Great Graphic: Head And Shoulders In Dollar-Yen
The old head and shoulders pattern in the dollar against the yen is back in vogue. We first pointed it out the first week in January here. Recall the details. The neckline is drawn around JPY116.30 and measuring objective is near JPY107.00. That target also corresponds to a 38.2% retracement of the big Abe-inspired dollar rally (~JPY106.80). This […]
The Dow — What’s Next?
The Dow failed to elect any Monthly or Quarterly Bullish Reversals. It did elect two of the three Weekly Bullish Reversals, leaving the 3rd intact. We provided these numbers previously, warning not to expect follow-through without electing all three. “In the Dow, we have a cluster of Weekly Bullish Reversals starting at 17680, 17750, and […]
Pfizer Confirms Termination Of Proposed Combination With Allergan
Pfizer (PFE) announced that the merger agreement between Pfizer and Allergan (AGN) has been terminated by mutual agreement of the companies. The decision was driven by the actions announced by the U.S. Department of Treasury on April 4, 2016, which the companies concluded qualified as an “Adverse Tax Law Change” under the merger agreement. In […]
E RBA Set The Interest Rate For April
On Monday, the AUD/USD pair traded lower due to a sell-off in the AUD caused by the worse than expected retail sales figures in Australia. The Aussie’s February retail sales came in flat on a monthly basis, expectations being of a 0.4% rise month-on-month after a 0.3% monthly rise in the month of January. The […]
The Stock Whisper Of The Day: BP, USO, DBC, MT, SPY
Hot stocks of the day: BP,USO, DBC, MT, SPY Video length: 00:06:48
Euro/Dollar Stabilised At 1.1380
Yesterday’s Trading: The euro/dollar on Tuesday managed to get back its losses after falling to 1.1335 in response to strong USA ISM service sector data. In March, the ISM index for business activity in the US service sector rose to 54.5 against 53.4 in February (forecasted: 53.6). Markit’s PMI rose from 51.1 to 51.3. It’s […]
Low Volatility ETFs Still In Play
Yellen’s dovish comments may be fueling a market rally at the end of one of the most volatile quarters in years, but these haven’t buried low volatility ETFs. The new-found optimism on Yellen’s hint of a ‘cautious’ rate hike trail perked up investors sentiments lately, helping U.S. bourses to score gains for two back-to-back days […]
E The Daily Shot And Data – April 6, 2016
Greetings, This morning we start with China where the service sector PMI (from Caixin/Markit) came in above expectations. This had a calming effect on stock markets in Asia and pushed the S&P futures higher. Source: Markit Here are several other China-related developments we are tracking. 1. Auto sales growth in China rose. Source: MNI 2. […]
Silver Prices Ease Following Stable Stock Markets
Silver prices (FXCM: XAG/USD) have eased back from yesterday’s high of $15.23 as the slide to global stock markets abated today. The stable stock markets is lowering the demand for safe haven assets such as Gold and Silver. Silver’s technical trend is downwards below the March 31 swing high of $15.56, as the March 31 […]
India Trims Interest Rate
The Indian economy was tipped to break into the ranks of the world’s powerhouse economies, but it has seen significant setbacks since the Global Financial Crisis struck. The value of the Rupee has fallen dramatically against the US Dollar in recent years; prior to the worst onslaught of the crisis in 2008, a Dollar would […]
