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Archives by Year:
WTI Crude Crashes To $53 Handle, 12-Month Lows
Oil is plunging again this morning (down almost 6%) on persistent fears that a surplus will re-emerge next year despite OPEC’s plans to cut production. As trader await API inventory data tonight, expected to show a ninth weekly increase – the longest streak in a year – concerns grow that Russia may not play nice […]
Banquet Of Consequences
If the bulls cannot stop the selling, put in a bottom, and turn this around we might be in for something notable. Hopefully, the bulls will be able to get their act together to at least stop the selling as they square up their positions into the holiday. I have to say that I am […]
AUDUSD: Testing The Broken Neckline
One of the best looking setups among major pairs can be seen on AUDUSD, where we have a beautiful reversal pattern, and according to price action rules, we should soon see a further rise. We are talking here about the setup on the daily chart, which only adds credibility (setups on daily and weekly charts […]
Facebook Sell-Off Hard To Ignore From A Contrarian Perspective
Shares of Facebook (FB) are dropping below $130 today as the high-flying tech sector continues a sharp correction in the market. After such a punishing drop, it is hard for me to look away because there is a bullish fundamental story buried here, and the valuation is becoming quite undemanding. From the business side, FB continues to […]
Stocks Typically Decline 38% When This Takes Place
This chart looks at the NYSE index over the past 20-years, highlighting “Hanging Man Patterns,” where they have taken place and what typically happens following this pattern. Monthly hanging man patterns took place near the highs in 2000, 2007 & 2011 at each (1). The average decline following this pattern was around 38% over the past 20-years. The […]
Bitcoin Needs To Reconquer $4,539 In Order To Avoid The Abyss Below $4,000
Where will the free-fall of Bitcoin stop? After a downfall on November 14th, BTC/USD had a bad day on Monday that became worse today. At least it’s doing better than Bitcoin Cash, which crashed 40% in 24 hours. What are the levels to watch? The Technical Confluence Indicator shows that initial resistance awaits at $4,448 which is the […]
October Housing Permits And Starts Flat Vs. Trend
This morning’s report on housing permits and starts will do nothing to stop the now-received wisdom that higher interest rates, higher prices, (and the impact of the cap on the mortgage tax deduction) has caused this most important cyclical market to cool. On the other hand, they aren’t evidence of any intensifying downturn. While we […]
New Residential Building Permits: 1.263M In October
The U.S. Census Bureau and the Department of Housing and Urban Development have now published their findings for October new residential building permits. The latest reading of 1.263M was a decrease from a revised 1.270M in September and above the Investing.com forecast of 1.260M. Here is the opening of this morning’s monthly report: Building Permits Privately‐owned housing […]
Starts, Permits Offer No Hope For Housing’s Annus Horribilis
With homebuilder optimism finally collapsing down to the reality of ‘hard’ housing data, any glimmer of hope is clung to as if it was writ in stone. But Housing Starts and Permits failed to offer any light at the end of the tunnel. Starts rose 1.5% MoM (missing expectations of a 2.2% rise) after tumbling […]
Rush For The Exits
The highways will be crowded this evening as the Thanksgiving rush will begin in earnest, but this morning investors are rushing for the exits with Technology and Retail leading the way lower. Apple (AAPL) is trading down close to 3%, Facebook (FB) is under $130, and Nvidia (NVDA) is down another 5%. While NVDA’s decline […]
