Today’s Trading Plan: Brace For The FOMC
Technical Outlook: Another low volume and tight trading range for SPX yesterday. Volume was on par with yesterday’s light reading and well below recent averages. Price closed below the declining trend-line as well as below the 200-day moving average for SPX. Market behavior over the last two trading sessions and a few others before it, […]
Morning Call For March 16, 2016
OVERNIGHT MARKETS AND NEWS Jun E-mini S&Ps (ESM16 -0.04%) are unchanged ahead of the outcome of today’s FOMC meeting and press conference from Fed Chair Yellen. Gains in mining stocks and energy producers are supporting the overall market as the price of crude oil and copper gain. European stocks are up +0.12% as a rally […]
Jefferies Cuts Valeant Target To $53, Keeps Buy Rating On Shares
Jefferies analyst David Steinberg cut his price target for Valeant Pharmaceuticals (VRX) to $53 after the company’s outlook for FY16 came in “much lighter than expected.” Management’s credibility took a further hit and investors are now concerned about debt repayment and possible bond covenant violations, Steinberg tells investors in a post-earnings research note. Steinberg points […]
The Waiting Wedge
Well, here we are once again. Instead of an earnest examination of earnings, products, dividends, and chart patterns, we find ourselves at the mercy of a geriatric female dwarf with sociopathic tendencies. It’s an absurd world we live in. As I said on my Tastytrade show yesterday, every single chart is screaming, yelling, and waving its hands, […]
Starwood Jumps On Anbang’s $13 Billion Takeover Bid
Shares of Starwood Hotels & Resorts Worldwide Inc. (HOT – Analyst Report) jumped 7.8% after the hotelier announced that it has received a non-binding offer from a group of companies to acquire all its outstanding shares for $76 each in cash. The total sum being offered by the group led by Chinese insurance giant, Anbang Insurance Group Co., is […]
DAX 30 Maintains A Bullish Drift Ahead Of Today’s Fed Meeting
The overall trend remains bullish above the ECB rate meeting low of 9397 from Thursday last week. Trend following traders might therefore keep on buying the DAX 30 (FXCM: GER30) and lift it higher. This view is also supported by the FXCM SSI, which shows that 51% of retail traders are short the GER30. The […]
Oil Jumps After Latest Output Freeze Meeting “News”
One of the most farcical instances of report-it-then-promptly-deny-it headline hockey since last summer’s Greek bailout drama has been the incessant barrage of “news” surrounding the oft-celebrated oil output freeze deal struck last month by the Saudis, Qatar, Venezuela, and Russia. At the time, the market was hoping against hope for an agreement to cut production. […]
Busy Fed Day: Potential Winners And Losers
The market is tense toward the decision of the Federal Reserve. Yellen is expected to strike a more dovish tone and her colleagues are likely to lower the path of rate hikes in the dot plot. But is this already priced in for quite some time? It seems that only extreme dovishness can really hurt […]
Deutsche Thinks Chipotle Shares Should Trade Closer To $400
Deutsche Bank analyst Karen Short says a turnaround for Chipotle Mexican Grill (CMG) is still “down the road” after the company released an intra-quarter same-store-sales update. Although March started to gain some momentum following Chipotle’s promotional blitz, another food scare within the Boston marketplace weighed on results once again as the most recent week’s same-store-sales […]
