Stock Market Slips On Threats From North Korea

Hello Traders everywhere. North Korean Minister of Foreign Affairs Ri Yong Ho said Thursday that the country may consider testing a hydrogen bomb in the Pacific Ocean. If Korea does indeed conduct the test, it would be North Korea's first nuclear test beyond its borders. That statement has left traders with an uneasy feeling heading into the weekend.

Apple Inc. (NASDAQ:AAPL) continues to be a drag on the DOW as it looks to close out the 3rd straight week of declines with a -5.5% loss on the week. This is by far their worst weekly performance ahead of a major product launch since the original iPhone was released back in 2007.

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Crude oil can't make up its mind and is trading in a tight range right above the $50 mark for the week. This sidelines action comes after an OPEC gathering concluded with no decision on an extension or deepening of supply cuts.

Key levels to watch next week: Continue reading "Stock Market Slips On Threats From North Korea"

Stocks Hesitate Ahead Of Fed Announcement

Hello Traders everywhere. The Federal Reserve and Fed Chair Janet Yellen are stuck between a stronger global economy and a lull in U.S. inflation; the Fed is expected to announce whether it will raise interest rates for a third time this year or back off until prices rise to a level that they are comfortable with.

The Fed also is likely to announce a scheduled reduction of its approximately $4.2 trillion in holdings of bonds and mortgage-backed securities, most of it accumulated in response to the 2007-2009 financial crisis and recession.

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Crude Oil is on the rise and trading above the $50 level today. The significant move today comes on the hell of news that gasoline stockpiles are at a new 22-month low and exports of crude and fuels surged.

Key levels to watch this week: Continue reading "Stocks Hesitate Ahead Of Fed Announcement"

Stock Market Trades At Record Highs

Hello Traders everywhere. Wall Street has extended its record setting gains into Monday. The gains today come on the heels of a record close last week where we saw the all three indexes close at record highs. The U.S. Dollar halted a two-day drop and Treasuries slipped as investors remain bullish on the American economy ahead of the Federal Reserve's policy meeting this week.

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The markets focus now turns to the Fed meeting this week. While the central bank is widely expected to keep the benchmark rate unchanged, close attention will be paid to the chance of an increase later in the year and on whether officials will announce the start of a reduction in the bank’s $4.5 trillion balance sheet.

If you haven't read it yet, check out INO Contributor George Yacik's latest blog post where he shares his view on the coming Fed meeting.

Key levels to watch next week: Continue reading "Stock Market Trades At Record Highs"

S&P 500 Teases 2,500 At Weeks End

Hello Traders everywhere. The S&P 500 has been threatening to break through the all-important 2,500 level all week. After Monday’s large gain it’s had four straight days of gains only to close just shy of the mark. Will it be broken this afternoon? Who knows, but we may be off to the races if it does.

Early this morning, North Korea fired a second missile over Japan, but traders and the markets just shrugged it off as old hat. Even the traditional havens are on the decline today with gold losing a little over .040% on the day.

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The next big catalyst on the horizon could be the Fed Federal Reserve’s meeting on Sept. 19-20. The Fed is scheduled to announce its latest decision on monetary policy next week. Most market participants do not expect a rate hike. However, the central bank is projected to announce the unwinding of its massive $4.5 trillion portfolio.

Key levels to watch next week: Continue reading "S&P 500 Teases 2,500 At Weeks End"

S&P 500 Hits New Highs As Irma Weakens

Hello Traders everywhere. The S&P 500 hit a record intraday high of 2,495.69 this morning aiming for the 2,500 level. This move has been led by gains in financial and industrial stocks after Irma weakened to a tropical depression, but declines technology stocks are weighing on the DOW and NASDAQ after significant gains on Monday.

Irma, which had rampaged through the Caribbean before making landfall in Florida as one of the most powerful Atlantic hurricanes, weakened to a tropical depression, diminishing concerns about the severity of its financial impact.

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The market also seemed to breathe a sigh of relief after North Korea held off on a nuclear test over the weekend. This decision came on the heels of a successful test of a hydrogen bomb on Sept. 3, which in turn sparked outrage from the international community.

In response, the U.N. Security Council unanimously voted to cap North Korea's crude oil imports and ban its textile exports.

Key levels to watch this week: Continue reading "S&P 500 Hits New Highs As Irma Weakens"