StrengthsThe best performing metal this week was palladium, up 2.05 percent on a strong market outlook. Gold traders and analysts were split between bullish and bearish this week as gold struggles to get back up to highs seen in January, according to the weekly Bloomberg survey. However, the yellow metal remarkably gained this week even as both the U.S. dollar and equities rose on the news that...Read More
By Avi Gilburt, ElliottWaveTrader.net We have all heard it. Many times through history, the hubris of analysts, economists, and market participants has been on display when markets rally extremely strongly. In fact, such hubris often accompanies major market tops. And, history has taught us that most of them are quite severely near sighted.Allow me to show you some examples."We will not have an...Read More
By: Stewart Thomson, Graceland Updates: 1. As US markets re-open after the holiday, the world's "queen of assets" continues her glorious ascent to higher prices. Please click here now. Double-click to enlarge this magnificent short term gold chart.2. The rise above $1332 ushers in my new short-term target: $1355!3. Please click here now. Gold is well on its way to be...Read More
By: Daniel R. Amerman, CFAThe Federal Reserve is currently communicating to the markets that it will likely pivot, and pause two strategies. The first pivot is to stop increasing interest rates. The second pivot is to stop unwinding the Fed balance sheet.While the interest rate pause is getting the most attention - the balance sheet pause could be the most important one for investors over the co...Read More
By: Captain Ewave GOLD: Short Term Update: Gold reached a low of 1305.30 this past week, but by the end of week we had moved higher to close in the 1324.80 area. We also had a key weekly reversal higher which is bullish and suggests higher prices are coming in the short term! We updated our count this week to a more bullish count that is suggesting that all of wave ?iii? of !iii! ended at...Read More
By: Jordan Roy-Byrne CMT, MFTARoughly one year ago and prior to that we observed that the gold stocks could be following the recovery template from what we deemed a "mega bear market."We define that as a bear market that is over two and a half years in time and over 80% in price. It cuts both ways.The gold stocks from 2011 to January 2016 had declined more than 80% and for more than four years....Read More
By: David HaggithBears, like myself, picked the meat off market bulls throughout 2018. We scoffed at the start of the year when bulls concocted a narrative that said bears would starve because 2018 was going to be the year of "global synchronize growth." We bears bawled that this was euphoric nonsense.Global economies fell off a cliff as soon as the bulls' narrative took hold, and all economies...Read More
So much for the wall of worry! Bulls have improbably shrugged off steep downturns in the housing and auto sectors, rising interest rates, a costly tariff war with China, the pernicious rise of socialism on Capitol Hill, the economic implosion of China and Germany, a strong dollar that has sapped the earning of U.S. multinationals; and, most recently, evidence that retail sales nosedived during t...Read More
China has been increasing gold reserves as a buffer to blackmail by USA and its allies on the global trade war front. Yesterday someone posted on Twitter that bank of England does not reveal the audit of gold reserves. There is no accountability of the Australian gold reserves held with the bank of England. My view is that Bank of England or the Federal Reserve will not give back the reserves...Read More
A consortium of metals and mining industry participants has teamed up with a blockchain technology firm to develop a platform to improve supply chain management and create efficiencies in the sector.Following its series on the role of blockchain in commodities trade finance, Fastmarkets looks next at the digitization of supply chain management.A consortium of metals and mining industry participant...Read More
Here are five Fastmarkets MB stories you might have missed on Tuesday February 19 that are worth another look.The London Metal Exchange has released the fees for its new cash-settled futures contracts to be launched on March 11, three of which - an aluminium premium contract, an alumina futures contract and a cobalt contract - are settled against Fastmarkets MB price benchmarks. Hot metal rem...Read More
Intercept Pharmaceuticals announced that its NASH drug met one of the goals in a late-stage studyThe shares of Intercept Pharmaceuticals, Inc. (NASDAQ:ICPT) are soaring in early trading -- up 15.4% at $127.93 -- after the company announced that its treatment for liver fibrosis caused by nonalcoholic steatohepatitis (NASH) achieved one of the primary goals of a late-stage study. The stock peaked at...Read More
The controversial pizza name was also hit with a price-target cutShares of pizza maker Papa John's International, Inc. (NASDAQ:PZZA) are down 2.8% at $43.99, after receiving a downgrade to "sell" from "hold" at Stifel. The brokerage firm also slapped the pizza stock with a $3 price-target cut to $35, and trimmed its 2019 earnings estimates for the company. The analyst said Papa John's "will need...Read More
There are many commonly adopted and propagated market fallacies.Central bank buying or selling does not necessarily mean what many believe.I would be watching NEM more than central banks right now.Note: This was originally published on February 16th for subscribers to The Market Pinball Wizard: There is an old Yiddish expression called a bubbe meise (pronounced my-seh). I guess the closest English...Read More
There's heavy open interest at the 200 strike on MCDMcDonald's Corp (NYSE:MCD) is trading up 0.9% this morning at $181.54 following a bull note out of Stephens. The brokerage firm raised its rating on MCD stock to "overweight" from "equal weight," and kept its $200 price target, saying the company's lowered expectations for 2019 have opened the door for upside surprises for the year. Generally spe...Read More
Trade negotiations between the countries will continue todayDow Jones Industrial Average (DJI) futures are slipping as Wall Street anxiously awaits new information regarding trade negotiations between the U.S. and China. Another round of talks kick off today, with more senior-level officials set to meet on Thursday. Investors hope the two countries can hammer out a deal before March 1, when increa...Read More
WMT is set to topple a key price point todayThe shares of Walmart Inc (NYSE:WMT) are up 2.6% in electronic trading, after the retail giant reported a fourth-quarter adjusted profit of $1.41 per share, easily surpassing the $1.33 per share estimate. Revenue was also higher than anticipated thanks to strong e-commerce growth, while same-store sales rose by 4.2%. And as if that's not enough, Walmart...Read More
Delta-hedge buying likely helped to fuel the stock market's expiration-week rally"...the sentiment backdrop continues to be a supportive measure for equities after some participants were bracing for doom and gloom in December... This doom-and-gloom scenario is slowly being unwound, and indications are that much of this pessimism has further room to be unwound, which would allow stocks to continue...Read More
Gold Futures printed fresh highs near $1,335.48, coming from $1,323.00 lows in London morning trade. The Fed’s shift to a dovish holding pattern at the last FOMC meeting, along with uncertainty over US-China trade talks, have both been supportive of gold prices. The break of $1,335.00 level reflects the break of 61.8% Fibonacci extension from last week’s correction lower...Read More
Base metals prices on the London Metal Exchange were mostly higher at the close of trading on Tuesday February 19, with a new round of trade talks between the United States and China improving market sentiment amid a slight softening of the US dollar index.Volumes traded over the day were moderate, with copper's 19,500 lots leading the complex.The metal's three-month price continued to trade on an...Read More