A bearish signal just flashed on the charts for American AirlinesThe shares of American Airlines Group Inc (NASDAQ:AAL) have been trying for a rebound on the charts since the stock hit a two year bottom of $27.02 in late May. The stock has run into resistance several times near the $33.50 region, and is back on its way down, trading 1% lower at $32.38 today. While the equity has still managed to k...Read More
PEP is in position to earn bullish brokerage notes should earnings impressPepsiCo, Inc. (NASDAQ:PEP) will report earnings before the open next Tuesday, July 9, and it's worth looking at the options data around the beverage giant ahead of the event. Most notably, PEP's Schaeffer's put/call open interest ratio (SOIR) of 0.42 shows call open interest among contracts expiring within three months more...Read More
The European Commission (EC) should remove its 5% import quota increase as it makes safeguard measures ineffective and puts jobs in the EU steel segment at risk, the European steel association (Eurofer) said on July 3."We call on the EC to heed our call and those of member states that have already expressed concerns about the rise - and to respond by undoing this out-of-step expansion before it fu...Read More
Turkish authorities are considering whether to launch a trade defense case against imports of hot-rolled coil (HRC) from the EU, market sources have told Fastmarkets.European mills have increased their HRC export volumes recently, particularly to Turkey, due to the weak demand in their home markets."The start of an anti-dumping case against EU-origin HRC will entirely depend on the attitude of the...Read More
Is this Double-Top setup in Palladiumanother warning of a potential downside price move? Back in April 2018, we issued a Double-Toppattern warning in Palladium which preceded a downside price move of nearly28%. We believe this new Double-Toppattern may prompt a downside price move of nearly 20% – targeting the $1240level.April 18, 2018:PALLADIUM RALLY DRIVING OTHER METALS TO MOVE...Read More
Ferrous scrap prices went up in almost all of the major markets during the working week from Monday July 1 to Friday July 5, following the rebound in Turkish prices. Turkish import prices continued to rise with August shipment bookings A US scrap sale to Turkey raised sentiment in the export and domestic markets Mixed signals in the Asian scrap market Shredded scrap prices moved up in India despit...Read More
The growth ofthe US money supply has slowed down! We invite you to read our today’s article aboutthe sluggish American monetary inflation, and find out whether it signal theupcoming recession and good times for gold.We have long beenwarning our Readers about doomsayers who spread excessively pessimisticviewpoint and scare investors with the monster of recession. Our thoroughanalysis suggests...Read More
The UK and European alloy steel scrap markets were very subdued this week, with prices remaining stable, sources told Fastmarkets on Friday June 5.The markets have entered their usual summer slowdown, which traditionally spans July and August. But the downturn in activity could be more pronounced this year given that it started earlier than usual."It seems that each year [the summer slowdown] star...Read More
The UK light iron inter-merchant spot market remained unchanged for the second consecutive week as negotiations between suppliers and consumers for monthly delivery settlements continued, sources told Fastmarkets on Friday July 5.Fastmarkets' weekly price assessment for UK grade-5C ferrous scrap on an inter-merchant basis was ?80-100 ($101-126) per tonne on July 5. Some sources said the...Read More
Base metals other than nickel closer lower on the London Metal Exchange on Friday July 5 in thin volumes after the release of weak macroeconomic data from the United States.Zinc was one of the busiest - more than 10,000 lots traded by the close of trading - because of swing in its cash/three-month spread into a slim $3-per-tonne contango from a $9.50 per tonne earlier in the day.The cash/three-mon...Read More
Gold's incredible strength this summer is very unusual, as early summers are the weakest times of the year seasonally for gold, silver, and their miners' stocks. With traders' attention diverted to vacations and summer fun, interest in and demand for precious metals normally wane. So this entire sector tends to suffer a seasonal lull, along with the general markets. This June's bull-mark...Read More
Fans of the improvisational comedy program Whose Line Is It Anyway? may recall host Drew Carey describing it as "the show where everything's made up and the points don't matter."Interestingly, if we replace "show" with "economic doctrine," and "points" with "money," we end up with a near-accurate description of modern monetary theory (MMT).You may have noticed MMT trending in the news in the pas...Read More
By: Ira EpsteinGold is overbought, near resistance area again:Read More
Ford's 50-day moving average sits right at the round $10 markThere's not a lot of buzz on Wall Street today following the Fourth of July holiday on Thursday, butautomakers General Motors Company (NYSE:GM) and Ford Motor Company (NYSE:F) have grabbed some headlines. Data showed the companies posted another quarterly decline in sales in China amid the U.S.-China trade dispute. This news has the shar...Read More
KPTI options traders could be using calls to hedgeThe shares of Karyopharm Therapeutics Inc (NASDAQ:KPTI) are up 15.9% to trade at $10.31 today, as analysts react to Wednesday's news that the company won accelerated approval from the Food and Drug Administration (FDA) for Xpovio, their treatment for blood cancer. No fewer than six brokerages have hiked their price targets since the approval, the...Read More
Wall Street is worried that strong jobs data in June will discourage the Fed from cutting ratesDow futures are trading below fair value this morning, cooling from Wednesday's all-time highs after a better-than expected June payrolls report -- which has some investors tempering their expectations for a July interest rate cut from the Fed. Payrolls ramped up by a stronger-than-forecast 224,000 in Ju...Read More
It should be a relatively quiet day of trading on Wall StreetIt's set to be a quiet day on Wall Street following the Fourth of July holiday, but a handful of stocks are making big moves in early action, including Swedish drugmaker Oasmia Pharmaceutical (NASDAQ:OASM), French biopharmaceutical name DBV Technologies (NASDAQ:DBVT), and Tesla rival Nio Inc (NYSE:NIO). Here's a quick look at what's mo...Read More
The London Metal Exchange has just finished its trial to calculate nickel prices using a volume weighted average price (VWAP) method on the exchange's electronic trading platform. If early indications are anything to go by, metals market participants did not embrace this method of price discovery in the way some had anticipated. For three months since Monday March 18, closing prices for nickel car...Read More
The United States Secretary of Commerce has joined the growing chorus of voices questioning the current method of setting the US Midwest aluminium premium. Wilbur Ross said the US Midwest aluminium premium is at inflated levels that do not justify the cost of transportation and logistical handling costs that it was originally designed to reflect. His view is being echoed by a number of...Read More
A decade ago, the Shanghai Futures Exchange launched its steel rebar futures contract. In the years that followed it has become the gold standard for steel derivatives, achieving a success that other exchanges aspire to emulate. And they are definitely trying, with a total of 11 steel derivatives contracts launched by the main trading exchanges since. SHFE, which launched a wire rod futures contra...Read More