The price for rebar produced and delivered in Southern Europe remained unchanged on Wednesday May 22, amid continuing weak demand, market participants told Fastmarkets.Fastmarkets' weekly price assessment for domestic rebar in Southern Europe was ?,?500-510 ($559-569) per tonne delivered on Wednesday, unchanged from May 8."We are just hoping for the market to remain stable as the demand situa...Read More
By Avi GilburtIn our last update, we stated that Bitcoin was providing us the minimum price patterns to suggest that a bull market was under way. Moreover, we were looking for a standard corrective pullback to solidify the bull market case.But when the price action is too strong, it can flash warnings signals. This is clearly what we have seen over the last week or two. Price is always king, and...Read More
By: David HaggithThe graph here shows the point at which I said early last summer housing sales had turned over (for the worst) and would remain on a downtrend indefinitely, and it shows how that prediction has panned out.Existing home sales were down again nationally (4.4%) in April (fourteenth month in a row of declining sales year on year). That is the longest stretch without a single positiv...Read More
Target stock closed just shy of a key trendline yesterdayDespite the retail sector seeing earnings-related weakness this week, shares of Target Corporation (NYSE:TGT) have already gapped 7% higher, to trade at $76.68. Target this morning reported a first-quarter earnings and same-store sales beat, citing same-day fulfillment services for its digital strength especially. The company also shared pl...Read More
By: Craig HemkeThat this is even a question reveals the intellectual laziness of those who ask. However, since this is coming up with regularity again, here's another post on the subject.First, a summary of recent admissions and convictions against The Banks: o LIBOR manipulation: https://en.wikipedia.org/wiki/Libor_scandal (Note the section where it's noted that LIBOR fixing operates as a "...Read More
By: Ira EpsteinGold at Bollinger - lower band support. Market is oversold:Read More
By: Gary ChristensonHow many times have you heard "You can't eat gold" as a reason NOT to own gold? It is nonsense.You can't eat gold either during good times or after an economic collapse, but neither can you eat dollar bills, euros, bolivars or hundreds of other devaluing paper currencies.In good times and in bad times, gold is necessary for wealth protection. A gold market will always exist,...Read More
Stocks are in wafting mode, indifferent to tariff wars, slumping retail sales and impeachment talk. The broad averages have been racking up impressive gains even when buying interest is weak to nil. It certainly felt that way on Tuesday, when the Dow Industrials rose nearly 200 points on the opening bar, then hovered aloft for the rest of the day. For every tepid buyer it would seem that there i...Read More
Short sellers in gold and silver need to trade very carefully as long as they do not fall below $1260 and $1419. There can be very sharp pullback rallies as long as gold trades over $1260 and silver trades over $1419. Crude oil will break free from $60-$65 consolidation phase and form a new range. Copper and industrial metals can trade with a softer bias. Momentum for gold and silver is down....Read More
The company reported weakening sales growth for its first-quarter The shares of Urban Outfitters, Inc. (NASDAQ:URBN) are slipping today, after the retailer reported slower growth for its first quarter. Specifically, the firm posted per-share earnings that beat analysts' estimates, but came in 7 cents lower than last year's results, as well as weakening sales and shrinking gross margins -- mostly d...Read More
The three-month copper's price on the London Metal Exchange fell by 1.3% at the close of trading on Wednesday May 22, with price pressure emerging from resurging trade tensions between the United States and China, while dollar strength is limiting commodity investment. Volumes were moderately high for the red metal by the close, totalling more than 18,000 lots traded, the most since May 13. Follow...Read More
Weekly options traders targeted HD's post-earnings actionLowe's Companies, Inc. (NYSE:LOW) is set for a large sell-off after the company reported quarterly earnings that were below analysts' expectations. On top of that, the retailer lowered its full-year profit forecast. Shortly before the open, LOW shares were down 8.5%, which would put them at $101.68, back below the 200-day moving average. The...Read More
Here are five Fastmarkets MB stories you might have missed on Wednesday May 22 that are worth another look.A consortium of commodities companies and financial institutions is planning to launch an inventory management system focused on the use of blockchain and other digital methods to manage the post-trade processing of transactions for metal commodities.The liquidation order issued by the g...Read More
The FOMC meeting minutes are set for release later todayFutures on the Dow Jones Industrial Average (DJI) are trading below fair value, with a busy day already taking off for investors. Retail stocks are weighing heavy after a slew of disappointing earnings reports, while chip stock Qualcomm (QCOM) is down 10% in electronic trading, after U.S. District Judge Lucy Koh ruled the tech firm used antic...Read More
Since 2010, stocks have tended to struggle Memorial Day Week The unofficial start to summer is next week, with U.S. markets closed on Monday, May 27, for Memorial Day. This week, I'll show you how stocks have performed in the past during the holiday week.Recent Weakness After Memorial DayThe table below summarizes the weekly returns of the S&P 500 Index (SPX) since 1971 (the year Memorial Day offi...Read More
The Fed is holding the line on rates, which is keeping the dollar strong.This in turn is putting downward pressure on gold and silver prices.New highs in dollar index mean investors should favor cash for now.There are many factors that can be blamed for slumping precious metals prices in recent months. Yet one of the biggest factors has been none other than the Federal Reserve. The steadfastness o...Read More
Source: Clive Maund for Streetwise Reports 05/20/2019Technical analyst Clive Maund charts gold and explains why he believes gold will turn higher later in the summer.Gold and silver dropping back again late last week had investors in the precious metals sector feeling despondent, especially as their fears were magnified by at least one analyst calling for gold to drop to the low $900s or even...Read More
Source: Clive Maund for Streetwise Reports 05/20/2019Technical analyst Clive Maund charts silver and finds that it looks "considerably weaker than gold."Silver looks considerably weaker than gold, although that is normal at this stage in the cycle. It is still considered likely that it is forming a Double Bottom with its lows of late 2015, and if so then the support at those lows should hold....Read More
Crude oil hasn't closed higher yesterday and the previous series of rallies appears to face stiff headwinds. Is this it, or can the oil bulls pull a rabbit out of their hats? After all, they've reversed Monday's downswing already. Or does the prospect of wide spectrum U.S. - China uncertainties have the upper hand? It's making itself heard across the board and crude oil is no exception. Let's asse...Read More
Australia's largest gold producer, Newcrest Mining (ASX: NCM), will begin in June the most extensive drilling program to date at Greatland Gold's (LON:GGP) Havieron gold-copper project in the Paterson region of Western Australia.The exploration activities, part of a joint venture the two companies signed in March, aim to define the extent of mineralization along strike and at depths to 1,000m be...Read More