I did not celebrate the Fourth of July on Thursday. This goes back to a term paper I wrote in graduate school. It was on colonial taxation in the British North American colonies in 1775. Not counting local taxation, I discovered that the total burden of British imperial taxation was about 1% of national income. It may have been as high as 2.5% in the southern colonies.In 2008, Alvin Rabushka’...Read More
Gold's incredible strength this summer is very unusual, as early summers are the weakest times of the year seasonally for gold, silver, and their miners' stocks. With traders' attention diverted to vacations and summer fun, interest in and demand for precious metals normally wane. So this entire sector tends to suffer a seasonal lull, along with the general markets. This June's bull-mark...Read More
- David H. SmithGLD (SPDR Gold Shares NYSE) is the world's largest gold-centric Exchange Traded Fund (ETF). On Friday June 21, 2019 - one day after The Gold and Silver Volcano is Ready to Erupt was posted on this site - a record single day's inflow (gold buying) of over $1.5 billion took place.This stampede, led by hedge funds and "algos" (automated computer buy/sell programs based upon volu...Read More
By: Ira EpsteinGold is overbought, near resistance area again:Read More
The Dow and S&P spent the whole day in negative territoryThe Dow was down more than 230 points at its session low after this morning's impressive payrolls report lessened expectations for a half-point rate cut at the Fed meeting in late July -- though markets are still pricing in near-unanimous projections for a 25 basis point cut. The blue-chip index pared these losses significantly by the close,...Read More
Stocks got an early boost from U.S.-China trade tailwindsIt was a solid week for stocks, with the Fourth of July holiday offering an abbreviated start to the new month. The Dow, S&P 500, and Nasdaq used early-week trade truce momentum to nab weekly wins, surging to record-high closes on Wednesday before the holiday break on Thursday. Trade tensions remain a major market catalyst; even after the U....Read More
"Apex Legends" concerns could be weighing on EA sharesStocks are in the red today in a quiet post-holiday session. Two names making notable moves are video game producer Electronic Arts Inc. (NASDAQ:EA) and clinical-stage cancer therapeutics specialist Tyme Technologies Inc (NASDAQ:TYME). Below we'll take a quick look at how the shares of EA and TYME are trading. More Headwinds Hit EA StockEA stoc...Read More
FCX is also testing its 50-day moving averageMining concern Freeport-McMoRan Inc (NYSE:FCX) is edging lower today, along with other sector peers, as copper prices come under pressure. The equity is down 0.2% at $11.28, and earlier slipped beneath the $11 region, which it has been testing in recent weeks. Looking more broadly, the equity has been attempting a bounce off its two-year low of $9.47 fr...Read More
Gold prices declined Friday, sending prices lower for the week, as a stronger better-than-expected rise in June U.S. jobs dulled expectations for interest-rate cuts and lifted the benchmark dollar index to a more than two-week high. Traders "have used the better than expected jobs number to push gold prices lower...as expectations of a Federal Reserve interest rate cut in July have diminished some...Read More
Shorts have been ramping up coverage on ZENSoftware service Zendesk Inc (NYSE:ZEN) is down 1% at $90.86 this afternoon, a rare occurrence for the long-term outperformer. Below, we will take a look at recent data from Schaeffer's Senior Quantitative Analyst Rocky White, which suggests Zendesk stock may be ready for a fresh surge higher. Specifically, the equity has climbed the charts since its mi...Read More
The firm tapped AU and HMY stocks as two of its top gold picksGold futures are trading lower today as the U.S. dollar strengthens following this morning's jobs report, putting the August-dated contract on track to snap its two-week win streak. However, the commodity tagged a five-year peak on Wednesday, and the recent run up in gold has boosted several mining stocks, including AngloGold Ashanti Li...Read More
The Dow was more than 200 points at its session lowsOn a quiet day of trading on Wall Street, the Dow Jones Industrial Average (DJI) is under pressure -- down triple digits, at last check -- after a better-than-expected jobs report eased expectations for a 50 basis point interest rate cut at the Fed's July meeting. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are deep in the red, too, as s...Read More
A bearish signal just flashed on the charts for American AirlinesThe shares of American Airlines Group Inc (NASDAQ:AAL) have been trying for a rebound on the charts since the stock hit a two year bottom of $27.02 in late May. The stock has run into resistance several times near the $33.50 region, and is back on its way down, trading 1% lower at $32.38 today. While the equity has still managed to k...Read More
PEP is in position to earn bullish brokerage notes should earnings impressPepsiCo, Inc. (NASDAQ:PEP) will report earnings before the open next Tuesday, July 9, and it's worth looking at the options data around the beverage giant ahead of the event. Most notably, PEP's Schaeffer's put/call open interest ratio (SOIR) of 0.42 shows call open interest among contracts expiring within three months more...Read More
Ford's 50-day moving average sits right at the round $10 markThere's not a lot of buzz on Wall Street today following the Fourth of July holiday on Thursday, butautomakers General Motors Company (NYSE:GM) and Ford Motor Company (NYSE:F) have grabbed some headlines. Data showed the companies posted another quarterly decline in sales in China amid the U.S.-China trade dispute. This news has the shar...Read More
Amazon said its minority investment in Deliveroo would be beneficial for all partiesShares of online powerhouse Amazon.com, Inc. (NASDAQ:AMZN) are down 0.5% at $1,928.63. Pressuring the stock is news a British competition regulator sent an initial enforcement order to Amazon, requiring it to pause its minority investment in U.K.-based mobile delivery service Deliveroo on concerns the two companie...Read More
KPTI options traders could be using calls to hedgeThe shares of Karyopharm Therapeutics Inc (NASDAQ:KPTI) are up 15.9% to trade at $10.31 today, as analysts react to Wednesday's news that the company won accelerated approval from the Food and Drug Administration (FDA) for Xpovio, their treatment for blood cancer. No fewer than six brokerages have hiked their price targets since the approval, the...Read More
Wall Street is worried that strong jobs data in June will discourage the Fed from cutting ratesDow futures are trading below fair value this morning, cooling from Wednesday's all-time highs after a better-than expected June payrolls report -- which has some investors tempering their expectations for a July interest rate cut from the Fed. Payrolls ramped up by a stronger-than-forecast 224,000 in Ju...Read More
It should be a relatively quiet day of trading on Wall StreetIt's set to be a quiet day on Wall Street following the Fourth of July holiday, but a handful of stocks are making big moves in early action, including Swedish drugmaker Oasmia Pharmaceutical (NASDAQ:OASM), French biopharmaceutical name DBV Technologies (NASDAQ:DBVT), and Tesla rival Nio Inc (NYSE:NIO). Here's a quick look at what's mo...Read More
Wall Street may be quiet for the July 4th holiday, but millions of Americans will keep the economy humming as they celebrate the nation's Independence Day this Thursday. Here are some facts and figures about what economic activity we can expect for Independence Day 2019: A Big Day for Eating and Drinking Nearly 90% of Americans plan to celebrate the holiday, spending a total of $6.7 billion on f...Read More