Jordan Roy-Byrne CMT, MFTAIt has taken a few weeks to play out but our warning of a correction in precious metals (first on August 18) is coming to pass. Last week Gold, Silver and GDX all formed big bearish reversals at multi-year resistance levels. Yes, these resistance levels (Gold $1550, Silver $18.50, GDX 31) date back to 2013.Bonds and precious metals have benefitted from the shift in Fed...Read More
By: Ira EpsteinRead More
IInterest rates on the Ten-Year Note still have a long way to fall if they are going to achieve the 0.73% target shown in the chart (see inset). Although it is mildly bullish that they have bounced from well above the 1.30% Hidden Pivot target given here earlier, the rally would have to hit 2.18% to turn the weekly chart bullish. For now, though, we'll need to respect the uptrend because i...Read More
The current fall in gold and silver is just a correction and not a short term bearish trend. Please remember that there is a difference between correction and a bearish trend. Bearish trend will be there only if gold trades below $1487 after the FOMC on 19th September. Sharp correction till the FOMC should be used to invest or go long in futures with higher trailing stop loss. Please do not trad...Read More
Apple unveiled its latest products earlier todayThe Dow staged a last-minute rally to log its fifth straight gain and longest winning streak since early June. The blue-chip index spent most of the day in the red, though, bogged down by a lackluster tech sector. And while the S&P 500 joined the Dow in the green at the close, the Nasdaqended in the red for its third straight loss. Investors digested...Read More
One trader bought to open 39,000 October 1.50 putsThe shares of Chesapeake Energy Corporation (NYSE:CHK) surged 19.6% on Monday, amid rising natural gas prices. Today, CHK has turned lower -- down 5.3% at $1.79, after the company said it issued 250.7 million shares of common stock in exchange for senior notes and convertible preferred stock. The negative price action has sparked heavy action in Ch...Read More
Meanwhile, MoneyGram stock just hit an annual high on a new Visa partnership Stocks are trading below breakeven today, with the Dow set to snap its four-day win streak. Three stocks bucking this broad-market trend today are e-payment issue MoneyGram International Inc (NASDAQ:MGI), as well as drugmakers AVEO Pharmaceuticals, Inc. (NASDAQ:AVEO) and Mallinckrodt PLC (NYSE:MNK). Below, we'll take a lo...Read More
The shares are also trading near recent highsZTO Express (Cayman) Inc (NYSE:ZTO) has been making a fast and aggressive move higher in recent weeks, up 22% since an early August bounce off its 200-day moving average. More recently, the security tapped a 13-month high of $21.20 earlier this month, but has since eased back to $20.99. If history is any guide, though, it could be a prime time to buy ch...Read More
A bullish signal flashing for WDAY might mean a short-term bounce Cloud-based software name Workday Inc (NASDAQ:WDAY)suffered a sharp sell-off from its July 12 high of $226.83, breaking south of support at its $195 region in early-August. WDAY was briefly contained by the $195 and $185 areas, but breached this floor following its late-August earnings report, hitting a seven-month low of $166 just...Read More
Intel is one stock seeing accelerated options tradingIt's a somewhat low-volume day on Wall Street, with few market-moving events on the radar. The Dow Jones Industrial Average (DJI), S&P 500 Index (SPX), and Nasdaq Composite (IXIC) were all last seen sporting modest losses, putting the Dow on pace for its first loss in five days. Outside of today's product reveal from Apple (AAPL), traders are...Read More
Short-term options premiums on CBOE look relatively cheap at the momentExchange operator Cboe Global Markets Inc (BATS:CBOE) is up 21% year-to-date, outperforming the broader S&P 500 Index (SPX). The shares are now consolidating above their most recent earnings close, as well as the historically supportive 20-day moving average, giving us the perfect opportunity to jump on CBOE's next leg higher.L...Read More
There's heavy call open interest in the September series for FordWe called out the Ford Motor Company (NYSE:F) pullback in our Opening View newsletter, with shares of the auto stock down 5.2% at $9.06 this morning. The company's bond rating was cut to junk status by Moody's, while Ford also unveiled new electric vehicles for the European market. The shares may have found support at the 20-day movi...Read More
FOXA calls are all the rage right now The shares of Fox Corp (NASDAQ:FOXA) are up 0.4% to trade at $34.45 today, so far shaking off a downgrade from Atlantic Equities to "underweight" from "overweight." The brokerage firm also lowered its price target to $28 from $43, noting the cord-cutting trend is happening faster than expected, and will likely weigh on the media giant. Since Fox went public...Read More
Citi is targeting 55% upside for SQ stockCitigroup raised its Mastercard Inc (NYSE:MA) price target to $317 from $288 -- a nearly 12% premium to last night's close at $283.36, and above the average 12-month target price of $309.47. Broad-market headwinds are keeping a lid on MA stock in early trading today, though, with the shares last seen down 3% at $275.01.Looking closer at the charts shows the...Read More
VNE was just nominated by a global automaker to create its Mono Vision System camerasSwiss-based auto technology name Veoneer Inc (NYSE:VNE) is up 6.8% at $17.69 this morning, after the firm and its joint venture unit, Zenuity, were nominated by an unnamed global automaker to build its Mono Vision System camera software for European vehicles. The stock is eyeing its fifth consecutive win, in respo...Read More
In lieu of deteriorating economic conditions and a fragile equities market ripe for a correction, it may soon be an opportune time to buy gold and the Yen.Central banks' aggressive quantitative easing programs and unprecedented debt-to-GDP ratios across much of the developed world have, in my belief, set the stage for massive inflation in the long run.Gold outperforms in an inflationary environmen...Read More
The tech titan is expected to unveil new iPhones later today Dow Jones Industrial Average (DJI) futures are holding cautiously below fair value this morning, with the blue-chip index fresh off a four-day winning streak. Blue-chip Apple (AAPL) will be in focus today, with the firm expected to reveal new iPhones at today's event, as well as more details for its streaming services. AAPL stock is trad...Read More
A laundry list of round numbers is now in play for Hong Kong's benchmark equity indexThere was a major mid-week relief rally for Hong Kong-listed stocks, after Chief Executive Carrie Lam on Wednesday said the government would formally withdraw a controversial extradition bill that had triggered months of disruptive protests in the region. The benchmark Hang Seng Index (HSI) rallied 3.9% on the ses...Read More
Total federal debt is projected to be 144% of GDP by 2049.Apple, Deere, Walt Disney and Coca-Cola were among the record 49 companies that issued as much as $54 billion in bonds this past Wednesday.Apple alone sold $7 billion, its first bond deal since 2017.For the 2020 fiscal year, the federal budget deficit is expected to hit a massive $1 trillion - the first time in U.S. history that it will hav...Read More
Bob MoriartySep 9, 2019It is with the greatest regret that I say that my darling wife of twenty-nine years, Barbara Moriarty, had a massive heart attack this morning and died. She was the genius of 321gold. She leaves me, her daughters and grandchildren heart broken. All those who knew Barbara loved her. She will be greatly missed. Bob Sep 9, 2019321gold LtdRead More