More Volatility As Stocks Retrace Some Of Their Recent Rally
Briefly: Intraday trade: Our Wednesday’s intraday trading outlook was bearish. It proved accurate because the S&P 500 index lost 0.5%, following neutral opening of the trading session. However, the market didn’t reach our intraday profit target level of 2,535 (daily low at 2,544.00). The S&P 500 index may retrace more of its October rally. Therefore, […]
Euro Drops Against The Dollar Following ECB Meeting
Today, Thursday October 26, the US dollar showed some mixed dynamics during the European session leading up to the ECB meeting. It rose against the Kiwi dollar, pound, franc, and euro, while losing ground against the loonie, yen, and Aussie dollar. The euro rate corrected from the Asian high of 1.1837 to 1.1802 (-35) […]
Bullish Sentiment Approaches 40%
In normal times a bullish sentiment reading of 40% wouldn’t be much of a big deal, but given the state of sentiment over the last several years, 40% is now considered an accomplishment. In this week’s sentiment survey from AAII, bullish sentiment increased 1.7 percentage points up to 39.6%. That represents a five-week high, but also a […]
Biotech Battered To 2-Month Lows As Celgene Crashes
The S&P Biotech Index is now down 9% from its early October highs, extending losses today thanks to the collapse in Celgene’s share price after it lowered its outlook. As Bloomberg reports, Celgene Corp. dropped 18 percent in early U.S. trading after lowering its long-term profit target. The drugmaker, known for its hematology and oncology treatments, […]
Mysteries Of Modern Inflation
Mysteries of Modern Inflation The theory of inflation that I learned long ago suggested that inflation should creep up when an economy is running near full employment, but will come back down during a recession. However, for almost two decades now, the rate of core inflation (that is, inflation not counting the volatile movements in […]
Thrilling Thursday – Will Big Tech Justify Nasdaq 6,666?
Amazon (AMZN), Alphabet (GOOGL), Microsoft (MSFT) and Intel (INTC). All four will report tonight and they make up 20% of the Nasdaq by weight (and AAPL, who are the rest of the Nasdaq that counts, reports on 11/2) so it’s do or die for the index that’s up 25% since the election but that’s still only HALF of the move the FAANG […]
Hershey Announces $100 Million Share Repurchase Authorization
HERSHEY, Pa., Oct. 26, 2017 (GLOBE NEWSWIRE) — The Hershey Company (NYSE:HSY) announced today that its Board of Directors has approved an additional $100 million stock repurchase authorization to repurchase shares of its Common Stock. Purchases under the new authorization will commence after the current program is completed. Hershey is authorized to purchase its outstanding […]
Treasuries ‘Cheapest’ In 6 Months As Bund Yields Tumble On Dovish Draghi Taper
Draghi’s dovish taper has sent Bund yields down over 5bps (admittedly to 3 day lows) – the biggest daily drop in 3 months… And EUR/USD is at 3-week lows… And as Bund yields tumble, Treasuries are less exuberant… Pushing the TSY-Bund yield spreads to 200bps for the first time since April… Might be a painful squeeze […]
AB InBev Earnings Miss Again In Q3, Ups Synergy View
World’s largest brewer Anheuser-Busch InBev SA/NV’s (BUD – Free Report), alias AB InBev, dismal earnings trend persisted in third-quarter 2017 as the bottom line lagged estimates for the seventh straight quarter. Moreover, revenues missed estimate for the second consecutive quarter. Despite the dismal surprise history, AB InBev’s stock has improved 15.3% year to date. However, it has lagged […]
EUR/GBP: Vulnerable, Eyes Move Towards The 0.8855 Zone
EUR/GBP- The cross remains biased to the downside and looks to extend that weakness with eyes on the 0.8855 level. Support lies at the 0.8850 level where a violation will turn focus to the 0.8800 level. A break will expose the 0.8750 level. Its daily RSI is bearish and pointing lower suggesting further decline. Resistance […]
