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Morning Call For Thursday, November 9
OVERNIGHT MARKETS AND NEWS Dec E-mini S&Ps (ESZ17 -0.40%) this morning are down -0.29% and European stocks are down -0.59% at a 2-week low. A sharp reversal in the Nikkei Stock Index which soared to a 25-3/4 year high only to erase its gains and drop -0.20% has undercut other global bourses. Also, weakness in mining stocks is weighing on global stock […]
Oil Prices Plunge On Surprise Rise In US Oil Inventories
The U.S. crude oil production rose to the highest in more than three decades last week, according to the data from the Energy Information Administration. U.S. crude inventories surged by 2.24 million barrels in the week ending November 3. This is higher than the 2.24 million decline projected by most experts. While oil has climbed […]
Materials ETFs Head To Head: XLB Vs. IYM
The materials sector is garnering a lot of investor attention lately. Industrial Metals have been rebounding on greater global optimism. This is primarily due to robust global growth cues and strong demand. Manufacturing has been picking up pace globally and driving demand for metals. Cause for Appeal On Oct 19, the Senate passed a budget […]
Global Markets Stumble, Spooked By Japanese Stock Fireworks
The overnight fireworks in Japan, which saw the Nikkei plunge by 860 intraday points and sent vol and volumes soaring (before recovering most losses), spooked traders in Asia and around the globe, and U.S. equity futures are red this morning, along with European shares and oil. As one early riser sellside desk notes, the Nikkei 225 provided […]
Dramatic Plunge In Japanese Stocks Creates Existential Crisis – Peter Pan Summoned
Look, everyone needs to give the Nikkei a goddamn break on Thursday, ok? I mean yes, there was a harrowing moment or two in today’s session, but it’s not like things haven’t been going well. Don’t forget, this is a market that just broke a record for most consecutive daily gains in a row and […]
3 Momentum Driven Canadian Cannabis Stocks
Canadian marijuana stocks recorded volatile price movements yesterday and many investors are watching how the sector responds today. This drop took place during a significant rally where several licensed medical marijuana producers are trading at overbought levels. We remain bullish on the Canadian cannabis opportunity and recommend monitoring trading volume and momentum as these metrics […]
EUR/USD: Pressure Builds Up On Corrective Recovery Higher
EUR/USD: With the pair still holding on its recovery threats, further push higher is expected. Resistance comes in at 1.1650 level with a cut through here opening the door for more upside towards the 1.1700 level. Further up, resistance lies at the 1.1700 level where a break will expose the 1.1750 level. Its daily RSI […]
Enbridge Stock Could Be Nearing The Bottom
Last month we looked at the pipeline company Enbridge Inc. The utility company supplies natural gas and oil across North America. The stock (NYSE: ENB) has dropped about 12% since the beginning of the year and is near its 52 week low. The last time the stock was this cheap was back in early 2016. One reason for […]
Nomura Sees Tesla Selling All It Can Produce After Model 3 Sedan Spin
In a research note titled “Better Than Advertised,” Nomura Instinet Romit Shah says he left test driving Tesla’s (TSLA) Model 3 sedan feeling the automaker will be selling as many cars as it can produce for a long time. Taking the sedan for a spin reinforced the analyst’s view that Tesla’s addressable market opportunity is […]
Momentum Still Dominates For US Equity Factor Performances
As horse races go, this one’s not even close. The momentum factor continues to leave the rest of the field in the dust for the major US equity factor strategies, based on the one-year trend via a set of ETFs. Although all the factor funds are posting solid gains through yesterday’s close (Nov. 8), the […]
