“Greatness is upon you. You must believe it though.” – Germany Kent Stocks came back strong after another North Korean missile was fired. Many stocks are at the low end of their still forming bases which means swing trading remains my strategy. Gold soared and is breaking out of a major base and miners are also doing well. Only time will tell if the metals can hold the breakout or if it was just a twitch higher on the missile launch. We were lucky enough to have had KITE on the buyout. Always a nice way to start the week. Today’s action suggests we see a breakout above 245, now....
Unless you have been living under a rock, you know that Hurricane Harvey is causing unprecedented damage to Southeastern Texas, primarily the city of Houston. The main issue is flooding rains which by the end of the storm could stand at over 40 inches. Some reports estimate that the storm could cost as much as $40 billion on the Texas coast. Adding the costs of repairs to interior Texas and this storm will easily be one of the most expensive ever. How does this affect the ordinary investor? There are many ways, but the largest is insurance companies. There is no doubt there will be millions of claims from auto owners, homeowners and busines...
Here is a quick review of the global markets. Most markets are in the midst of a pullback within a broader uptrend. S&P 500 (US) The S&P 500 is down about 3% from it’s recent all time highs. Currently fighting to stay above the 50 day MA. A break below 2417 makes the 200 day ma (red line) likely to come into play. Nikkei Average (Japan) After breaching the 20,000 level earlier this year, Japan’s stock index is currently testing the 200 day MA on a pullback closer to 5%. CAC 40 Index (France) France’s stock index has retraced all of the gains post election. It’s down about 6.6% from it’s recent highs, but still trading above ...
80% technical sell signals Below its 20, 50 and 100 day moving averages 56.12% off its recent high Today I deleted Maui Land & Pineapple (MLP) or the Van Meerten Special portfolio for negative price momentum: Barchart technical indicators: 80% technical sell signals Trend Spotter sell signal Below its 20, 50 and 100 day moving averages Relative Strength Index 32.51% 56.12% off its recent high...
One of the most recurring questions from readers of the last couple of days is how high the price of copper can rise in 2017. That is obviously a great question, but an easy one to answer. One the one hand we expect a stiff stock market correction, as documented in is the S&P 500 correcting towards 2125 points as well as an S&P 500 forecast for October 2017. In such market conditions it would be unlikely to see a strongly rising copper price given copper’s role in markets which is the barometer of economic health. On the other hand, though, copper’s price chart showed a clear breakout. It all started in May when the falling tre...
If NKorea doesn’t launch a rocket tonight, stocks may sell off tomorrow — zerohedge (@zerohedge) August 29, 2017 Blink and you missed it… The message from the plunge/panic protection team is clear… Video length: 00:01:45 For a few brief hours overnight – until the bell rang at 09:30ET on the NYSE – investors were anxious about North Korea’s most provocative yet missile launch, the terrible flooding disaster in Texas, and lest we forget, the looming debt ceiling debacle. But all of that was instantly forgotten as the machines took control and lifted stocks higher practically all day on a sea of USD/JP...
Back to geopolitical risks again today after North Korea spooked markets with yet more missile test, but this time flying over Japan. All Asia markets were hit as a result of this, with a rush into safe-haven assets such as gold, oil and treasuries. Interesting that oil traded heavy even as the news hit the screens. Core markets did bounce from their intraday lows but the nerves certainly flowed into European trading. The Nikkei ended the day around -0.5% lower but the currency remains bid even into late US trading. We haven’t yet seen the 107 handle print but we did come close earlier this morning. Earlier in the day gold pushed to $1327 b...
Back to geopolitical risks again today after North Korea spooked markets with yet more missile test, but this time flying over Japan. All Asia markets were hit as a result of this, with a rush into safe-haven assets such as gold, oil and treasuries. Interesting that oil traded heavy even as the news hit the screens. Core markets did bounce from their intraday lows but the nerves certainly flowed into European trading. The Nikkei ended the day around -0.5% lower but the currency remains bid even into late US trading. We haven’t yet seen the 107 handle print but we did come close earlier this morning. Earlier in the day gold pushed to $1327 b...
I’ve never understood the myth of central bank dollar swaps. They are automatically placed in the category of QE or IOER, perhaps because very few seem to understand what was really happening with them (as well as outside of them). The Fed expands its balance sheet which everyone assumes is the same as expanding either base money or something like it. It’s a false equivalency, and one that is demonstrably so. They make their first crisis appearance in December 2007; seven, not eight. On December 6 that year, the FOMC gathered telephonically for one of those emergency policy calls that were becoming more frequent, the level of discussion m...
This is what Saudi Arabia is planning to do with its Aramco IPO as well:raise cash to fund the development of more efficient and diverse, renewable energy resources. Et tu Canada? See: Sale of oil assets fueling Denmark’s transition to green energy: In another sign that the petroleum era is drawing to a close, Denmark is selling off its last oil company with barely a peep. Once considered a strategic asset, on a par with national carriers or shipyards, the oil and gas division of A.P. Moller-Maersk A/S is being bought by French giant Total SA. The $7.45 billion deal is expected to be completed by 2018, pending regulatory approval. ...