Stocks Struggle After Day Of Records

Hello traders everywhere. Stocks are struggling to gain footing in the positive territory a day after the S&P 500 and NASDAQ both posted record closes. The NASDAQ itself set a new intra-day day high of $8,139.55 before retreating into and out of negative territory on the day. The S&P 500 is just 0.3% away from an intra-day record high of 2,940.91 which it hit on Sept. 21, 2018, after surging about 17% this year.

The move higher came less than six months after a massive drop in December, which led to Wall Street's worst year since the financial crisis. But a pivot by the Federal Reserve in monetary policy away from higher rates and the cooling of trade tensions between China and the U.S. helped stocks rally from those lows.

Stocks Struggle

The DOW entered the day 0.6% below last October's all-time high but has failed to get out of negative territory today. There is still a slew of corporate earnings coming this week so look for the DOW to make a run at its own record high later this week. Continue reading "Stocks Struggle After Day Of Records"

Stocks Flat Ahead Of A Big Earnings Week

Hello traders everywhere. Stocks struggled Monday as Wall Street braced for the busiest week of the earnings season. The DOW fell 40 points, while the S&P 500 and NASDAQ were little changed.

More than 140 S&P 500 companies are scheduled to release their quarterly results this week, including Coca Cola (KO), Procter & Gamble (PG), United Technologies (UTX), Verizon (VZ), Twitter (TWTR), Lockheed Martin (LMT), and eBay (EBAY). Facebook (FB), Microsoft (MSFT), and Tesla (TSLA) Motors are also set to report later this week.

So far, the majority of corporate earnings reports have topped expectations. FactSet data shows 76.5% of the S&P 500 companies that have posted earnings have surpassed analyst estimates. Analysts came into the season with low expectations for the season, forecasting a 4.2% drop in profits.

crude oil

Crude oil is trading at it's highest levels since October of 2018 and is currently trading above $65 a barrel. The reason for the spike higher is that the United States demanded a cut off of Iranian oil exports to major importers like China and India who had been granted exemptions from sanctions, that statement rekindled fears that this by the U.S. could lead to a supply crunch. Continue reading "Stocks Flat Ahead Of A Big Earnings Week"

NASDAQ Hits Record High As China Steadies

Hello traders everywhere. The NASDAQ hit a record high of $8,052.40 in early trading as market sentiment was lifted by stronger-than-expected corporate earnings and solid economic data out of China. China's economy grew at a steady 6.4% pace in the first quarter, defying expectations for a further slowdown, adding to optimism that the economy may be starting to stabilize even as Beijing and Washington appear moving closer to a trade deal.

NASDAQ Hits Record High

On this side of the trade conversation, The U.S. trade deficit fell to an eight-month low in February as imports from China plunged, suggesting President Donald Trump's "America First" agenda was starting to bear fruit. Continue reading "NASDAQ Hits Record High As China Steadies"

Weekly Futures Recap With Mike Seery

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.

Gold Futures

Gold futures in the June contract is currently trading at 1,295 an ounce unchanged for the trading week as the trend remains sideways. If you are long a futures contract, I would place the stop loss under major support which now stands at 1,284 as an exit strategy as I still have a bullish bias towards gold, but the risk/reward is not in your favor to take a position at this time. Gold prices are trading slightly under their 20 and 100-day moving average as the trend is lower to mixed as prices have gone nowhere over the last three months. Volatility remains average as prices topped out last month slightly above the 1,350 level as I still think longer-term gold prices look attractive. However, all the interest remains in the U.S. equity market which is hovering right near all-time highs once again. For the bullish momentum to continue prices have to break the March 25th high of 1,330 in my opinion so be patient and let's see what next week's trade brings as I do believe bullish trends across the board will start to develop soon.
TREND: MIXED
CHART STRUCTURE: IMPROVING
VOLATILITY: AVERAGE

Continue reading "Weekly Futures Recap With Mike Seery"

Big Banks Boost Stock Market

Hello traders everywhere. Earnings season started with a bang early Friday as two major U.S. banks shared better than expected Q1 results which propelled the market higher at the open. The S&P 500 pushed above $2,900 for the first time since October of 2018, the DOW up over 290 pts in early trading and is trying to post a weekly gain after being quiet for much of the week and the NASDAQ continues to march higher gaining +.47% on the week making this three straight weeks of gains.

JPMorgan Chase earned $2.65 a share in the first quarter, easily beating third-party consensus estimates of $2.35. Revenue—which many analysts had expected to decline—rose 5% to $29.9 billion as the company appeared to benefit from higher interest rates and strength in consumer banking. Shares rose more than 2.5% in pre-market trading.

Wells Fargo was the other big bank reporting early Friday, and its results also topped third-party consensus. Earnings per share of $1.20 beat the average estimate of $1.10, while revenue of $21.6 billion out-performed the average estimate of $20.99 billion. Shares climbed about 2% right after the company released results.

post a weekly gain

The U.S. dollar retreated as the week ended with investors dumping haven assets turning to riskier assets like stocks after a strong round of earnings releases. The dollar will post a weekly loss of -.48% Continue reading "Big Banks Boost Stock Market"