Gold soared yesterday, likely based on the escalation of the trade conflict between the U.S. and China, but after several hours the rally was over. The tensions didn’t really subside, but the price of gold is already about $10 below the price at which it was trading when yesterday’s rally had started. Is gold trying…
The US dollar appears to be carving a low against the yen. After a significant fall, investor ought to be sensitive to bottoming patterns. The first tell was the key reversal on March 26. In this case, the key reversal was when the dollar made a new low for the move (~JPY104.55) and then rallied to…
S&P 500 REVERSES AFTER KUDLOW COMMENTS ON TARIFFS It’s been a busy 24 hours across financial markets, with a key driver showing up in yesterday’s morning’s US session. As global stocks were starting to take on a worrying overtone, with the S&P 500 appearing very near a re-test of the February double-bottom, White House Chief Economic…
According to a study by the Mortgage Bankers Association, the US lenders are expected to issue a smaller amount of mortgages in 2018. Total mortgage originations are expected to fall to $1.60 trillion this year from $1.69 trillion in 2017. The amount of new loans to refinance a home are expected to drop 28.3% to $430…
In running through dividends by the numbers for March 2018, we found that a total of 92 U.S. firms declared that they would cut their dividends, the second highest figure ever reported for monthly data that goes back to January 2004, a period that encompasses the worst of both the Great Recession and the tax hike-motivated…
The U.S. stock market indexes gained 1.0-1.5% on Wednesday, following much lower opening of the trading session, as investors’ sentiment improved after rebounding off recent local lows. The broad stock market broke above the level of 2,600 again and got closer to 2,650 mark. The S&P 500 index trades 7.9%below January 26 record high of 2,872.87….
Diamond Bottom in IYR US Wedge breakout in XLK US Wedge breakout in IWF US My preferred strategy is to buy small size and add on a pull back orback test of the broken wedge pattern. Stop the recent lows. Target in all three cases is new highs.
With so much attention focused on trade data in recent weeks, Trump will hardly be happy to learn that not only did the US trade deficit grow by 1.6% in February from $56.7BN to $57.6BN, missing expectations of a $56.8BN print, but was the highest monthly trade deficit going back ten years to 2008. According…
Here is the opening statement from the Department of Labor: In the week ending March 31, the advance figure for seasonally adjusted initial claims was 242,000, an increase of 24,000 from the previous week’s revised level. The previous week’s level was revised up by 3,000 from 215,000 to 218,000. The 4-week moving average was 228,250,…
While markets get whipsawed on trade war fears, back in the real economy things are smoking. Not only did we see smoking demand for oil, the preponderance of economic data is signaling even stronger U.S. and global energy demand. Where it counts in jobs and growth, things are looking the best they have in years….
