With the threat of a Brexit looming ahead, it is worth revisiting Britain’s past relationship with the Eurozone which has been nothing but rocky from the very start. The European Union became a geo-political entity in 1993 and consisted then of six members. It introduced its new currency, the euro in January 1, 1999, Originally,…
Japan is moving toward its largest privatization in two decades. It is selling Japan Post. It will consist of a holding company, a bank, and an insurance company. It will likely raise the equivalent of $10-$12 bln. There will be 495 mln shares of the holding company that will be sold, 412 mln shares of…
CLICK ON CHART TO ENLARGE The Dow (DIA) formed what looks like a long-term “Megaphone” pattern in the late late 1960’s to early 1980’s. When it took out overhead resistance of the megaphone pattern in the mid 1980’s, it pretty much never looked back. Last summer, the Dow broke above resistance based upon the…
The Chart of the Day belongs to National Presto Industries (NPK). I found the industrial goods stock by using Barchart to sort the Russell 3000 Index (IWM)stocks first for the highest Weighted Alpha then for technical buy signals of 80% or better. Since the Trend Spotter signaled a buy on 9/8 the stock gained 7.71%. National Presto Industries manufactures and…
Today’s release of the September Producer Price Index (PPI) for Final Demand came in at -0.5% month-over-month seasonally adjusted, down from 0.0% in August. It is down -1.1% year-over-year, the ninth consecutive month of YoY shrinkage. Core Final Demand (less food and energy) came in at -0.3% MoM, down from 0.3% the previous month and…
Retail sales improved marginally according to US Census headline data. Our view is that this month’s data was stronger than last month. There was a decline of the rolling averages. Consider that the headline data is not inflation adjusted and prices are currently deflating making the data better than it seems. Backward data revisions…
One of the things you might have noticed if you follow trends in global growth and trade, is that the entire world seems to be decelerating in tandem with China’s hard landing (which most recently manifested itself in another negative imports print). For evidence of this, one might look to the WTO, whose chief economist…
GBP/USD: GBP has reversed its Tuesday losses and looks to resume its short term uptrend. On continued upside offensive it should target its nearby resistance at the 1.5400 level. On the upside, resistance resides at the 1.5450 level. Further out, resistance resides at the 1.5500 level followed by the 1.5550 level. A cut through here…
Bank of America (BAC) and Wells Fargo (WFC) released their third quarter earnings reports before opening bell this morning. Bank of America posted earnings of 37 cents per share, beating the analyst estimate of 33 cents per share. The firm posted revenue of $20.91 billion, compared to last year’s $21.43 billion and the estimate of…
Nucor (NUE) has paid increasing dividends every year since 1973. The company’s long history of steady growth is an anomaly in the volatile steel industry. Nucor operates differently from other steel companies. What sets Nucor apart is the way it treats its employees. The company has not laid an employee off in about 30 years….
