The S&P 500 re-took its 50-day moving average yesterday, but unfortunately, it did so without more than half of its index members closing above their 50-days as well. As shown below, only 48% of stocks in the S&P are currently above their 50-day moving averages. Bulls would like to see a much stronger reading than that based on where the S&P is currently trading. Below is a look at the percentage of stocks above their 50-day moving averages by sector. As shown, five cyclical sectors have breadth readings that are weaker than the 48% reading for the broad S&P 500. Energy is all the way down at 16%, while Industrials and Consume...
Yesterday, when stocks surged at the market open following Politico’s report that Trump is unexpectedly “making strides” on tax reform, we warned that “it can all be wiped away as soon as tonight, when Trump will deliver a speech to his “base”, in which he may promptly burn any of the goodwill he created with capital markets following his far more conventional Afghanistan speech last night.” That’s precisely what happened, because on Tuesday night, in another fiery campaign rally, Trump fiercely defended his response to violence in Charlottesville, made passing remarks from a teleprompter abou...
The Bank of New York Mellon Corporation (BK) has been a holding in Warren Buffett’s investment portfolio since the third quarter of 2010. Why is this important? Well, Warren Buffett is arguably the best investor ever. He has grown his company, Berkshire Hathaway (BRK-A) (BRK-B), to a ~$444 billion market capitalization through years of sound business decisions and intelligent investing. Accordingly, his investment portfolio is a great place to look for high-quality investment opportunities. You can see a full analysis of Warren Buffett’s investment portfolio here. Among Warren Buffett’s investment portfolio, the Bank of New York Mello...
India’s economy was hit by a major shock in November 2016 when the government of Prime Minister Narendra Modi, without advance notice, withdrew all 500 and 1000 rupee notes from circulation. Those denominations accounted for some 86 percent of all currency in circulation. The “demonetization,” as it has been called, was intended to undercut the nation’s huge black economy, but, according to critics, it was botched in execution. The short-term result was a sharp drop in GDP growth. However, as Focus Economics reports in its latest Consensus Forecast for East and South Asia, the Indian economy has bounced back and is expected to return ...
OVERNIGHT MARKETS AND NEWS Sep E-mini S&Ps (ESU17 -0.23%) this morning are down -0.25% after President Trump last night at a rally in Arizona threatened to shut down the government over the Mexico border wall. The issue over funding for a border wall may become entangled with legislation to raise the federal government’s debt limit, which needs to be raised by mid-Oct to avoid a default. Stocks also moved lower on global trade concerns when President Trump said he might terminate the North American Free Trade Agreement (NAFTA) at some point. The global trade concerns also weakened European stocks, which are down -0.12%, although los...
Lowe’s Companies Inc. (LOW – Free Report) , one of the largest home improvement retailers, came out with second-quarter fiscal 2017 results, wherein adjusted earnings of $1.57 per share missed the Zacks Consensus Estimate of $1.62 but jumped 14.6% year over year. Management expects earnings in the range of $4.20 to $4.30 per share for fiscal 2017. Earnings Estimate Revision: The Zacks Consensus Estimate for fiscal 2017 has been portraying a slight downtrend in the last 30 days. In the trailing four quarters (excluding the quarter under review), the company has underperformed the Zacks Consensus Estimate by an average of 1.7%. ...
If you’re an investor, there’s an important date coming up. You’ve probably read about it, but everything you’ve read is wrong – including what the actual date is! I’m talking about the coming debt ceiling drop dead date, which Treasury Secretary Mnuchin says is September 29. Mnuchin also says that, unless Congress acts on that day, the government will run out of money. At the same time, the government will have lost its ability to borrow money from the public to finance its ongoing deficits. As I have reported in my Wall Street Examiner Pro Trader Federal Revenues report, the Treasury appears to have enough cash to last until m...
The oil market is moody as the market is trying to balance a -3.595 million barrel drop in crude supply against a 1.402-million-barrel increase in gasoline supply and a larger 2.048-million-barrel jump in distillates. The American Petroleum Institute did report a drop of 462,000 barrels in Cushing, Oklahoma which is a sign that we are seeing supply drop in the key delivery point. So, while the oil market floats during seasonal weakness, the signs are becoming clearer that the global oil market is getting in balance as US oil production is headed towards a short-term peak. Peak shale oil production is a concept that we saw coming and when we...
Yesterday’s signals were not triggered as there was no bearish price action at $3934.00. Today’s BTC/USD Signals Risk 0.75% per trade. Trades may only be entered until 5pm New York time today. Long Trades Long entry after a bullish price action reversal on the H1 time frame following the next touch of $3978.85 or $3600.00. Place the stop loss 1 pip below the local swing low. Adjust the stop loss to break even once the trade is $50 in profit by price. Take off 50% of the position as profit when the trade is $50 in profit by price and leave the remainder of the position to ride. Short Trade 1 Short entry after a bearish price action revers...
According to a recent report by Interactive Advertising Bureau, digital ad spending accounted for $17.6 billion during the third quarter of 2016, a robust 20% growth over the year. Google and Facebook accounted for 99% of the growth in the quarter, with Google raking in 54% of the growth, Facebook 45% and the remaining 1% being left for the rest of the world. Clearly smaller ad-tech firms are struggling. Photo Credit: Thos Ballantyne/Flickr.com Rocket Fuel’s Financials Redwood City-based Rocket Fuel (Nasdaq: FUEL) has failed to regain its Unicorn status. Earlier this month, Rocket Fuel reported its second quarter results that failed to re...