My minimum upside target for the S&P 500 is still 3095, about 7.4% above these levels, and I am sticking with it. A corresponding rally in the Dow Industrials would leave them just shy of 28,000. Let me also mention that last week's nasty selloff would have tripped a 'mechanical' buy signal if the S&Ps had fallen just a little farther. The rally targets are purely technical and go directly aga...Read More
Traders will prefer to be long gold than short gold. I was hoping that sense will prevail in Trump and that a trade deal would be done with China on the weekend. Trump tweets suggest that he has refused to budge and will not budge for the rest of the his term which ends in January 2021. It is very difficult to predict the real long term impact of the US-China trade on China and rest of the wor...Read More
Traders are hitting the bricks after China's retaliatory tariffsThe Dow Jones Industrial Average (DJI) is falling further at midday, flirting with a 600-point pullback on this morning's bombshell that China is raising tariffs on U.S. imports. Huge losses in the tech sector have the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) posting similar pullbacks, while Apple (AAPL) is the top Dow loser so...Read More
H.C. Wainwright initiated coverage with an $11 price target and a "buy" ratingH.C. Wainwright just initiated coverage on the drugmaker Rockwell Medical Inc (NASDAQ:RMTI). The brokerage firm started with a "buy" rating and an $11 price target, which is more than double the stock's current levels. The analyst called Rockwell, which specializes in end-stage renal disease treatments, an "emerging biop...Read More
TEVA is pacing for its worst session since 2017Drugmaker Teva Pharmaceutical Industries Ltd (NYSE:TEVA) is tanking this morning, last seen down 12.7% at $12.53, after several U.S. states filed a price-fixing lawsuit against the company, accusing it of scheming to stifle generic drug competition. What's more, already today the security has touched a fresh annual low of $12.45, and is set for its...Read More
The newly public company just reported its first-quarter resultsThe Germany-based e-commerce concern Jumia Technologies AG (NYSELJMIA) released its first-quarter results this morning -- its first since going public in mid-April -- to disastrous results. The so-called "Amazon of Africa" company reported smaller-than-expected growth in revenue from last year, and a big quarterly loss. In response, J...Read More
Mandated production cuts in northern China to reduce air pollution are likely to offset reduced demand caused by warmer weather in the country, market sources told Fastmarkets MB this week.While local authorities in Tangshan - China's steelmaking hub in the north - have ordered steelmakers to cut output to improve air quality, a move that typically supports prices, output is not expected to fall b...Read More
Most analysts are already bullish on the cannabis stockAlliance Global initiated coverage on Canopy Growth Corp (NYSE:CGC) with an upbeat "buy" rating, saying the Canada-based company can become the "global leader in cannabis," and called its buyout deal with Acreage Holdings a "critical game changer." This echoes the broader bias seen among the brokerage bunch, with eight of 11 analysts maintaini...Read More
Brazil's Vale expects to return to its previous iron ore output target of 400 million tonnes per year only in the next few years, due to setbacks following a tailings dam disaster in Brumadinho city, in the country's southeastern Minas Gerais state."If you ask when Vale expects to produce around 400 million tonnes [per year] again, I would say between 2-3 years," the Brazilian miner's chief financ...Read More
The pullback puts Nvidia below a $100 billion market capThe semiconductor sector is often one of the hardest hit when trade tensions with China are on the rise, and we're seeing that today after the Asian nation announced shortly before U.S. markets opened that it was increasing tariffs. One name to watch during these moment, especially this week, is GPU giant Nvidia Corporation (NASDAQ:NVDA). I s...Read More
China will implement import tariffs on over 5,000 types of United States' goods starting June 1, 2019, marking an escalation in the trade war between the two countries, the government announced on May 13.Last August, China said it would apply import tariffs of 25% on a series of US metal products including zinc and copper concentrates. Yet, at that time no timetable was confirmed. Starting ne...Read More
Pot stock profit-share members could receive the next check soon.This one-of-a-kind marijuana profit-sharing plan that could quickly have investors sitting on $17,667... $25,921... $38,898... or even $55,563.And possibly a whole lot more.There are no age limits to this program.No income caps.No complicated hoops to jump through (joining only takes 90 seconds).And most importantly - there are zer...Read More
Already legal in 30 states, the tide is turning for medical marijuana.It seems like everyone is looking for a way to make money from the legal marijuana boom...But many don't want to roll the dice and risk their hard-earned money on a penny stock, or spend hours learning how to buy shares of a grower on some Canadian exchange.But there is good news.Marijuana profit-sharing plans are here, and one...Read More
Today's pullback could find familiar support, thoughThe shares of Shopify Inc (NYSE:SHOP) are down 4.5% in electronic trading this morning, after Guggenheim downgraded the e-commerce name to "neutral" from "buy." Ken Wong, the analyst in coverage, notes that while he still regards the retail name as a "disruptive force," he sees a capped potential in the stock's valuation and believes many inves...Read More
China will raise tariffs on U.S. goods starting June 1 Futures on the Dow Jones Industrial Average (DJI) have plummeted 480 points, after China said it will raise tariffs to as high as 25% on $60 billion worth of U.S. imports, starting June 1. This comes just after the U.S. raised tariffs on $200 billion in Chinese goods last week. Futures on the S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) a...Read More
Shorts coming out of hibernation remains a risk to stocks Since nearing 1,600 earlier this month, $RUT has stalled...Same for $SPX at 2,900... $IXIC now battling 8k- Todd Salamone (@toddsalamone) April 17, 2019 After multiple equity benchmarks rallied above key round numbers that I pointed out about a month ago on Twitter, and the S&P 500 Index (SPX - 2,881.40) and Nasdaq Composite (IXIC - 7,916...Read More
Zinc's three-month price on the London Metal Exchange fell by more than 2% at the close of trading on Monday May 13 following the fresh inflow of more than 8,000 tonnes into LME-registered warehouses in Europe. Total on-warrant LME zinc stocks are now above 90,000 tonnes for the first time since January and are trending higher after falling to a record-low of 41,900 tonnes in March. More than 30%...Read More
StrengthsThe best performing metal this week was gold, up 0.54 percent. Gold traders ended the week neutral on the price of gold as many are awaiting more details on the trade talks between the U.S. and China, according to the weekly Bloomberg survey. The BullionVault gold index measuring the balan...Read More
By: David HaggithSo much for the trade war being "good and easy to win." Let's be honest. Trump has been grinding away on it for almost a year now, and China has barely flinched in its negotiations. On Friday the tariff war became personal because it will now tap your own budget and every business budget in town.If you think Trump's boosting of the amperage means China will settle quickly, you m...Read More
My minimum upside target for the S&P 500 is still 3095, about 7.4% above these levels, and I am sticking with it. A corresponding rally in the Dow Industrials would leave them just shy of 28,000. Let me also mention that last week's nasty selloff would have tripped a 'mechanical' buy signal if the S&Ps had fallen just a little farther. The rally targets are purely technical and go directly aga...Read More