On Thursday, the initial jobless claims rocketed to almost 3.3 million. Quite an unimaginable number. What does it imply for the US economy and the gold market?One of the Most Scariest Things You Will See This WeekWould you like to see something scary? I guess not, but I'll show you anyway! But don’t worry: it will not be an microscope image of the coronavirus! Instead, I will present you a...Read More
MarkTwain said that history does not repeat itself, but it rhymes. It’s certainlytrue in both life and financial markets. Let’s explore how the recent historylessons apply to the precious metals.The2008 - Now LinkLet’s recount the similarities. We already had goldreversing on huge volume, and we saw it decline very strongly in the first weekafter the top. We already had another a...Read More
The historic action of the precious metals sector over the past few weeks has continued. The strong recovery in GDX, GDXJ, and Silver has potentially invalidated the technical breakdown that occurred during the crash. It appears to be a failed breakdown. Furthermore, Gold was looking vulnerable on the weekly, and monthly chart yet was able to slingshot back to $1700/oz. It is currently up $88/oz o...Read More
On Thursday, the initial jobless claims rocketed to almost 3.3 million. Quite an unimaginable number. What does it imply for the US economy and the gold market?One of the Most Scariest Things You Will See This WeekWould you like to see something scary? I guess not, but I'll show you anyway! But don’t worry: it will not be an microscope image of the coronavirus! Instead, I will present you a...Read More
MarkTwain said that history does not repeat itself, but it rhymes. It’s certainlytrue in both life and financial markets. Let’s explore how the recent historylessons apply to the precious metals.The2008 - Now LinkLet’s recount the similarities. We already had goldreversing on huge volume, and we saw it decline very strongly in the first weekafter the top. We already had another a...Read More
The historic action of the precious metals sector over the past few weeks has continued. The strong recovery in GDX, GDXJ, and Silver has potentially invalidated the technical breakdown that occurred during the crash. It appears to be a failed breakdown. Furthermore, Gold was looking vulnerable on the weekly, and monthly chart yet was able to slingshot back to $1700/oz. It is currently up $88/oz o...Read More
Jordan Roy-Byrne CMT, MFTAThe historic action of the precious metals sector over the past few weeks has continued.The strong recovery in GDX, GDXJ, and Silver has potentially invalidated the technical breakdown that occurred during the crash. It appears to be a failed breakdown.Furthermore, Gold was looking vulnerable on the weekly, and monthly chart yet was able to slingshot back to $1700/oz. I...Read More
Gary Savage Perma-bears are going to wrong. This is why:Read More
Ira EpsteinGold still has a bullish pattern in the short-term. Support around $1595..Read More
Range bound trade in gold and silver will be broken by tomorrow and a new range will be formed. A new month and a new quarter high on economic optimism but low on confidence. Uncertainty on global economy and inability to prevent coronavirus spread has resulted in gold remaining firm and crude oil and industrial metals trading with a softer bias. Spot gold should have broken past $1700. By the s...Read More
All three benchmarks finished with double-digit monthly lossesThe Dow closed out March with a steep loss today, giving back triple-digit midday gains to finish 410 points lower. The blue-chip index locked up steepest quarterly drop in its 124-year history. The S&P and Nasdaq both joined the Dow in the red today, with bank stocks among the notable laggards. All three indexes locked up March with d...Read More
DocuSign is finishing the month out strong, and options players are paying attentionWhile a large portion of the broad market is still struggling to recuperate from this month's violent selloff, DocuSign Inc (NASDAQ:DOCU) has recovered from its mid-March plummet and then some. In fact, the equity broke through recent pressure at the $90 region to nab a new all-time high of $98.38 earlier today, an...Read More
Major Indexes are in the black middayThe Dow Jones Industrial Average (DJI) is fighting toward a close in positive territory, in what's on track to be its worst quarter ever. The blue chip is fending off this morning's triple-digit drop before the bell, while both the Nasdaq Composite (IXIC) and S&P 500 Index (SPX) are also modestly in the black. Some traders speculate on a buying boost due to t...Read More
Sea is experiencing growth as consumers resort to online buyingE-commerce developer Sea Ltd. (NYSE:SE) is no stranger to the volatile broad market, but the equity has several layers of support in place that have helped push it higher during the past few months. A recent pullback was captured by SE's 200-day moving average. In fact, SE has been a major outperformer, boasting a year-to-date gain of...Read More
Amarin just lost a major U.S. patent lawsuit for its heart drug Vascepa On the charts, things are looking pretty bleak for Amarin Corporation plc (NASDAQ:AMRN) right now. The equity is down 68.4% at $4.29 during its first hour of trading -- on pace for its worst day in over 2 years -- after the biotech company lost a major U.S. patent lawsuit for its heart drug Vascepa, with Amarin initially claim...Read More
J.P. Morgan Securities and Cowen and Company cut their price targetsRH (NYSE: RH), formerly known as Restoration Hardware, is down 11.8% to trade at $104 this morning. The company reported fourth-quarter profits of $3.72 per share, higher than Wall Street's estimated $3.59 per share. Despite this, the revenue announced by the retailer was lower than anticipated, coming in at $664.98 million, the f...Read More
Lack of consumer spending is leading to V's projected low revenue growthAs the coronavirus pandemicwreaks havoc on the global economy, Visa Inc (NYSE:V) announced its transaction volumes have taken a major hit, as consumer spending falls off sharply. Additionally, the company forecastsingle-digit percentage revenue growth for the second quarter, which prompted price-target cuts from Instinet and S...Read More
The blue chip index is looking at it's worst first quarter on record, too It's not looking good for Dow Jones Industrial Average (DJI) futures this morning, which are eyeing a triple-digit drop coming into today's trading. Not only that, the blue-chip index is pacing for its worst first quarter ever, down roughly 21.8% coming into today. Futures on the Nasdaq-100 Index (NDX) and S&P 500 Index...Read More
(Adds recent repo program)By Jonnelle MarteMarch 31 (Reuters) - The Federal Reserve has moved intooverdrive to try to keep the U.S. economy from suffering lastingdamage from the coronavirus pandemic, announcing an emergencyinterest rate cut on March 3 and rolling out new efforts almostweekly since, including slashing rates to zero and relaunchinglarge-scale asset purchases.The U.S. central bank, a...Read More
The question everyone is asking: is the market meltdown over? If you watched nothing other than mainstream news you might be inclined to think that we have come through the storm and are ready to pick up the pieces, board the rocket ship, and launch the markets back to the stars. Mike Maloney begs to differ. Join him in this latest update as he shows why he believes we are in either a dead cat bou...Read More