The Dow has completely erased yesterday's rebound Stocks have completely erased yesterday's rebound by midday, with the Dow Jones Industrial Average (DJI) off over 1,100 points amid concerns over the White House's vague fiscal response to the coronavirus-related blow the economy has taken in recent weeks. The S&P 500 (SPX) and Nasdaq-100 Index (IXIC) are also deep in the red at the halfway poin...Read More
Here are five Fastmarkets stories you might have missed on Wednesday March 11 that are worth another look.The enlargement of the quarantine zone in Italy to a nationwide reach has already started to affect steel output, with at least two long steel mills announcing production stoppages, sources told Fastmarkets on March 11.The first deal for second-quarter aluminium ingot supply to Japan has been...Read More
The automaker announced that it was temporarily stopping production at its Italian factories European automakers are spinning their wheels today as several big names said they would be halting production and temporarily closing factories in an effort to combat the rapidly spreading coronavirus. Fiat Chrysler Automobiles NV (NYSE:FCAU) is one of the names getting hit today after announcing plans to...Read More
Goldman Sachs added Eli Lilly to its "Conviction Buy" listEli Lilly and Co (NYSE:LLY) is up 0.3% to trade at $140.81 at last check, shaking off the broader market sell-off thanks to some bullish analyst attention. The drug manufacturer was just added to the "Conviction Buy" list at Goldman Sachs, with the brokerage firm waxing optimistic that LLY has one of the strongest potentials for growth desp...Read More
PepsiCo Inc's stocks are down after the company bought Rockstar Energy BeverageShares of PepsiCo Inc. (NYSE:PEP) are down 3.5% today, last seen trading at $130.66,after the company confirmed it had acquired Rockstar Energy Beverage in a $3.85 billion deal. The food and beverage giant has had a distribution deal with Rockstar since 2009, and while Rockstar's products are available in over 30 count...Read More
SOLY continues to teeter along its year-to-date breakeven priceShares of Soliton Inc (NASDAQ:SOLY) are surging 7% at $11.40 this morning, higher after the medical device company received 510(k) Premarket Notification clearance at the Food and Drug Administration (FDA) for its Generation II Rapid Acoustic Pulse (RAP) device. The tattoo removal device is similar to its generation I version, but is...Read More
The timing of President Trump's proposed 0% payroll tax rate is uncertainYesterday's market bounce looks to be short-lived, with Dow Jones Industrial Average (DJI) futures pointing to an almost 800 point drop before the open this morning. The resumed selloff comes after U.S. President Donald Trump proposed on Tuesday a 0% payroll tax rate for the remainder of the year, though it was not specifie...Read More
By Gary Savage$SPX in oversold conditions, this is not a new perma-bear market. The market will start pricing in the corona virus dying out. Still another 10-15 years in this bull market to go..https://blog.smartmoneytrackerpremium.com/Read More
By: Ira EpsteinGold 18-dma is $1636 level. Upper Bollinger is $1699Read More
The enlargement of the quarantine zone in Italy to a nationwide reach has already started to affect steel output, with at least two long steel mills announcing production stoppages, sources told Fastmarkets on Wednesday March 11.On March 9, Italian authorities extended the lockdown from northern areas across the whole country in an attempt to control the outbreak of the 2019-nCoV coronavirus.Long...Read More
On Sunday, Italy registered a huge jump in new casesof the COVID-19, the stock market plunged,while the oil market crashed. Tuesday morning, and Italy is on lockdown. Meanwhile,gold jumped above $1,700. What’s next for the yellow metal? Gold Jumps Above $1,700Last week, I wrote that: from thefundamental point of view, the environment of fear, ultra low interest rates,weak equity markets...Read More
A look at which stocks do best after a V-bottomIt might be premature, but Tuesday's early morning spike made me hopeful. Besides, you need to be quick to make money in trading. I became curious what stocks should be targeted during a V-bottom. As of now, the recent pullback is similar in magnitude to the one we experienced in late 2018. From late September of that year until the market bottom on C...Read More
It is just fear of recession and fear that a long term investing opportunity will be lost that is deciding investment strategy. Traders and find managers are booking profit in every investment (other than stocks) to invest for the long term in stocks. Most believe that stock markets are great long term investing opportunity. Every investment has crashed due to corona virus. Gold, silver, crude o...Read More
Domestic prices for hot-dipped galvanized coil (HDG) have been unchanged across Europe this week despite a decrease in prices for hot-rolled coil feedstock, sources told Fastmarkets on Wednesday March 11.Fastmarkets' weekly price assessment for steel HDG, domestic, exw Northern Europe, was unchanged over the week at ?,?600-610 ($681-692) per tonne ex-works on March 11.The assessment was based on d...Read More
Gold is testing itsprevious 2020 highs, but silver plunged anyway, which created a very specialsituation. Namely, the goldto silver ratio just jumped to the 100 level.This may not seem like abig deal, because ultimately people buy metals, not their ratio, but itactually is a huge deal. This ratio is observed by investors and traders alike,as it tends to peak at the market extremes. Moving to the 1...Read More
Sentiment in the European market for hot-rolled coil has been bearish due to lower import offers available in the market, sources told Fastmarkets on Wednesday March 11.Fastmarkets' daily steel hot-rolled coil index, domestic, exw Northern Europe, was ?,?481.00 ($545.94) per tonne on Wednesday March 11, down by ?,?0.07 per tonne day on day from ?,?481.07 per tonne on March 10.This followed a drop...Read More
Here are five Fastmarkets stories you might have missed on Wednesday March 11 that are worth another look.The enlargement of the quarantine zone in Italy to a nationwide reach has already started to affect steel output, with at least two long steel mills announcing production stoppages, sources told Fastmarkets on March 11.The first deal for second-quarter aluminium ingot supply to Japan has been...Read More
Last week I talked about unrealistic expectations for the price of silver (see Silver Loses Its Mettle). My comments were centered on two specific factors: 1) silver’s primary role as an industrial commodity and 2) the fallacy of the gold-to-silver ratio.Both of these items have their root in fundamentals, or lack of them.In addition, I pointed out the fact that the price of silver has decli...Read More
By Gary Savage$SPX in oversold conditions, this is not a new perma-bear market. The market will start pricing in the corona virus dying out. Still another 10-15 years in this bull market to go..https://blog.smartmoneytrackerpremium.com/Read More
If you're a regular reader of these pages, you may recall that we've been documenting the ongoing fraud of "Exchanges For Physical" for the past several years. With trading volumes surging during these turbulent times, EFP use is surging again, too. Thus it's time for an update.Let's start as we often do with a list of links to previous posts on this subject. You might note the first one is date...Read More