Turkey Crisis Rattles Stock Market

Hello traders everywhere. Geopolitical events have a way of popping up when you least expect it. Case in point, we were looking and waiting for the U.S. stock market too high record highs with the S&P 500 within a whisker of hitting its record only to wake up this morning to a sharp down move on the Turkey news. That news has ended what looked to be the S&P 500's six straight weeks of gains, it's first such streak since November, with the S&P 500 currently floating between a weekly loss and gain.

The DOW was down over 200 points in early trading and has backed off the lows a tad but now posting a weekly loss while the NASDAQ remains in a strong position to close out the week in positive territory.

Turkey

The Turkish lira tumbled to a record low against the dollar due to concerns over the country's economy and a deepening rift with the United States. President Trump doubled tariffs on aluminum and steel imports from Turkey, deepening the currency's losses and raising concerns that the crisis could weigh on other economies. In turn, that led U.S. investors to safe-haven assets, with the dollar rising to a 13-month high, up +1.3% for the week and U.S. bond yields slipping to a three-week low. Continue reading "Turkey Crisis Rattles Stock Market"

Sproutly Looking To Revolutionize The Cannabis Beverages Industry

Analysis originally distributed on August 3, 2018 By: Michael Vodicka of Cannabis Stock Trades

Game-changing companies don’t come along very often. But when they do, shareholders usually see big gains.

This pattern continues to repeat itself in the stock market.

Netflix (NFLX) is a recent example.

Back in 2007, Netflix introduced a game changer in the home entertainment industry, releasing a new service that enabled customers to stream movies from the internet into their homes.

That innovation led to ridiculous gains for Netflix shareholders that completely crushed the broader stock market.

In just the last six years, Netflix has surged from $7.50 per share to a recent high above $400. That 5,000% return means that a $10,000 investment in Netflix in 2012 would be worth about $500,000 today.

Sproutly

These game changers are rare and hard to find. True game-changing technology doesn’t come around very often.

That’s why I’m excited about a new cannabis stock that reminds me of Netflix in 2007. Continue reading "Sproutly Looking To Revolutionize The Cannabis Beverages Industry"

Crude Oil Hammered By Chinese Announcement

Hello traders everywhere. The Chinese government announced on Wednesday that they would slap a 25% tariff on $16 billion of U.S. goods to include diesel, fuel oils, and other petroleum products. China has already taxed U.S. crude imports and has also announced plans to place tariffs on U.S. liquefied natural gas.

This announcement has sent U.S. West Texas Intermediate (WTI) crude futures to a new three-week low and getting close to its seven-week low. Oil is down -3.8% on the day hitting a session low of $66.32 and looking to test the seven-week low sitting at $66.29 and if it closes below that level look for it to test the 200-day moving average sitting at $64.33.

Crude Oil Hammered

Bitcoin continues to head lower under intense selling pressure triggering a new red weekly Trade Triangle at $6,331.69 and breaking through the 50-day moving average. The recent sell-off is in large part due to the decision by the Securities and Exchange Commission (SEC) to delay a ruling on a long-awaited bitcoin ETF to September. Continue reading "Crude Oil Hammered By Chinese Announcement"

An All-Time High is Within Reach For The S&P 500

Hello traders everywhere. For the first time this year, the S&P 500 posted its fifth straight weekly gain as traders shrugged off worries about the trade war between the U.S. and China. Strong corporate earnings have helped to push the index near its all-time of $2,872.87.

Berkshire Hathaway and Tyson Foods are helping to propel the S&P 500 higher after a weak opening. Berkshire Hathaway Inc (BRK.B) rose +3.7% after reporting a +67% surge in quarterly operating profit while Tyson Foods Inc. (TSN) gained +3.8% after the meat processor beat analysts' quarterly profit estimates due to strong demand for beef.

Of the 413 S&P 500 companies that have reported earnings so far, 79.2% have topped earnings estimates. That is well above the average of 72% for the past four quarters.

S&P 500

Facebook Inc. (FB) and PepsiCo Inc. (PEP) have led the NASDAQ into positive territory after opening lower on the day. Facebook gained +3.7% after the Wall Street Journal reported the company had asked large U.S. banks to share detailed financial information about their customers, as part of an effort to offer new services to users. PepsiCo rose +1.5% after the company said Ramon Laguarta, a company veteran with experience in international markets, would succeed Indra Nooyi as the chief executive officer. Continue reading "An All-Time High is Within Reach For The S&P 500"

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 settled last Friday in New York at 1,232 an ounce while currently trading at 1,224 down about $8 for the trading week while also hitting a fresh contract low earlier in the trading session today all the way down to 1,212 as this market remains bearish, but rallied off of a somewhat negative U.S. unemployment number. Gold prices are still trading under their 20 and 100-day moving average as this trend is to the downside and if you have read any of my previous blogs you understand that I am bearish gold and the precious metals across the board. If you're short, a futures contract continue to place the stop loss above the 10-day high which stands at 1,245 on the closing basis only as I still think the 1,200 level is broken possibly next week. The U.S. stock market is higher once again today as that is where money flows are headed and out of the precious metals. I see no reason to own gold as I still think historically speaking prices look expensive and I think we can trade down to the 1,125 level in the coming months ahead so stay short and continue to place the proper stop loss as today's slight gains were based on profit-taking only. Large hedge funds are short a record amount of gold contracts as they still believe lower prices are ahead as the volatility remains relatively low. However, I don't think that will last much longer.
TREND: LOWER
CHART STRUCTURE: SOLID
VOLATILITY: LOW

Continue reading "Weekly Futures Recap With Mike Seery"