Some of the uranium miners including the ETF URA have moved back above the 30-week EMA. Is the new rally sustainable or could it be a fake rally which leads to more consolidation? I take at the uranium market from a Stage Analysis perspective in the following video: (Video length 00:09:20)...
WTI Crude Oil The WTI Crude Oil market rallied during the session on Wednesday, breaking above the top of the shooting star from Tuesday. This is a technically strong signal, and if we can break above the top of the range for the day on Tuesday and Wednesday, that would be a very strong sign that the markets are ready to go higher. Ultimately, I think we would go looking for the $48.50 level next, but I also recognize that a selling opportunity may be presented itself. We will have to see whether we break above these ranges to start buying, or if we get a turn around and start selling. All things being equal, I think the buyers are going to b...
Indian share markets gave up its early gains during the afternoon session and were trading below the dotted line. Losses are largely seen in metal stocks, software stocks, and auto stocks. While, capital goods stocks and bank stocks traded in green. The BSE Sensex is trading lower by 45 points and the NSE Nifty is trading lower by 20 points. Meanwhile, the BSE Mid Cap index is down by 0.3% & the BSE Small Cap index is up by 0.3%. The rupee is trading at 64.32 to the US$. Pharma stocks are trading on a mixed note with Biocon Ltd share price and Torrent Pharma share price leading the losses. Natco Pharma share price wa...
The Elliott Wave view for JPMorgan Chase (NYSE: JPM) suggests the rally from February 2016 low (52.5) to 03/01/2017 peak (93.98) have ended wave (3). The pullback from there unfolded as zigzag ABC structure which ended wave (4) at 06/01/2017 low (81.79). Up from there, the stock rallied in another zigzag structure before ending that short term cycle after reaching extreme on 07/06/2017 peak (94.51). Therefore, JPM made new all time highs and it’s now showing 5 waves from 2016 low and still looking to reach the minimum target at $100.5. The stock can either rally from current levels as it already did 3 waves pullback and reached short...
Yesterday, the American Association of Individual Investors released their Sentiment Survey results for the week ending 7/19/2017. These results show individual investors’ bullish sentiment increased 7.3 percentage points to 35.5%. This is the highest reading since early May when bullish sentiment was reported at 38.1%. This jump in bullish sentiment still has the level below the long run average of 38.5%. The increase in the bullish reading came almost equally from a reduction in those investors indicating they were bearish and those reporting a neutral view of the markets. This is a contrarian measure and remains at a fairly low lev...
Shares of Microsoft (MSFT – Free Report) climbed nearly 1% higher to touch a new 52-week high on Wednesday, just one trading period before the software behemoth is set to release its pivotal fourth-quarter earnings report. Over the past several years, global demand for personal computers—and related software—has plummeted. This put Microsoft in a tricky situation; the company known for its innovative Windows operating system now needed to rebrand itself as a tech leader that could adapt to the times. In many ways, Microsoft has done just that. For one, the company moved to a “freemium” model with Windows 10, offering the new O...
– European Central Bank (ECB) to Preserve Zero-Interest Rate Policy (ZIRP). – Will the Governing Council Start to Taper the Asset-Purchase Program? The European Central Bank (ECB) interest rate decision may initially trigger a bearish reaction in EUR/USD as President Mario Draghi is widely expected to retain the highly accommodative policy stance. Why Is This Event Important: With the ECB in no rush to remove the zero-interest rate policy (ZIRP), market participants are likely to pay increased attention to the forward-guidance as the quantitative easing (QE) program is set to expire in December, and the Euro stands at risk o...
Japan’s long and sordid dance with unconventional monetary policy continues. With most analysts expecting a ‘nothingburger’ from Kuroda (though some hinting at the potential for shock-and-awe), The BOJ delivered… nothing – no change. However, most critically, the BOJ admitted defeat of deflation and delayed the timing of reaching their 2% inflation goal to around FY2019. No change to policy: BOJ Maintains 10-Year JGB Yield Target at About 0.000% BOJ Maintains Policy Balance Rate at -0.100% 80 trillion yen target purchasing remains in place But… BOJ Raises Assessment of Economy – FY2017 GDP forecas...
Citi analyst Itay Michael started Tesla shares with a Neutral rating and $357 price target. The shares closed yesterday down $2.98 to $325.26. The analyst is positive on Tesla’s position as the “car of the future leader,” and thinks upside from current levels could “still be significant,” but he prefers to wait for a better entry point. Michael would like to see a stronger balance sheet or “convincing signs of a smooth Model 3 ramp with limited Model S cannibalization” before getting more positive on the shares. Both the bull and bear cases on Tesla shares “carry some merit,” the analyst t...
Among the advanced economies slow and steady growth has been accompanied by noticeable improvements in consumer confidence. The aggregate confidence indexes for a broad number of OECD and non-OECD countries are roughly back to former, pre-recession highs. In March, the U.S. consumer confidence index rose to its highest level in 16 years. The large economies have managed numerous challenges and are continuing to grow steadily. The Great Recession, the worst downturn since the 1930s, ended eight years ago. The global economy has handled the recent oil shock quite well. Even the deceleration in growth of the Chinese economy has turned out to be ...