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Equities Battling With The Waves
In my previous post regarding SPX and Nasdaq found here, I talked about the dangerous waters both indices were and the danger of a deep pullback or the start of a new downward move similar to the one we saw in the first quarter. This is what I wrote mid-june on twitter…. Risk off coming […]
Consumer Confidence Down In June
The latest Conference Board Consumer Confidence Index was released this morning based on data collected through June 15. The headline number of 126.4 was a decrease from the final reading of 128.8 for May, an upward revision from 128.0. Today’s number was below the Investing.com consensus of 127.6. Here is an excerpt from the Conference Board press release. “Consumer confidence […]
E Dow Breaks 200-Day Average Streak – So What?
Monday afternoon, the financial media needed to smoke a cigarette. After drooling all day, they finally got their chance to trot out a “big market statistic” and report that the Dow broke its 501-day streak of closing above its 200-day moving average. OMG, OMG! The bear market is here! Sell! Sell! Um, no. While it […]
USDSGD Showing Incomplete Elliott Wave Structure To The Upside
USDSGD short-term Elliott wave view suggests that the decline to 1.3299 on 6/07 low ended primary wave ((X)) pullback. Above from there, the pair rallied higher and went on to make a new high for this year creating 5 swing incomplete sequence to the upside from 1/25/2018 low. This sequence is represented by the bullish tag marked […]
The Market Gave Up Most Of June’s Gains
My Swing Trading Approach I’m 100% cash here. I’m not in a rush, to add positions, I’ll wait to see if the small amount of strength in the premarket can hold on, as the day moves forward. If so, I’ll add 1-3 new positions to the portfolio. Also will considering shorting the market if the […]
Nike Sponsorships Ensure The Whole World Is Watching
Nike Inc. (NKE) is scheduled to report their FQ4’18 earnings Thursday after the market closes. Estimize consensus projects an EPS of $0.66, a 10% YoY growth, while Wall Street predicted an EPS of $0.64. Estimize NKE EPS projections have been more accurate than Wall Street’s 73% of the time. Estimize anticipates a revenue of $9.451B, a […]
Trade Or Rotation?
While yesterday’s decline has been largely blamed on the ongoing trade dispute between the US and China, we wouldn’t discount the impact of the end of a quarter, rebalancing either. The chart and table below help to illustrate the point. The chart compares the performance of the 24 S&P 500 Industry Groups on Monday (x-axis) to […]
US FDA greenlights its first cannabis-based drug
The US Food and Drug Administration (FDA) approved its first marijuana-based drug on June 25, which will treat two debilitating forms of childhood epilepsy. The drug is called Epidiolex, and it is a fruit-flavoured oral solution that contains cannabidiol (CBD), made by the UK firm GW Pharmaceuticals. The FDA’s approval is good news for the […]
Weekly Gasoline Price Update: Regular And Premium Down Again – Tuesday, June 26
It’s time again for our weekly gasoline update based on data from the Energy Information Administration (EIA). The price of Regular and Premium were down five and four cents each, respectively, from last week. According to GasBuddy.com, California has the highest average price for Regular at $3.67 and San Francisco, CA is the most expensive city, […]
Technically Speaking: The Beer Bet
In this past weekend’s article, I laid out my positioning for a short-term rally back to recent highs and why we were looking to “modestly” increase exposure. To wit: “That is what we got this past week as the market retested the most recent breakout above the Fibonacci 61.8% retracement level twice. While the weekly ‘buy signal’ did NOT trigger this […]
