside movement from 1.1879 to as low as 1.1736. Deeper decline to test 1.1669 support is still possible in the coming days. A breakdown below this level could take price to the resistance-turned-support trend line on the weekly chart now at 1.1420. Near term resistance is at 1.1820, only an upside break of this level could bring price back to test 1.1879 resistance. Above this level would aim next resistance level at 1.2029. ...
Crude oil prices sank after Sky News reported that Kurdish Peshmerga militia reached agreement to return to Iraq’s 2003 borders. Conflict between local fighters and government forces in the Kirkuk province shut down two oil fields, stoking supply disruption fears. The swiftly selloff evaporated as markets looked ahead to API inventory flow data however, and it did not disappoint. The report showed US stockpiles shed 7.13 million barrels last week, outpacing the 3.85 million outflow expected to be on display in EIA statistics due today. If official figures hew closer to the private-sector estimate, oil prices may enjoy a further boos...
Sure, we want growth; at the same time I don’t believe interest rates are going to jump enough that it actually impedes business expansion or transactional activity. I do believe Morgan Stanley saying today ‘Client Cash Balances’ are low is not encouraging. Now months ago Merrill Lynch said ‘high net-worth investors’ were selling a lot; and obviously that was just a bit early (for some stocks not others). So which is it? Both. That’s rotation and that’s why so much of the sustained S&P move has been a result of the use of ‘leverage’ rather than fresh money coming in. Now for sure, if t...
A v-shaped recovery in WTI/RBOB today (amid a dollar reversal at the EU close and chatter about a big crude draw) led prices higher into the API print (but after last week’s 100% incorrect API vs DOE reversal, who knows what it means). And the rumors were true – a huge crude draw (biggest in 2 months) and the first build at Cushing in 8 weeks. However, WTI prices didn’t move much as product builds weighed on RBOB prices. API Crude -7.13mm (-3.2mm exp) – biggest draw in 2 months Cushing -151k – first draw in 2 months Gasoline +1.951mm (+1.05mm exp) Distillates +1.644mm – biggest in 3 months After last week...
I think Dilbert is hilarious. The comic strip’s creator, Scott Adams, has incredible insight into everyday life. More than a decade ago, he showed the cartoon’s title character in a grocery store. A clerk asked Dilbert, a white-collar, micromanaged engineer by day, if he wanted to sign up for the store’s loyalty card so he could save on purchases. His reply went something like this: “So you want my personal information, which you’ll then use to track me and market to me, and in return I get the manufacturers’ rebates that I’ve always received? And if I don’t give you my data, then you keep the money?” It illustrated that cla...
I last wrote about the SPX:VIX ratio on September 30. Price action on the Monthly ratio chart below shows an inability, so far, for volatility to be held at bay, while the SPX continues to make new highs, almost daily. It has failed to hold, with conviction, above the 250 level and advance above its next resistance level, which is a 161.8% external Fibonacci level at 280. Price action, typically, doesn’t like to leave unfilled gaps on the 60-Day 60-minute ratio chart. It gapped up on September 11 and remains unfilled. I’d expect that it will be filled in the near term, inasmuch as momentum has been fading on this timeframe and ...