Category Archive: Finance
Gasoline Prices Surge After Colonial Pipeline Shutdown, East Coast Fuel Shortages Loom
Gasoline prices have exploded higher once again this morning – topping the Maginot Line of $2.00 for the first time since July 2015 – following reports that the main conduit for fuel from the Gulf to the East Coast has been shut due to Hurricane Harvey. Motor fuel prices climbed as much as 6.6 percent in New […]
New Record Highs Ahead Or Just Bounce? S&P 500 Above 2,450 Mark
Briefly: Intraday trade: The S&P 500 index may slightly extend its short-term advance today. However, we can see some technical overbought conditions that may lead to a downward correction. Therefore, we prefer to be out of the market again, avoiding low risk/reward ratio trades. Our intraday outlook remains neutral, and our short-term outlook is bearish, […]
GBP/JPY Elliott Wave View: Ending Correction
GBP/JPY Short Term Elliott Wave suggests that the decline to 8/23 low at 139.27 ended Minor wave W. Minor wave X bounce is currently unfolding as a double three Elliott Wave Structure. Minute wave ((w)) of X ended at 141.47, Minute wave ((x)) of X ended at 139.98, and Minute wave ((y)) of X is subdivided into a […]
Morning Call For Thursday, August 31
OVERNIGHT MARKETS AND NEWS Sep E-mini S&Ps (ESU17 +0.21%) this morning are up +0.24% at a 2-week high on signs of strength in the global economy after the China Aug manufacturing PMI unexpectedly strengthened. European stocks are up +0.73%, led by strength in mining stocks, as optimism in the global economic outlook lifts the price of […]
Gold Heads For Best Month Since February Despite Flash Crashes And ‘Uninformed’ El-Erian
Ok, so this is worth noting as we head into September. Gold is on pace for its best monthly gain since February as investors have sought safety amid escalating tensions on the Korean peninsula and as the political situation in the U.S. continues to deteriorate, raising the specter of a shutdown or a technical U.S. […]
As The Data Show, Higher Corporate Profits Mean Higher Investment (Not)
Fans of economic policy are used to the old “night is day,” “down is up,” approach to economic policy. After all, much of the media are worried about robots taking all the jobs even as the data from the Bureau of Labor Statistics show that productivity growth (the rate at which robots are taking jobs) […]
S&P 500 Back Above 50-DMA; Breadth Not Quite Caught Up
As shown in our sector trading range screen below, the S&P 500 has re-taken its 50-day moving average as we get set to begin the last trading day of August. (For reference, the black, vertical “N” line represents each sector’s 50-day moving average. The dot represents where each sector is currently trading, while the tail […]
ADP’s Upbeat Payrolls Data Suggests Labor Market Is Stabilizing
ADP’s stronger-than-expected gain in US private employment for August hints at the possibility that the downshift in the labor market’s annual growth rate over the past two years is steadying. If so, we may see some corroboration in tomorrow’s update on payrolls from the Labor Dept. Meantime, the ADP Employment Report for this month is certainly encouraging. […]
Euro Tumbles, Bunds Spike On Report ECB “Growing Worried” About Strong Currency
It’s time to start worrying about currency wars again. Moments ago, with the EURUSD trading just shy of 1.19 and having risen above the “red line in the sand for corporate profits” 1.20 mark earlier in the week, the ECB again used its favorite trial balloon news service, Reuters, to suggest that not only is […]
Wells Fargo Upgrades Owens Corning After Harvey, Management Meetings
Wells Fargo analyst Stephen East last night upgraded Owens Corning (OC) to Outperform from Market Perform with an $83 price target. The glass fiber maker closed yesterday up $1.57 to $71.76. The analyst sees an “inexpensive valuation” versus peers and has increased comfort in Owens’ ability to achieve or surpass this year’s targets while generating […]
