- Gary TanashianOnce again I have to disclaim that at the moment (and for quite some time now) I hold not one single short position, in anything. I am only long US and global stocks. But also managing cash and portfolio balance as usual while feeling as though I'm playing a game of Musical Chairs while the music still plays (nothing nearly as good as Keith's style, which has always resonated w...Read More
By: Avi GilburtOriginally published on Sat Jan 4 for members of ElliottWaveTrader.net: Back in October and early November, I was preparing our members for the next rally phase I was expecting in the metals complex. And, when the 144-minute MACD on the silver chart signaled a bottom in early December, I noted it was no longer time to look down, but we need to be looking higher in a more s...Read More
By: Ira EpsteinGold needs an impetus in the near-term to get gold back to early week highs:Read More
Traders will either close short positions or go long on the weekend. Iranian risk is there. My initial reaction after the news of Ukrainian airlines crash in Tehran was that of a missile hit. I may be right. USA, Canada and UK are all now saying that Ukrainian airlines was hit an Iranian missile. In my view missile may or may not be Iranian. NATO/USA has started the escalation of war like situat...Read More
All three benchmarks nabbed big weekly winsThe Dow limped into the weekend with a triple-digit loss, despite crossing a historic milestone earlier in the day. After toppling the 29,000 level for the first time ever and nabbing a new record high, the blue-chip index pivoted lower as a lackluster jobs report weighed on Wall Street. The S&P 500 and Nasdaq nabbed record highs of their own, but also e...Read More
The company warned of weaker-than-expected Andexxa revenuePortola Pharmaceuticals Inc (NASDAQ:PTLA) stock is at the bottom of the Nasdaq today, downafter the drugmaker issued preliminary earnings for the fourth quarter and 2019. PTLA said it expects global and U.S. revenue from Andexxa -- its reversal treatment for uncontrolled bleeding -- to fall well below consensus estimates.A round of bear not...Read More
Nektar and Bristol-Myers Squibb will expand an ongoing late-stage collaborative trial The shares of Nektar Therapeutics (NASDAQ:NKTR) are pacing for their biggest one-day jump in almost two years after the firm amended its collaboration agreement with Bristol-Myers Squibb (BMY). The two will expand an ongoing trial combining NKTR's bempegaldesleukin cancer therapy with BMY's cancer drug Opdivo, th...Read More
Iran headwinds eventually faded later in the weekIf the next decade is anything like the first full week of 2020, Wall Street is in for a wild ride. U.S.-Iran tensions were at the forefront to start, as investors unpacked the headlines surrounding the killing of Iranian military commander Qassem Soleimani. Gold prices exploded in response, as investors sought the safe-haven asset amid geopolitic...Read More
U.S.-Iran tensions have sent energy stocks on a rollercoaster start to 2020Energy stocks have had a volatile start to 2020 amid the rise and fall of U.S.-Iran tensions, and Marathon Petroleum Corp (NYSE:MPC) is no exception. The oil name is facing off with its year-over-year breakeven point above, while also receiving support from the formerly resistant $57 mark. What's more, data from Schaeffer'...Read More
The Dow nabbed a new high atop the 29,000 region, before eventually sliding lower The Dow Jones Industrial Average (DJI) just sliced past the 29,000 level for the first time on record before pulling back near breakeven, as weaker-than-expected employment data finally managed to impact the blue-chip index. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) have also pulled back from their intr...Read More
GRUB gained 12.6% Wednesday on the sale reportOne of the worst stocks on the New York Stock Exchange (NYSE) this morning is GrubHub Inc (NYSE:GRUB). The meal delivery app is down 7% to trade at $51.80, after the company denied a Wall Street Journal report that a sale of the company is in process, or that any strategic review is underway. More specifically, a GrubHub spokesperson clarified: "We fe...Read More
NVDA has added 70% within the past 12 monthsChip stock Nvidia Corporation (NASDAQ:NVDA) is enjoying a 1.4% lift this morning after being added to Citigroup's "catalyst watch list." This bold move from Citigroup now has the equity at a fresh one-year high of $246.50 right out of the gate. This is just another drop in the bucket for NVDA, with just having received a bull note in late December. Over...Read More
URBN posted an increase in total company sales, but a decrease in its wholesale segmentUrban Outfitters, Inc. (NASDAQ:URBN) is among the slew of retailers posting holiday sales this week, and the results are not looking good. The Anthropologie parent posted a 2.9% increase in total company sales, which was lower than last year's 5% pop for the same period, as well as a 9% decrease in net sales fo...Read More
Stock futures are holding above fair value despite the nonfarm payrolls reportU.S. stock futures are pointing to a positive open this morning, though they've pared some gains after a downbeat jobs report. Specifically, the nonfarm payrolls report for December showed 145,000 jobs added, compared to economists' expectations of 160,000. As such, the Dow Jones Industrial Average (DJI), S&P 500 Index (...Read More
Gold COT Report - Futures Large SpeculatorsCommercialTotal LongShortSpreadingLongShortLongShort 383,48061,189139,363202,452558,533725,295759,085 Change from Prior Reporting Period 1,8607,494-1,248-473-10,883139-4,637 Traders 23670875458324185 Small Speculators LongShortOpen Interest 60,56226,772785,857 -4484,328-309 non reportable positionsChange fr...Read More
- Richard (Rick) MillsGold's safe haven status was tested this week, as Iran countered the assassination of its top military commander with missile strikes against two Iraqi bases housing US troops.On Tuesday night Tehran fired over a dozen missiles at the Al-Asad airbase and Erbil airport, in obvious retaliation against an American drone strike a few days earlier that killed General Qasse...Read More
Gold dramatically surged to major new secular highs this past week, fueled by stunning geopolitical news. The US assassinated Iran's top general, so Iran fired ballistic missiles at military bases in Iraq used by the US. That naturally ramped gold bullishness, spawning all kinds of predictions for much-higher prices. But geopolitically-driven gold spikes never last long, and the gold buy...Read More
- Rob KirbyDuring the run-up to year end, the narrative being fed to the population by the Wall St./Fed crowd was that massive liquidity [cash] injections were required in the banking system to ensure there were no "accidents" over the "turn" of the year end calendar to 2020. We've all been treated to some pretty sophisticated technical explanations by Wall Street and Fed mavens about the in...Read More
- Gary TanashianOnce again I have to disclaim that at the moment (and for quite some time now) I hold not one single short position, in anything. I am only long US and global stocks. But also managing cash and portfolio balance as usual while feeling as though I'm playing a game of Musical Chairs while the music still plays (nothing nearly as good as Keith's style, which has always resonated w...Read More
By: Avi GilburtOriginally published on Sat Jan 4 for members of ElliottWaveTrader.net: Back in October and early November, I was preparing our members for the next rally phase I was expecting in the metals complex. And, when the 144-minute MACD on the silver chart signaled a bottom in early December, I noted it was no longer time to look down, but we need to be looking higher in a more s...Read More