Author: The INO.com Team

Weekly Futures Recap With Mike Seery

Posted on by The INO.com Team

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 August contract settled last Friday in New York at 1,231 an ounce while currently trading at 1,222 lower for the 2nd consecutive session continuing its bearish momentum as it looks to retest the July 19th contract low of 1,210 next week. If you are short a futures contract, continue to place the stop loss above the 10-day high. However, the chart structure will improve tremendously come next week; therefore, the monetary risk will also be lowered. I still see no reason to own gold at present. The GDP report was announced this morning as the U.S economy grew by 4.1% which is outstanding in my opinion coupled with the fact that the 10-year note is now yielding 2.97% as both of those fundamental indicators are bearish towards gold prices. The U.S. stock market continues to move higher on a monthly basis as the NASDAQ 100, and the Russell 2000 hit all-time highs as the money flows continue to go into the equity markets & out of the precious metals as I am currently recommending a bullish S&P 500 trade as that market is higher once again today. Gold is trading under their 20 and 100-day moving average as the short-term trend is to the downside as the volatility remains relatively low as I think we could crack the 1,200 level in next weeks trade so stay short as I'm certainly not recommending any bullish position as the trend is strong to the downside.
TREND: LOWER
CHART STRUCTURE: IMPROVING
VOLATILITY: LOW
Continue reading "Weekly Futures Recap With Mike Seery" →

DOW Triggers New Monthly Trade Triangle

Posted on by The INO.com Team

Hello traders everywhere. Close to the end of the trading day on Wednesday the DOW finally triggered a new green monthly Trade Triangle at $25,402.83 letting it join both the S&P 500 and NASDAQ on the long/bullish side of the market. However, the DOW still has some work to do to break out of the sideways trend that it has been trapped in.

The last time we got a new green monthly Trade Triangle was on December 5, 2016, at $19,225.29 and that uptrend stayed in place hitting an all-time high of 26,616.71 on January 26, 2018, before falling a new three month low of $23.344.52 and triggering a new red monthly Trade Triangle signaling that the long bull run had run its course. But as you can see the monthly Trade Triangle can be a powerful signal when it changes. Are we set for another long run to the upside?

Monthly Trade Triangle

On the flip side, Facebook Inc. (FB) is having the worst trading day in its history losing nearly 20% a day after its quarterly revenue missed expectations. Global daily active users, a key metric for the social media giant, also disappointed investors. Additionally, Facebook said it expects its revenue growth rates to slow down from last year. Facebook's earnings per share, however, topped Wall Street estimates. Continue reading "DOW Triggers New Monthly Trade Triangle" →

Alphabet Pushes NASDAQ To Record High

Posted on by The INO.com Team

Hello traders everywhere. The NASDAQ posted yet another record high for the year hitting $7,928.79 after Alphabet Inc. (GOOG) reported stronger-than-forecasted quarterly results sending the stock price to a record high of $1,275.00 at the open before it back off a touch. The outstanding earnings report from Alphabet helped to propel the FAANG stocks higher as well with Facebook (FB) climbing over 2%, Amazon (AMZN) gained 1.6%, Apple rose 0.8%, while Netflix (NFLX) inched up 0.3% before slipping back into negative territory.

The earnings season is off to a strong start, according to data compiled by FactSet. Of the 21.4% of S&P 500 companies that have reported, 80.6% have topped analyst expectations for second-quarter earnings. Meanwhile, 74.1% of those companies have surpassed revenue estimates.

Alphabet

Crude oil is on the rise as U.S. inventories continue to shrink and to get close to setting new three year lows for the product. Oil futures opened trading early in the am hitting a new three day low before reversing course and gaining a high of a little over 1.5% on the day so far. A U.S. government report is forecast to show a 3.1 million-barrel decline in commercial stockpiles when it's released on Wednesday, according to a Bloomberg survey. Continue reading "Alphabet Pushes NASDAQ To Record High" →

Weekly Futures Recap With Mike Seery

Posted on by The INO.com Team

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 August contract is trading at 1,229 an ounce finishing lower by another $12 for the trading week continuing its bearish momentum. I've talked about this market for quite some time as I remain bearish and I think there's a lot of room to run to the downside as 1,200 is in the cards possibly this week. The entire precious metal sector continues to melt away on a daily basis, and I sound like a broken record as I see no reason own gold or any of the precious metals at this time as the U.S. dollar continues its bullish momentum as fundamentally & technically speaking the gold market has nothing bullish at this time. Gold prices are trading far under their 20 and 100-day moving average telling you that the short-term trend is to the downside, and if 1,200 is broken, we could test last year's low around 1,125 as I still think prices look expensive. The NASDAQ 100 and Russell 2000 hit another all-time yesterday as that's where all the money flows are flowing, and all of the interest lies in the equity market and not in gold. I think this trend will continue throughout 2018 coupled with the fact that the commodity markets remain extremely weak as the uncertainty about the Trump tariffs have certainly put the kibosh on prices in the short term and if you are short stay short.
TREND: LOWER
CHART STRUCTURE: POOR
VOLATILITY: LOW
Continue reading "Weekly Futures Recap With Mike Seery" →

Earnings Outweigh Trump's Trade Remarks

Posted on by The INO.com Team

Hello traders everywhere. Solid earnings results for the likes of Microsoft Corp. (MSFT) and Honeywell International Inc. (HON) have helped to offset the latest round of tough trade war talk from President Trump.

President Donald Trump said he’s "ready to go" with tariffs on $500 billion of Chinese imports, saying the U.S. has been taken advantage of for too long.

"I'm not doing this for politics. I'm doing this to do the right thing for our country," Trump said in a CNBC interview with Joe Kernen on "Squawk Box" that aired Friday. "We are being taken advantage of and I don't like it."

Microsoft Corp. (MSFT) was rising 2% on Friday after the software giant posted better-than-expected fiscal fourth-quarter earnings on the surging strength of its cloud computing business. Microsoft reported adjusted earnings of $1.13 a share in the quarter, topping forecasts of $1.07. Revenue in the period rose 17.5% to $30.09 billion and also beat analysts' estimates. Driving the earnings beat and the revenue jump in the fourth quarter was a 93% increase in sales for Microsoft's flagship Azure clouding computing business, and solid growth for its productivity and business processes unit, which includes its Office 365 suite, where sales rose 13.1% to $9.67 billion.

Trumps Trade Remarks

Honeywell International Inc. (HON) reported better-than-expected results for second-quarter 2018. Adjusted earnings in the reported quarter came in at $2.12 per share, outpacing the analysts' estimate of $2.01. The bottom line also improved 18% year over year. This upside primarily stemmed from the company's stellar operational performance during the quarter. Revenues of $10,919 million in the second quarter surpassed the Zacks Consensus Estimate of $10,776 million. The top line also grew 8% year over year. Organic revenues improved 6% on an annualized basis. Continue reading "Earnings Outweigh Trump's Trade Remarks" →