The European molybdenum-oxide market has climbed 20 cents in trading by mid-week, with deals and offer prices reported above $12 per lb and returning to a level unseen since the start of November.Some oxide trading, however, has been in South Korea where major steelmaker Posco settled a tender for around 100 tonnes of oxide last week at about $12-12.10 per lb. The company is due to settle another...Read More
China's ferrous futures retreated during the morning trading session on Thursday November 29 after a short-lived recovery a day earlier. Futures closing prices - morning session Shanghai Futures Exchange January rebar: 3,594 yuan ($517) per tonne, down 62 yuan per tonneJanuary hot-rolled coil: 3,434 yuan per tonne, down 31 yuan per tonneDalian Commodity Exchange January iron ore: 474.50 yuan per t...Read More
CloseGain/LossGold $1223.90+$3.70Silver$14.30-$0.01XAU64.80-1.11%HUI146.40-1.00%GDM534.77-0.25%JSE Gold1124.07+16.97USD96.78-0.05Euro113.89+0.18Yen88.30+0.17Oil$51.45+$1.1610-Year3.029%-0.032T-Bond140.21875+0.28125Dow25338.84-0.11%Nasdaq7273.08-0.25%S&P2737.80-0.22% The Metals: Gold gained $8.70 to $1228.90 by late morning in New York before it drifted lower in afternoon...Read More
Is it time to prepare for the next financial crisis?Something strange is going on in the financial system.And according to The Wall Street Journal, it's causing some investors- including the biggest banks in the world- to move massive amounts of money out of the banking system.What exactly is going on?Former hedge fund manager, Dr. Steve Sjuggerud, one of the most widely-followed financial analys...Read More
- Brexit no-deal would lead to "worst crash since 1930s"- Gold rose 0.6% in dollars and 1.2% in pounds today- UK economy could contract by 8%, house prices fall 30%, sterling fall 25% warns Bank of England- Sterling collapse would push Irish economy into recession- Carney's doomsday scenario sees the crippling of UK finances, the pound crashing and inflation soaring- BOE accused of "Project Fe...Read More
Gold and silver have just have formed a short term bottom after comments from the Federal Reserve chairman that interest rates are "just below" neutral range. This implies that the pace of interest rate hikes (after December) will be slower next year. This is just the catalyst needed for gold and silver bulls. The US dollar index should form a long term top over the next two weeks. Physical dema...Read More
Powell spoke yesterday. The gold market considered his remarks as dovish. And the market is always right, isn’t it?Just Below NeutralOn Wednesday, Powell delivered a speech “The Federal Reserve’s Framework for Monitoring Financial Stability” at The Economic Club of New York. The majority of analysts judged the speech as dovish. Why? The key reason was Powell’s view th...Read More
Oil prices reversed early losses on reports of Russian output cutsThe Dow traded in a range of more than 275 points on both sides of breakeven, before ultimately settling lower. The blue-chip barometer and its index peers kicked off the session in the red,amid reports thatWhite House advisor and China hawk Peter Navarro would be in attendance during the much-anticipated trade talks between Preside...Read More
The shares are headed for their fifth straight monthly winSubscribers to our Weekend Trader service recently doubled their money with the Walgreens Boots Alliance Inc (NASDAQ:WBA) January 2019 72.50-strike call. We'll take a closer look at what initially put WBA stock on our bullish radar, and how the winning options trade unfolded.When we entered the position on Monday, Oct. 29, the Dow stock had...Read More
Activity at the ANF's December puts may be tied to stockThe U.S. stock market is trading on both sides of breakeven today -- last seen higher -- as Wall Street follows headlines surrounding President Donald Trump and this weekend's G-20 summit. Among individual stocks making notable moves are retailers Abercrombie & Fitch Co. (NYSE:ANF) and Build-A-Bear Workshop, Inc. (NYSE:BBW), as well as addict...Read More
The railroad stock is pulling back to a pair of key trendlinesAfter touching an all-time high of $186.91 in mid-September, the shares of transportation concernNorfolk Southern Corp. (NYSE:NSC) pulled back with the broader equities market. The stock subsequently touched a short-term bottom on Oct. 23, and has bounced nicely from there. What's more, NSC is flashing a pair of historical buy signals o...Read More
American Eagle will report third-quarter earnings next WednesdayThe shares of American Eagle Outfitters (NYSE:AEO) are down 3.2% to trade at $20.68 today. The stock initially got a halo lift from Abercrombie & Fitch (ANF) and its quarterly report, but it has ultimately pivoted lower.In response to the volatility today, and with American Eagle's own earnings report nearing, options traders are pil...Read More
European buyers of hot-dipped galvanized (HDG) coil have been watching the market in expectation of a price reduction, sources told Fastmarkets on Thursday November 29.Buyers have mostly been holding back from making purchases while hoping for a clearer market trend to emerge."Prices are under pressure, for sure," a Northern European source said. "Demand from [the] automotive [sector] is slowing d...Read More
Fed Chair Jerome Powell will speak in front of Congress The first week of a December -- a historically bullish month for stocks -- will be a busy one. There will be a Fed speaker every day except Friday, at which point the critical nonfarm payrolls report will take center stage. Of those speakers, Fed Chair Jerome Powell will garner the most attention, with the central banker addressing Congress....Read More
TJX put buying has picked up recentlyRetail stock TJX Companies Inc (NYSE:TJX) has pulled back dramatically in recent weeks, falling from around $56 to its current perch at $46.93, partly due to a negative earnings reaction last week. In fact, the stock is down more than 14% in November, pacing for its worst month in 10 years. However, brokerage firm Argus sees the pullback as a buying opportunity...Read More
The retail stock has run into a bearish trendlineThe shares of Macy's Inc (NYSE:M) are just two weeks removed from a post-earnings bear gap. What's more, the retail stock, heading into the all-important holiday season, just flashed a bearish signal that could lead to more short-term struggles, if history is any guide.At last check, Macy's stock was down 2.5% to trade at $33.40. The shares arewit...Read More
White House advisor Peter Navarro could join Trump and XiThe Dow Jones Industrial Average (DJI) is down at midday, as stocks react to news White House advisor Peter Navarro will attend a dinner between U.S. President Donald Trump and China President Xi Jinping at this weekend's G-20 summit. This is offsetting big gains for Boeing (BA) and McDonald's (MCD), which are the two best Dow stocks on the...Read More
Brazilian steelmakers are concerned that the domestic industry will struggle if President-elect Jair Bolsonaro reduces or does away with import tariffs when he takes office in January 2019, sources told Fastmarkets MB last week.Other market participants, however, do not believe any changes will be done abruptly or without corporate tax reforms. The new federal administration's future minister of e...Read More
The stock has dropped more than 40% since its May highsAt last check, Micron Technology, Inc. (NASDAQ:MU) was down 1.6% to trade at $38.08, even afterthe company's CEO yesterday said fiscal first-quarter earnings would come in at the high end of guidance. He added that Micronis working to assuage the big impact of the U.S.-China trade war and tariffs on gross margins. MU stock has been through the...Read More
Global crude steel production volumes continued to rise year on year in October 2018, according to statistics published by the World Steel Association (Worldsteel) on Friday November 23.World crude steel output totaled 156.6 million tonnes in October this year, compared with 148 million tonnes in the corresponding month of 2017. Asia continued to be the single largest steel-producing region, with...Read More