CREE calls have been popular for a whileTwo names stand out when digging through today's options activity. First up is chip manufacturer Cree, Inc. (NASDAQ:CREE), which is up 2.6% to trade at $47.44. At last check, already over 11,000 calls have changed hands, 11 times the expected intraday amount and almost 12 times the number of puts traded. Most of this action is occurring at the December 47 c...Read More
The footwear name has added almost 90% in 2019Sneaker name Skechers USA Inc (NYSE:SKX) is enjoying a 3% lift this afternoon, now trading at $42.69 -- just off an annual high of $42.98 -- after receiving a double dose of bull notes. Deutsche Bank initiated a "buy" rating and $49 price target, while UBS raised its own price target by $1, to $49. The matching price targets represent an 18.4% upside...Read More
Stocks could extend their daily win streaks, thoughU.S. stocks are basically flat today, though the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) managed to tag record highs in early trading. The Dow Jones Industrial Average (DJI), meanwhile, is holding just below its own all-time peak, as traders consider poor corporate earnings and impeachment headlines from Capitol Hill ahead of tonight's Hou...Read More
REAL began trading publicly this past JuneLuxury consignment retailer RealReal Inc (NASDAQ:REAL) is climbing higher this morning, enjoying post-bull note buzz out of B. Riley. The firm initiated coverage with a "buy" rating and $23 price target -- representing a nearly 32% upside to Tuesday night's close. Analyst Susan Anderson said she believes the company is well positioned to expand in its cho...Read More
The downtrend in China's domestic rebar market persisted on Wednesday December 18 due to weak demand caused by bad weather. Eastern China (Shanghai): 3,800-3,830 yuan ($542-547) per tonne, down 30 yuan per tonneNorthern China (Beijing): 3,490-3,520 yuan per tonne, widened downward by 10 yuan per tonneRain in eastern China lowered procurement rates, which weighed on prices for rebar, sources said.M...Read More
FedEx posted second-quarter earnings and revenue that missed analysts' estimatesShipping name FedEx Corporation (NYSE:FDX) is selling off this morning, following the firm's fiscal second-quarter earnings report. Specifically, the company posted profits of $2.13 per share and a 2.8% drop in revenue to $17.3 billion -- missing analysts' estimates. On top of that, FedEx slashed its 2020 profit outlo...Read More
COLM has toppled two key trendlines this weekOutdoor apparel maker Columbia Sportswear Company (NASDAQ:COLM) got a dose of good news this morning, after it was announced the stock would join the S&P MidCap 400. Columbia will replace Uniti Group (UNIT), effective next Monday, Dec. 23. In response, COLM is up 5.6% to trade at $100.03 today. For the past three months, Columbia stock has faced stiff...Read More
Call trading has remained red hot on TWTRTwitter Inc (NYSE:TWTR) stock is up 1% at $31.01, even after Citigroup cut its price target to $36 from $45. The social media name is instead getting a boost from broader-market tailwinds, which should be good news for a number of TWTR options traders. More specifically, calls have been very popular on Twitter, something we noted earlier this month, as well...Read More
By: Avi Gilburt, ElliottWaveTraderI know that many investors follow correlations as if they were gospel. But, do they really understand what a correlation represents?You see, markets are not linear in nature. While two different markets may be traveling in the same direction for a period of time, unless you understand each chart on its own, how will you ever know when a seeming correlation will...Read More
By: Ira EpsteinGold bias remains still to the downside. Daily gold chart shows drifting sideways for a very long time:Read More
Gold will break free from $1470-$1490 trading range and form a new range. Silver will break free from $1660-$1750 and form a new range. Copper and crude oil need to trade over current price to be in bullish zone. Trump and his impeachment related news and the US political drama needs to be closely watched. Do not ignore economics. 2019 will go down as the year where voters have given a larger th...Read More
The House is expected to vote for two articles of impeachment today against the PresidentA day after the S&P 500 Index (SPX) hit fresh record highs, stocks look set for a slow start this morning. Dow Jones Industrial Average (DJI) futures are flat ahead of the opening bell, as China trade deal tailwinds from last week could be starting to wear off, while weak overseas trading and disappointing F...Read More
One aspect of contrarian trading looks at outperforming stocks surrounded by negative sentiment You might be familiar with our contrarian philosophy of trading. In short, as contrarians, we look for stocks that have had bullish stock price action and despite that, investors continue to have doubts and negative feelings about the stock. The idea is that the large number of doubters represents a lot...Read More
Indonesian ferrous scrap demand should continue to grow in 2020 despite the new rules imposed by authorities."The new regulations should be smoothed out over the next couple of months and containerized scrap shipments should resume within the first half of the year," Hoffman Iron & Steel chief executive Phil Hoffman told Fastmarkets.He was referring to the new regulations enacted by the Indonesian...Read More
Key data from Fastmarkets' pricing session in Europe on Wednesday December 18.Key driversThe price range of alloy has narrowed over the past week, with the low end moving up as sources reported deals done towards the upper end and with previous lows disappearing.Producers and traders are preparing for renewed demand in January in expectation of consumers in the steel sector and other usage areas.T...Read More
Gary ChristensonThe official US national debt in 1913 was $2.91 billion. In 1971, when President Nixon lied about temporarily disconnecting gold from the dollar, the official national debt was $398 billion.By 2019 the official national debt has grown to $23,000 billion.Politicians borrow and spend to reward cronies and buy votes. They also increase their personal wealth. Human nature changes slo...Read More
By: Robert LambourneTuesday, December 17, 2019In the past two months the Bank for International Settlements, which represents most central banks in the world, has nearly doubled its gold swaps and derivatives position, the bank's October and November statements of account show.The BIS uses gold swaps and other gold derivatives to gain access to gold held by commercial banks. As of November 30 th...Read More
By: Avi Gilburt, ElliottWaveTraderI know that many investors follow correlations as if they were gospel. But, do they really understand what a correlation represents?You see, markets are not linear in nature. While two different markets may be traveling in the same direction for a period of time, unless you understand each chart on its own, how will you ever know when a seeming correlation will...Read More
By: Ira EpsteinGold bias remains still to the downside. Daily gold chart shows drifting sideways for a very long time:Read More
Gold will break free from $1470-$1490 trading range and form a new range. Silver will break free from $1660-$1750 and form a new range. Copper and crude oil need to trade over current price to be in bullish zone. Trump and his impeachment related news and the US political drama needs to be closely watched. Do not ignore economics. 2019 will go down as the year where voters have given a larger th...Read More