This past February, I drew your attention to the S&P 500 index, which started a consolidation, addressing two critical questions about the future of the index. The most important answer said that we are still in the long-term uptrend and we should keep patience to see the end of the consolidation.
Later in April, I shared an update with you with a detailed plan for two possible options of the ongoing consolidation. The first one implied the development of the familiar Triangular pattern, which in its turn had two possible paths of price action. And the second path with a zigzag inside of the Triangle was drawn with an amazingly accurate prediction as the index just repeated its trajectory.
Another possible option was described within the forecasted Bull Flag pattern. This model didn’t develop as planned as the price couldn’t break below the previous low at $2532; although we were very close to hitting it as the index’s drop reversed just $31 ahead of it at the $2553 level. This plan is very close to invalidation once the price overcomes the earlier top at $2718.
Below I prepared an update of the most valid option for you. Continue reading "S&P 500 Finishes Consolidation, Fasten Your Seat Belts!"
Hello traders everywhere. I'm doing something a little different today by doing this mid-day video after the close. The reason? As I was preparing, President Trump said he would announce his decision on the Iran nuclear deal at 2 PM EDT on Tuesday. The DOW had been up as much as 219 points on the day before reversing course on the announcement. So with that news affecting the markets, I decided to hold off and see where we landed.
With that being said, overall the stock market finished up on the day with the S&P 500 up +.35%, DOW +.39% and the NASDAQ leading the way with a +.79% being pushed by Amazon and Netflix.
But the real market driver today was that oil and the energy sector. Crude oil traded as high as $70.76. That's the highest level since 2014, before it backed off the high to close at $69.89 +.17% on the day.
Key Levels To Watch This Week:
Continue reading "Energy Stocks Boost Wall Street"
As the popularity of Exchange Traded Funds has grown with investors, so have the options investors have when it comes to the type and style of ETF they want to own. Not only can an ETF investor buy specific asset class ETFs, but they can buy ETFs designed by specific investors.
Just like how different asset classes have different risks, different investors have different beliefs about what makes a good stock. Each investor, professional or retail, has different metrics they look at, have different investment timeframes, have different investment goals, and just approach the market and investing in a different manner. These differences often make one investor successful while another fail. Following alongside well known, successful investors can help teach you what works and perhaps what you have been missing in the past.
So even if you decide not to buy an ETF that is based on your favorite investor, at least take a look at it, you may learn something. With that in mind, let’s take a look at a few ETFs I have found that track the pro’s, and see what we can learn. Continue reading "Invest Alongside The Pros With These ETFs"
We've asked Michael Seery of SEERYFUTURES.COM to give our INO readers a weekly recap of the Futures market. He has been Senior Analyst for close to 15 years and has extensive knowledge of all of the commodity and option markets.
Michael frequently appears on multiple business networks including Bloomberg news, Fox Business, CNBC Worldwide, CNN Business, and Bloomberg TV. He is also a guest on First Business, which is a national and internationally syndicated business show.
Natural Gas Futures
Natural gas futures in the June contract settled last Friday in New York at 2.77 while currently trading at 2.72 experiencing extremely low volatility. I have been recommending a bullish position over the last couple weeks from the 2.83 level and if you took the trade continue to place the stop loss which is just an eyelash away at 2.70 on a closing basis only. The energy sector has caught fire in today's action as oil has hit a fresh multi-year high but is having very little impact on natural gas prices as mild temperatures throughout the Midwest are curbing demand at this time, but stay long and do not second guess as this was a low-risk trade to begin with. Natural gas prices are now trading under their 20 and 100-day moving average as the trend is mixed, and if we are stopped out, we could be involved relatively soon again as the chart structure is outstanding. I remain bullish this commodity. However, we must have an exit strategy when you trade the commodity markets. Volatility in natural gas should start to expand as we enter the hot summer months as this has been stuck in the mud over the last several months as I still think historically speaking prices look cheap.
TREND: MIXED - LOWER
CHART STRUCTURE: EXCELLENT
Continue reading "Weekly Futures Recap With Mike Seery"
The Energy Information Administration (EIA) reported that February crude oil production averaged 10.264 million barrels per day (mmbd), up 260,000 b/d from January, setting a new all-time record for the U.S. The large increase reflected a gain from a level that was constrained by weather issues.
The largest increases were recorded in Texas (106,000 b/d), the Gulf of Mexico (89,000 b/d) and New Mexico (46,000 b/d).
The EIA-914 Petroleum Supply Monthly (PSM) figure was 26,000 b/d lower than the weekly data reported by EIA in the Weekly Petroleum Supply Report (WPSR), averaged over the month, of 10.290 mmbd. EIA’s most recent weekly estimate for the week ending April 20th was 10.586 mmbd. Continue reading "US February Crude Production Shows Big Gain"