Technical 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 lower, which is normal when prices sink, but our charts...Read More
Technical analyst Clive Maund charts silver and finds that it looks "considerably weaker than gold."Technical 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 la...Read More
President Donald Trump expects a quick end to the trade warThe Dow was able to pare some of its recent losses today, adding nearly 100 points, after President Donald Trump predicted a swift conclusion to the ongoing trade tensions between the U.S. and China. Trump's optimism extended to the S&P and Nasdaq, as well, with both indexes finishing in the black. However, all three stock market barometer...Read More
Huawei-related concerns continued to weigh on stocksIt was another rough week for stocks, as trade drama between the U.S. and China continued to drag out. Although President Donald Trump temporarily relaxed restrictions on China's Huawei, a myriad of chip and tech companies began cutting ties with the Chinese firm. Further, a spokesperson for China's Ministry of Commerce said the U.S. should "adju...Read More
Crude oilhasn’t closed higher yesterday and the previous series of rallies appears toface stiff headwinds. Is this it, or can the oil bulls pull a rabbit out oftheir hats? After all, they’ve reversed Monday’s downswing already. Or does theprospect of wide spectrum U.S. - China uncertainties have the upper hand? It’smaking itself heard across the board and crude oil is no ex...Read More
Meanwhile, Cantor Fitzgerald pulled coverage on Dynavax Despite disappointing durable goods data, stocks are trading higher this afternoon, as investors focus on President Donald Trump's recent comments on U.S.-China trade. A pair of stocks on the move today are vaccine maker Dynavax Technologies Corporation (NASDAQ:DVAX) and mining name Vale SA (NYSE:VALE). Below, we will dive into what is movi...Read More
Goldand silver declined a bit yesterday, but mining stocks reversed and closed thesession higher. It seems that the miners showed strength, especially that theyformed a bullish reversal candlestick. But did they? The reversal candlesticksshould be confirmed by strong volume and what we saw in the GDX ETF yesterdaywas the lowest daily volume of the year. In fact, the GDX volume was lowerthan any vo...Read More
The retail ETF is headed toward its third straight weekly lossIt's been a rough month for retail stocks, with dismal earnings reports from several high-profile names, including Lowe's (LOW) and Foot Locker (FL), driving the SPDR S&P Retail ETF (XRT) toward its third straight weekly close, down 2.3% since last Friday. One options trader today is positioning for more downside in the sector, and like...Read More
Chilly U.S.-China trade relations have weighed on the indexWhile the major stock market indexes are higher today, they're still on pace for another week in the red. In fact, amid escalating concerns about U.S.-China trade, the Dow Jones Industrial Average (DJI) is pacing for a fifth straight Friday-to-Friday loss -- something we haven't seen since 2011. What's more, if history is any indicator, th...Read More
Another post-holiday slump could rattle some near-term options tradersDuring the current bull market,the shortened Memorial Day week has been a rough one for stocks. What's more, some equities tend to fare worse than others during that four-session stretch, including financial stocks SunTrust Banks, Inc. (NYSE:STI) and Fifth Third Bancorp (NASDAQ:FITB). Below, we take a look at the 25 worst stocks...Read More
NTAP shed 8% yesterday after subpar earningsWe recently profiled the 25 best stocks to own during Memorial Day Week. Of the many tech stocks that appear on the list, NetApp Inc. (NASDAQ:NTAP) looks to be the most overdue for a rebound, the security just yesterday shedding 8% on the back of a weak quarterly report. Specifically, looking at S&P 500 Index stocks over the past 10 years, NTAP has turn...Read More
Investors are also considering Trump's China commentsThe Dow Jones Industrial Average (DJI) is off its early highs, sporting a modest lead at midday. Traders are staying focused on President Donald Trump's China comments from yesterday, brushing off a disappointing durable goods update for April. Meanwhile, the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are trading above breakeven as they bar...Read More
A historically bullish signal just flashed on the charts for Okta ahead of earningsCloud-based software concern Okta Inc (NASDAQ:OKTA) has been on virtually nonstop since its late-November lows. The stock has jumped more than 69% on the year, and just hit an all-time high of $111.94 this past Wednesday, May 22. While the tech stock has pulled back ahead of the firm's first-quarter earnings report...Read More
BIIB shares tend to outperform right after Memorial DayBiogen Inc (NASDAQ:BIIB) stock suffered its worst day in 14 years on March 21, when it gapped 29.2% lower on a pair of halted Alzheimer's disease drug trials. The shares have since struggled to surpass these bear gap levels below $235 -- last seen up 0.4% at $230.13 -- but some short-term upside could be in the cards, if history is any guide....Read More
Piper Jaffray expects the shares to surge to $3,000Online powerhouse Amazon.com, Inc. (NASDAQ:AMZN) is up 1.3% at $1,838.01, after Piper Jaffray said it expects the stock to reach $3,000 between mid-2021 and mid-2022. The target -- based on "conservative growth and valuation assumptions" -- implies 65% upside from the FAANG stock's closing price of $1,815.48 on Thursday. The brokerage firm has a...Read More
Morgan Stanley just doesn't see much upside in STZ going forwardConstellation Brands, Inc. (NYSE:STZ) was hit with a downgrade this morning at Morgan Stanley, who admitted it's liked the stock for a while, but doesn't see the upside in the near term to warrant its "overweight" rating. Instead, it lowered its STZ opinion to "equal-weight" and cut its price target to $220 from $230. The covering ana...Read More
Gold COT Report - Futures Large SpeculatorsCommercialTotal LongShortSpreadingLongShortLongShort 203,628114,82383,533167,827275,765454,988474,121 Change from Prior Reporting Period -22,73312,9984,7748,383-20,862-9,576-3,090 Traders 17781835058261193 Small Speculators LongShortOpen Interest 53,65534,522508,643 224-6,262-9,352 non reportable positionsC...Read More
By Robert LambourneThe statements of account for March and April 2019 recently published by the Bank for International Settlements indicate that the bank is still actively trading gold swaps, which the bank uses to gain access to gold held by commercial banks. The statements also show that there has been a large decline in gold swaps entered by the BIS in the two months, about 215 tonnes.This is...Read More
The mid-tier gold miners' stocks in the sweet spot for price-appreciation potential have been struggling in recent months, grinding lower with gold. Their strong early-year momentum has been sapped by recent stock-market euphoria. But gold-mining stocks are more important than ever for prudently diversifying portfolios. The mid-tiers' recently-reported Q1'19 results reveal their fundamen...Read More
Celente: An Oil Shock Could Be the Black Swan That Finally Drives Gold Higher DOWNLOAD MPDon't want to listen? Read the podcast below!Welcome to this week's Market Wrap Podcast, I'm Mike Gleason.Coming up the top trends forecaster Gerald Celente of the Trends Journal joins me to discuss a myriad of topics. Gerald gives us more insight on why the precious metals are struggling, why he recently...Read More