Keep watching IYT to see what might be next for the broader equities marketLast week was certainly a rough one for the broad-equity benchmarks, but it was particularly brutal for shipping giant FedEx (FDX). On Wednesday, the stock registered its biggest daily percentage drop in a decade after taking a hatchet to its fiscal 2019 profit forecast. The news caused a ripple effect across the transports...Read More
The brokerage firm removed the FAANG stock from its "Best Ideas" listThe shares of Facebook, Inc. (NASDAQ:FB) are trading down 1.4% at $123.212 -- earlier hitting a nearly two-year low of $123.05, after Wedbush removed the FAANG stock from its "Best Ideas" list. However, the brokerage firm maintained its "outperform" rating and $220 price target, a 76% premium to Friday's close.Today's negative pr...Read More
Here's a quick update of my Gold Price trend forecast.My forecast conclusion as of early September was to expect the following trend for the Gold Price for the remainder of 2018 My gold price trend forecast was first made to Patrons who support my work. So to get immediate First Access to ALL of my analysis and trend forecasts then do consider becoming a Patron by supporting my work for just $3 pe...Read More
JD's pre-market gains quickly evaporatedJD.com, Inc. (NASDAQ:JD) was last seen down 7.7% at $19.46, as traders react to news that the company's founder and CEO Richard Liu will not be charged after being accused of rape back in September. JD shares were trading above $30 before the news hit, and wound up hitting an all-time low of $19.21 a month ago. Meanwhile, option traders' sentiment has shifte...Read More
Rumors surfaced late Friday Trump was considering firing the Fed chairIt's an abbreviated session on Wall Street today, with the stock market closing at 1 p.m. ET for the Christmas holiday, and shuttered all day tomorrow. Traders are less than cheerful, with Dow Jones Industrial Average (DJI) futures trading well below fair value this morning. Futures on the S&P 500 Index (SPX) and Nasdaq-100 Inde...Read More
Could the action in stocks be foreshadowing a recession?"The SPX closed below its 80-week moving average on Friday, currently situated at 2,660... breaks of the 80-week moving average have usually preceded tests of the 160-week moving average, which approximates a roughly three-year moving average. With the 160-week moving average currently situated around 2,400, bulls run the risk of at least ano...Read More
Please note: US markets are closed tomorrow for Christmas. CloseGain/LossGold $1269.00+$13.50Silver$14.77+$0.15XAU70.55+2.74%HUI161.79+3.40%GDM586.16+2.58%JSE Gold1359.59+42.78USD96.49-0.54Euro114.21+0.58Yen90.68+0.66Oil$42.53-$3.0610-Year2.734%-0.049T-Bond145.40625+0.59375Dow21792.20-2.91%Nasdaq6192.92-2.21%S&P2351.10-2.71% The Metals: Gold gained nearly $10 in Asia before it halved its...Read More
Wall Street didn't take well to the Federal Reserve's latest rate hike and projection for two more to come in 2019.Neither did the White House.President Donald Trump slammed Fed chairman Jerome Powell yet again and reportedly asked advisors within his inner circle whether he has the legal authority to fire Powell.It would be unprecedented for a President to fire a Fed chairman before his term is...Read More
By David HaggithMake no mistake about it, there's real fear and panic out there as markets are dislocating to the downside.... But note that on many charts we are showing 2008/2009 like conditions, something that is entirely inconsistent with the earnings and economic data we're still seeing: It's almost as if markets are pricing in a financial crisis that has yet to occur.... I see slowing grow...Read More
Turkey produced 3.10 million tonnes of crude steel in November 2018, a 2.1% decrease compared with November 2017, according to the Turkish Steel Producers Association (T???oeD).In January-November 2018, crude steel production in the country was 34,429,000 tonnes, a 0.51% year-on-year rise compared with 34,256,000 tonnes produced in January-November 2017, T???oeD said last week.The country produced...Read More
Featured GuestsGerald Celente & David MorganHappy Holidays - Merry Xmas!Show HighlightsPart II with Trends Research Institute and Globalnomic(R) Trend Forecaster, Gerald Celente includes 4 key trends.Higher interest rates, oil prices, social unrest and war rate high on the watchlist.The economic recession in the Crimea region could ignite conflict between two powerful former allies, Ukraine and...Read More
By Keith WeinerWe could also have entitled this essay How to Measure Your Own Capital Destruction. But this headline would not have set expectations correctly. As always, when looking at the phenomenon of a credit-fueled boom, the destruction does not occur when prices crash. It occurs while they're rising. But people don't realize it, then, because rising prices are a lot of fun. They don't rea...Read More
TECHNICAL SCOOPCharts and commentary by David ChapmanPhone: 416-523-5454 Email: david@davidchapman.comdchapman@enrichedinvesting.comTwitter: @Davcha12December 24, 2018"At the end of each year I make a list of my mistakes, and it's pretty friggin long" Dean Lombardi (ice hockey executive, GM San Jose Sharks 1996-2003, GM Los Angeles Kings 2006-2017 "I made no resolutions for the new year. The...Read More
By John MauldinPowell and the New FedLate in the CycleBond BoomPriced to SellA Little NostalgiaWe have reached the best time of year, when we can look to the future with hope. We can stop wondering what will happen in 2018 and look forward to 2019. The investment industry always does this enthusiastically, as you will see in forecasts everywhere the next few weeks.Not wanting to be left out, or...Read More
A Monday Morning Musing from Mickey the Mercenary Geologist Non-renewable natural resources (e.g., industrial metals, precious metals, agricultural minerals, industrial minerals and rocks, energy fluids, and energy solids) are extracted from Earth's surface and its depths. Exploitation of these resources naturally leads to depletion and more must constantly be found, developed, and mined. In ou...Read More
MERRY CHRISTMASThe US government shut down (if any) should be bullish for gold once again. I repeat, other than economics all other factors are ripe for 2019 to be a "gold en" year. There is speculation that Trump may replace the Federal Reserve chief Jeremy Powell. The US dollar will lose its so called safe haven status if there is such a move. The euro and pound and even the Chinese have som...Read More
A summary of base metals premiums from across the globe for the week to Monday December 24.Note that in line with our publication schedule, the weekly base metal premiums table is published...Read More
An investigative commission created by Par??'s state legislature Alepa found "very strong evidence of environmental crime" in the region where Alunorte, Norsk Hydro's alumina refinery in the Brazilian northern state, is located.The analysis began after heavy floods in Par??'s city of Barcarena back in February worried nearby communities and prompted them to file a complaint against Alunorte to the...Read More
Turkish domestic scrap prices have continued to fall over the past week in line with weakening finished steel values in the country's export and domestic markets, sources said on Monday December 24.Fastmarkets MB's weekly price assessment for domestic auto bundle (DKP-grade) ferrous scrap was TRY1,480-1,590 ($279-300) per tonne delivered on December 24, down from TRY1,490-1,710 per tonne last week...Read More
The Turkish scrap import market remained quiet at the beginning of the week, with the mills' bids still below offers, sources said on Monday December 24.European origin HMS 1&2 (80:20) has been offered at $290 per tonne cfr to Turkey, while the Baltic Sea suppliers were offering the same material at $295 per tonne.Yet, mills in Turkey were still bidding around $275-280 per tonne cfr for...Read More