Analyst sentiment remains bullishly skewed, howeverAlthough Dropbox Inc (NASDAQ:DBX) is down 0.5% to trade at $22.51 today, it remains on pace toward its first weekly win since May 3. However, this mini-heater has sent DBX barreling toward a trendline with bearish implications, if history is any guide.More specifically, the equity is now within one standard deviation of its 80-day moving average,...Read More
Central banks around the globe have been on a gold buying spree this year, with Russia and China leading the pack.In the first three months of 2019, gold purchases by the country's top banks hit the highest level in six years, as nations diversify their assets away from the US dollar.Global gold reserves, in fact, rose 145.5 tonnes in the first quarter, a 68% increase from a year earlier, based on...Read More
Central banks around the globe have been on a gold buying spree this year, with Russia and China leading the pack.In the first three months of 2019, gold purchases by the country's top banks hit the highest level in six years, as nations diversify their assets away from the US dollar.Global gold reserves, in fact, rose 145.5 tonnes in the first quarter, a 68% increase from a year earlier, based on...Read More
The SPX is down more than 5% so far this monthThe U.S. stock market got off to a rip-roaring start in 2019, with the S&P 500 Index (SPX) surging more than 17% year-to-date through its April 30 close. The broad-market index started the month of May off strong, too, hitting a record intraday high on May 1, before the cards came crashing down on renewed U.S.-China trade tensions. The SPX is now pacin...Read More
Shares in Ecuador-focused SolGold (LON, TSX:SOLG) took a hit on Thursday, following media reports of a potential referendum on mining in Imbabura, the province in which its flagship Cascabel copper-gold project is located.The company's stock dropped more than 28% in London to 24.26 pence in early morning, but recovered in the afternoon to close at 32p, leaving its market cap at almost 589m pou...Read More
Canadian Solar recently bounced off its 200-day trendlineShares of Canadian Solar Inc. (NASDAQ:CSIQ) are surging this morning, last seen up 7.8% at $19.07. The alternative energy provider reported a narrower-than-expected first-quarter loss, and named Yan Zhuang as acting CEO, while its current CEO Dr. Shawn Qu takes a medical leave of absence. Plus, the company's Chief Financial Officer (CFO) Hu...Read More
TSLA fell to a two-year low yesterdayThe shares of Tesla Inc (NASDAQ:TSLA) are down 0.3% to trade at $189.22 today, after Barclays trimmed its price target to $150 from $192. The analyst in coverage said Tesla is "stalling as a niche automaker," and waxed pessimistic about the stagnating Model 3 demand, as well as a path to profitability. In summation, Barclays said Tesla "has a lot of catching...Read More
Veeva Systems just reported first-quarter earnings and revenue that beat expectations Software concern Veeva Systems (NYSE:VEEV) is soaring this morning after the company reported first-quarter earnings and revenue that exceeded analysts' expectations last night. The firm also lifted its guidance for the second quarter, as well as the full year. The shares are up 9.8% at $147.69, trading at fresh...Read More
The cybersecurity firm gave a weak current-quarter profit forecastPalo Alto Networks Inc (NYSE:PANW) stock is down 6.2% in electronic trading, set to open near the $200 per share level for the first time since mid-January. This downside comes after the cybersecurity firm offered a weaker-than-expected current-quarter profit forecast due to acquisition-related costs and tariffs, though PANW did bea...Read More
X and STLD stocks were hit with more bearish attentionThe shares of United States Steel Corporation (NYSE:X) have been getting crushed in recent months, and are now set to open at fresh three-year lows after Deutsche Bank weighed in on the broader steel sector. The analyst note released this morning cited changes in the space due totrade tensions and weak prices, and in response X was downgraded t...Read More
China reportedly halted purchases of soy out of the U.S.U.S. stock futures are inching toward a positive open, with the Dow Jones Industrial Average (DJI) pointed higher, as traders digest the latest gross domestic product (GDP) estimate. The Commerce Department said the U.S. economy grew at a 3.1% pace in the first quarter, exceeding expectations. Bond yields are also on the rise, despite reports...Read More
Frank Giustra-backed Fiore Gold (TSXV: F) will invest $2 million on metallurgical test work and resource expansion drilling at its Gold Rock project in Nevada.In a press release, Fiore said that the work is aimed at supporting a Preliminary Economic Assessment targeted for the end of the year, which should lead to a construction decision by mid-2021.The company is planning approximately 10,000 met...Read More
Frank Giustra-backed Fiore Gold (TSXV: F) will invest $2 million on metallurgical test work and resource expansion drilling at its Gold Rock project in Nevada.In a press release, Fiore said that the work is aimed at supporting a Preliminary Economic Assessment targeted for the end of the year, which should lead to a construction decision by mid-2021.The company is planning approximately 10,000 met...Read More
AngloGold Ashanti (JSE:ANG) (NYSE:AU) paid Renaissance Gold (TSX.V:REN) $300,000 to maintain its 100% earn-in option on the Silicon project in Nevada.AngloGold already kicked off a planned 17,000-metre, Phase 2 drill program on the property with one RC and one core rig.If Anglo completes the payments and exercises the purchase option, RenGold would retain a 1% net smelter return royalty on future...Read More
* GRAPHIC-2019 asset returns: (Updates with closing prices, details)By Zandi ShabalalaLONDON, May 30 (Reuters) - Copper prices fell to theirlowest level in nearly five months on Thursday after a Chinesediplomat ramped up rhetoric that could stoke the trade conflictbetween the United States and China and possibly erode metalsdemand.Provoking trade disputes is "naked economic terrorism",Ch...Read More
Here Are 3 Hot Things to Know About Stocks Right Now The Dow Jones Industrial Average retreated after Beijing suggested it might ban exports of so-called rare earth elements. Shares of Abercrombie & Fitch (ANF - Get Report) fell sharply after the apparel retailer reported soft first-quarter same-store sales. Dick's Sporting Goods (DKS - Get Report) fell even though the comp...Read More
By: Ira EpsteinRead More
By: Dave KranzlerTSLA had yet another bad week, closing down $19 (9%) from the previous Friday's close. Last week every attempted bounce in the stock was shortable on a daytrading basis. Currently Tesla's shares are trading at $188. It would likely be a lot lower if it weren't for Musk's repeated "leaked" emails loaded with dubious production and delivery claims, with both barrels pointed direct...Read More
By: Avi Gilburt I have now been writing for Seeking Alpha for approximately 6 years. And, I can honestly say that not much has changed in the readership base. Yes, that means you.You see, the same folks that have commented on my articles that Elliott Wave analysis is akin to voodoo are still making the exact same comments they made years ago.Do you think that the accuracy of our underlying anal...Read More
By: Jordan Roy-Byrne CMT, MFTAWe have written for over a year about the historical importance of the shift in Federal Reserve policy. We've noted that over the past 65 years in 11 of 13 rate cut cycles the gold stocks have enjoyed tremendous gains. The historical data shows an average gain of over 170% and median gain of almost 150%. As of Tuesday morning, the market showed an 84% chance of a...Read More