Here are five Fastmarkets MB stories you might have missed on Tuesday September 10 that are worth another look.Codelco, the world's largest copper producer, will keep its European copper cathode premium for 2020 supply at $98 per tonne, the same level as for 2019, sources told Fastmarkets on September 10.Demand from the Asian energy sector and domestic buyers in Indonesia will continue to support...Read More
It has taken a few weeks to play out but our warning of a correction in precious metals (first on August 18) is coming to pass. Last week Gold, Silver and GDX all formed big bearish reversals at multi-year resistance levels. Yes, these resistance levels (Gold $1550, Silver $18.50, GDX 31) date back to 2013.Bonds and precious metals have benefitted from the shift in Fed policy as well as fears...Read More
Michael Kosares, USA Gold Bank of England governor Mark Carney, in something of a shocker, told the recent Jackson Hole central bankers' conference that the world's reliance on the US dollar 'won't hold' and needs to be replaced by a new international monetary and financial system based on many more global currencies," according to a Financial Times report. The greatest impact of Carney's bombs...Read More
By Avi GilburtI think this market has been providing many investors with whipsaw and head aches, which has also caused much head scratching. (And, yes, that little itch may be telling you something.)Back in November of 2018, no one even considered the possibility of a bond rally because the Fed was raising rates. And, recently, no one even considered the possibility of any type of top in bon...Read More
The shares are also trading near recent highsZTO Express (Cayman) Inc (NYSE:ZTO) has been making a fast and aggressive move higher in recent weeks, up 22% since an early August bounce off its 200-day moving average. More recently, the security tapped a 13-month high of $21.20 earlier this month, but has since eased back to $20.99. If history is any guide, though, it could be a prime time to buy ch...Read More
Jordan Roy-Byrne CMT, MFTAIt has taken a few weeks to play out but our warning of a correction in precious metals (first on August 18) is coming to pass. Last week Gold, Silver and GDX all formed big bearish reversals at multi-year resistance levels. Yes, these resistance levels (Gold $1550, Silver $18.50, GDX 31) date back to 2013.Bonds and precious metals have benefitted from the shift in Fed...Read More
By: Ira EpsteinRead More
IInterest rates on the Ten-Year Note still have a long way to fall if they are going to achieve the 0.73% target shown in the chart (see inset). Although it is mildly bullish that they have bounced from well above the 1.30% Hidden Pivot target given here earlier, the rally would have to hit 2.18% to turn the weekly chart bullish. For now, though, we'll need to respect the uptrend because i...Read More
The current fall in gold and silver is just a correction and not a short term bearish trend. Please remember that there is a difference between correction and a bearish trend. Bearish trend will be there only if gold trades below $1487 after the FOMC on 19th September. Sharp correction till the FOMC should be used to invest or go long in futures with higher trailing stop loss. Please do not trad...Read More
A bullish signal flashing for WDAY might mean a short-term bounce Cloud-based software name Workday Inc (NASDAQ:WDAY)suffered a sharp sell-off from its July 12 high of $226.83, breaking south of support at its $195 region in early-August. WDAY was briefly contained by the $195 and $185 areas, but breached this floor following its late-August earnings report, hitting a seven-month low of $166 just...Read More
Intel is one stock seeing accelerated options tradingIt's a somewhat low-volume day on Wall Street, with few market-moving events on the radar. The Dow Jones Industrial Average (DJI), S&P 500 Index (SPX), and Nasdaq Composite (IXIC) were all last seen sporting modest losses, putting the Dow on pace for its first loss in five days. Outside of today's product reveal from Apple (AAPL), traders are...Read More
Short-term options premiums on CBOE look relatively cheap at the momentExchange operator Cboe Global Markets Inc (BATS:CBOE) is up 21% year-to-date, outperforming the broader S&P 500 Index (SPX). The shares are now consolidating above their most recent earnings close, as well as the historically supportive 20-day moving average, giving us the perfect opportunity to jump on CBOE's next leg higher.L...Read More
There's heavy call open interest in the September series for FordWe called out the Ford Motor Company (NYSE:F) pullback in our Opening View newsletter, with shares of the auto stock down 5.2% at $9.06 this morning. The company's bond rating was cut to junk status by Moody's, while Ford also unveiled new electric vehicles for the European market. The shares may have found support at the 20-day movi...Read More
By Andy Hecht : After a very bullish summer, it was a week of reversals in the metals markets. The impact of gravity hit the gold and silver markets late last week after both had made new highs. Meanwhile, copper went the other way as the early week new low led to a significant price recovery by the end of the week. The daily chart of December gold futures highlights the move to a marginal new hig...Read More
FOXA calls are all the rage right now The shares of Fox Corp (NASDAQ:FOXA) are up 0.4% to trade at $34.45 today, so far shaking off a downgrade from Atlantic Equities to "underweight" from "overweight." The brokerage firm also lowered its price target to $28 from $43, noting the cord-cutting trend is happening faster than expected, and will likely weigh on the media giant. Since Fox went public...Read More
Demand from the Asian energy sector and domestic buyers in Indonesia will continue to support steel plate prices in the final quarter of this year, a source close to a leading Japanese steelmaker told Fastmarkets this week."Crude oil prices have been hovering about $50-60 per barrel and this has led to more interest from the energy sector to increase steel procurement," the source said.This was mo...Read More
Citi is targeting 55% upside for SQ stockCitigroup raised its Mastercard Inc (NYSE:MA) price target to $317 from $288 -- a nearly 12% premium to last night's close at $283.36, and above the average 12-month target price of $309.47. Broad-market headwinds are keeping a lid on MA stock in early trading today, though, with the shares last seen down 3% at $275.01.Looking closer at the charts shows the...Read More
Theweek ahead, looks treacherous for the stock market, but should be a boon forgold, silver and share mining stocks. The cycles, waves and astro aspects arecoming together nicely for a possible quick 6% drop on the S&P 500.TheSPX chart below shows the 16 TD top on Sept 5, along with a first quarter moonand Bradley turn. We are going into the 5/35 week cycle low in a 4 year cyclelow from late 2...Read More
VNE was just nominated by a global automaker to create its Mono Vision System camerasSwiss-based auto technology name Veoneer Inc (NYSE:VNE) is up 6.8% at $17.69 this morning, after the firm and its joint venture unit, Zenuity, were nominated by an unnamed global automaker to build its Mono Vision System camera software for European vehicles. The stock is eyeing its fifth consecutive win, in respo...Read More