Daily Recap – May 19, 2015
Today was in my opinion another boring day in the market. There were no major moves in the broader indices, with both stocks closing relatively flat. Commodities were in the spotlight as oil and gold both fell a few percentage points respectively. With respect to MCD and TWTR there was no intra day movers that […]
YHOO Tumbles After BABA Spinoff Faces IRS Uncertainty
Around 1537ET YHOO shares began a flash-crash-like free-fall with ascending volume on an accelerating plunge in price. BABA did not snap until 1544ET when it cracked lower and the arbs desperately tried to keep the two firms tied together somehow. Initial chatter was import tariff news from China (which may have explained the huge divergence […]
Derailing Amtrak: Tracking The Latest Disaster In The Infrastructure Crisis
The dangerous underfunding of US infrastructure was underscored by a fatal train derailment on May 12th. The tragedy did not deter the House Appropriations Committee from voting to slash Amtrak funding the very next day. There are ways Congress could fund its massive infrastructure bill without raising taxes. But the conservative-controlled Congress seems to have […]
E Sarepta Therapeutics Announces FDA Approval To Submit NDA For Eteplirsen
Shares of Sarepta Therapeutics (SRPT) are up about 38% in after-hours trade after the company announced that the FDA will allow it to file for a New Drug Application — NDA — for Eteplirsen. Eteplirsen is the company’s drug to treat Duchenne muscular dystrophy — DMD. Patients who suffer from DMD have limited muscle movement […]
Gold Daily And Silver Weekly Charts – Pullback
Gold and silver have been steadily rising, but today gave a piece of that up and fell back to near support. The 1200 and 16-17 ranges have their allure. What a surprise. The dollar rallied off the ‘better than expected’ home starts and permits number. Recovery! There was intraday commentary about The Recovery™ here. Have a pleasant […]
Minor Losses But Distribution Returns
The S&P dropped just over a point, but finished above 2119 support. Today’s action holds the gain and remains in bullish mode. Technicals are bullish, although the relative performance against the Russell 2000 has dropped off markedly, which is better for the broader rally, even if bad for the S&P in the near term. The […]
Two Junior Miners In Alaska Highlighted On US Senate Floor For Their Strategic Importance
I highlighted several weeks ago the rising concern by the US public about our mineral dependance on foreign entities. Important national news has just crossed our wires this morning as two of our featured Alaskan junior miners were mentioned in testimony on May 12th in front of the US Senate Energy and Natural Resources Committee as being […]
Etsy, Inc. Crashes After Earnings Disappointment
Etsy released the earnings results from its first fiscal quarter after closing bell tonight, sending shares into a downward spiral. The company posted a surprise loss of 84 cents per share on $58.5 million in revenue, a 44.4% year over year increase. Analysts had been expecting Etsy to post earnings of 3 cents per share […]
Chop, Chop, Choppin’ At The Fed’s Front Door
With apologies to Bob Dylan, its clear that the casino does believe that the Fed is the monetary equivalent of heaven’s front door. Ever since QE officially ended last October, the market has been chop, chop, choppin’ higher on the slightest hint that 78 months of free carry trade funding may not end after all. This […]
S&P 500 Snapshot: A Fractional Loss Snaps A String Of Three Record Closes
The S&P 500 traded in a narrow range from the opening bell and through the lunch hour. A weak early afternoon rally took the index to its 0.18% intraday high, but it was followed by a fairly rapid selloff to the -0.22% intraday low. Some buying in the final hour trimmed the loss to a […]
