ETSY is also drifting into overbought territorySmall business retail platform Etsy Inc (NASDAQ:ETSY) has started off 2020 red-hot, already posting a nearly 10% gain. It's more of the same today, with ETSY up 1% to trade at $48.97, on track for its highest close since a late-October. However, this rally has sent the stock running head-first into a historically bearish trendline. More specificall...Read More
There remains lingering skepticism around the Dow stockSeveral Dow stocks have been featured in this space in recent months. The latest blue chip to catch our attention is Walmart Inc (NYSE:WMT), with the retail stock finishing last year right in the middle of the pack, gaining just 27.6% in 2019 -- tame compared to, say, Apple's (AAPL) 86.2% return. Nevertheless, WMT's climb higher last year was...Read More
China's finished steel exports in December tumbled on a year-on-year basis despite being higher compared with a month earlier.For the whole of 2019, exports are also lower in comparison with 2018, according to...Read More
WM has been on a long-term uptrendTrash specialist Waste Management, Inc. (NYSE:WM) has been a long-term outperformer on the charts, easily surpassing the performance of the broader market in the past two years, and the shares are in the midst of another strong uptrend at the moment thanks to support from the 12-month moving average. As such, it looks like a prime time to get behind WM for its nex...Read More
The China Iron & Steel Association (Cisa) expects Chinese steel consumption to rise by 2% to 890 million tonnes in 2020 based on anticipated growth in the construction, home appliance and railway sectors, according to a report it released on Tuesday January 11.Cisa's forecast is more optimistic than that of the China Metallurgical Industry Planning...Read More
BLK shares are technically overbought before earnings Investment management concern BlackRock, Inc. (NYSE:BLK) hit a fresh 52-week high of $525 earlier, setting up the shares for an eighth straight weekly win. The stock was most recently seen at $516.71, as traders prepare for the company's earnings release, scheduled for before the open tomorrow, Jan. 15. BLK's 14-day Relative Strength Index (RSI...Read More
Market forecasterMartin Zweig famously warned investors against underestimating the power of theFederal Reserve Bank to control markets. He coined the phrase “Don’t fight theFed” back in the 80’s. Preciousmetals investors are wondering if this is still goodadvice.On one hand, it ispretty hard to argue with that bit of wisdom.The Fed Zweig wasreferencing had begun taking a m...Read More
Bank earnings continue to take the spotlightThe Dow Jones Industrial Average (DJI) has explored both sides of breakeven, before eventually climbing higher midday, as Wall Street's attention remains glued to a spate of earnings reports out of the finance sector, including JPMorgan Chase (JPM) and Wells Fargo (WFC). Meanwhile, the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) have erased thi...Read More
Ukrainian steel billet producer Dneprovskiy Dzerzhinsky Metallurgical Plant (DMKD) has restarted its 900,000-tonnes-per-year No12 blast furnace at its steelmaking facility in the port city of Kamianske on the Dneiper river.Trial pig iron production was started at the end of 2019 and normal operations resumed on Saturday January 4, the company said on January 10. Currently, the daily...Read More
Call buying has been hot on ZUMZZumiez Inc. (NASDAQ:ZUMZ) is one winner today on Wall Street, up 3.3% at $34.14, thanks to the company's holiday sales update. The strong numbers prompted the retailer to increase its guidance for the quarter, likely increasing the chances it announces another earnings win when it reports in March. Specifically, ZUMZ shares have gained more than 11% after each of th...Read More
Heads UP …from Rambus Chartology.“You may recall we were looking at the Japanese YEN / PM complex combo chart several months ago comparing the YEN to the PM complex. For whatever reasons how the YEN goes the PM complex tends to follow. It’s not a perfect correlation but close enough to pay attention. Today the YEN gapped below an important trendline that goes all the way back to...Read More
Goldman Sachs hiked its price target on NFLX to $450 from $400Streaming service Netflix Inc (NASDAQ:NFLX) is inching lower this morning, now down 0.6% to trade at $336.94, despite a price-target hike to $450 from $400 at Goldman Sachs. The revised price represents a healthy 32.8% upside to Monday night's close of $338.92, and the brokerage firm said it expects fourth-quarter results that are "well...Read More
By: Ira EpsteinWill Pelosi take away the trade-deal Trump victory with an impeachment delivery to the Senate?Gold APRIL (now updated) Futures. Gold is down the first trading day of the week, 18-DMA is at $1497 area and rising. Gold peaked out at missile day. Read More
RambusHeads UP ...from Rambus Chartology."You may recall we were looking at the Japanese YEN / PM complex combo chart several months ago comparing the YEN to the PM complex. For whatever reasons how the YEN goes the PM complex tends to follow. It's not a perfect correlation but close enough to pay attention. Today the YEN gapped below an important trendline that goes all the way back to October...Read More
Ask yourself what factors what factors will affect global financial markets once the so called US-China trade deal is signed. Trade war is the biggest reason why gold prices rose from $1200 to $1600 in around twelve months. Central bank buying and other reasons have also contributed to gold price rise but the biggest catalyst has been the trade war and recession fears. I will happy if gold price...Read More
Most analysts are bullish on Take-Two, thoughThe shares of Take-Two Interactive Software, Inc. (NASDAQ:TTWO) are down 1.5% to trade at $126.41 today, after a downgrade from Stephens. The brokerage firm cut its rating on the video game company to "equal-weight" from "overweight," while trimming its price target to $110 from $145. Interestingly, the analyst in coverage is still bullish on video gam...Read More
Wells Fargo's profits for its fourth quarter dropped 55% from last yearThe shares of Wells Fargo & Co (NYSE:WFC) are struggling today. The bank concern stepped into the earnings confessional with adjusted fourth-quarter earnings of 93 cents per share, lower than the $1.12 estimates and down 55% year-over-year due to mounting legal costs and a lower interest rate environment. The firm also posted r...Read More
An effort by domestic steelmakers to increase flat-rolled steel prices since late October 2019 has revived the hot-rolled index from multi-year lows, but it is unlikely to help mills to regain the high margins they achieved in 2018, market participants and industry experts told Fastmarkets.Flat-rolled steel mills in the United States have announced five price increases on sheet products in the las...Read More
JPMorgan's results impressed investorsU.S. stock futures are trading near fair value this morning, signaling a flat start to the day for equities as earnings season gets underway with reports from the big banks. Most notably, Dow Jones Industrial Average (DJI) component JPMorgan Chase (JPM) is set to gain thanks to record annual profits, while sector peer Wells Fargo (WFC) is moving in the other d...Read More
A summary of base metals premiums from across the globe for the week to Tuesday January 14.Click on...Read More