Author: The INO.com Team

Promising Cannabis Biotech Jumps 23%

Posted on by The INO.com Team

Analysis originally distributed on July 11, 2018 By: Michael Vodicka of Cannabis Stock Trades

June 26 was a groundbreaking day for the US cannabis industry.

That’s the day the FDA, the US agency responsible for approving new drug candidates, approved its first-ever cannabis drug.

The first-ever medical treatment derived from a marijuana plant will hit the U.S. market in a few months after regulators on Monday gave the epilepsy treatment the green light.

The Food and Drug Administration approved GW Pharmaceuticals Plc’s Epidiolex to treat two rare forms of childhood epilepsy, according to a statement from the agency. The liquid is made from a compound in the marijuana plant called cannabidiol, a different chemical from tetrahydrocannabinol, or THC, which gets users high.

First Marijuana-Based Medicine Is Approved for Sale in U.S.

This ruling is important for two reasons. Continue reading "Promising Cannabis Biotech Jumps 23%" →

S&P 500 Hovers Near Five Month High

Posted on by The INO.com Team

Hello traders everywhere. As we hit the middle of July and the doldrums of summer the S&P 500 is hovering near a new five-month of 2,835.96, presently trading at the 2,815.00 level and up roughly 3.5% on the month. The move higher has been propelled by a positive earnings season, for the most part, led by the big banks. Morgan Stanley (MS) rounded off earnings from big banks, gaining 3% after its profit topped analysts' estimates on gains in fixed income and equities trading businesses.

The DOW remains to trail the S&P needing to get to above 26,306.70 to hit a new five-month high. However, it does lead the S&P 500 with a monthly gain of 3.78% on the month so far. But the real leader of the bunch remains to be the NASDAQ, which is trading near all-time highs at the 7,800 level and looking to head higher with a monthly gain over 4.4% at the moment.

Can the S&P 500 catch the NASDAQ this month as the tech sector stumbles?

Key Levels To Watch This Week:

Continue reading "S&P 500 Hovers Near Five Month 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 currently trading at 1,242 an ounce after settling last Friday in New York at 1,255 down about $13 for the trading week hitting a fresh contract low as I remain bearish gold and as I have talked about in many previous blogs I think we're headed towards the 1,200 area relatively soon. The precious metals across the board continue their bearish momentum on a daily, and weekly basis as the U.S dollar remains strong, and the U.S equity market also is in a significant bullish trend as the NASDAQ 100, and the Russell 2000 hit all-time highs in yesterday's trade. Money flows continue to come out of the precious metal sector and into the equity market, and I don't see that ending anytime soon. I see no reason to own gold at this time and if you are short, stay short and place the stop loss above the 10-day high standing at 1,267 as the chart structure will also improve in next week's trade, therefore, the risk will also be lowered. Gold prices are trading far under their 20 and 100-day moving average as the trend is to the downside as volatility is average at the current time, but investors presently don't want to own anything except for stocks and possibly the crude oil market. I'm not recommending any bullish position in gold as a bottoming pattern has not been formed yet in my opinion as prices still look expensive.
TREND: LOWER
CHART STRUCTURE: IMPROVING
VOLATILITY: SOLID
Continue reading "Weekly Futures Recap With Mike Seery" →

New Tariffs On Chinese Goods Push Stocks Lower

Posted on by The INO.com Team

Hello traders everywhere. The stock market is trading lower Wednesday after the Trump administration announced that is unleashing a new wave of tariffs on $200 billion worth of Chinese goods. The tariffs won't come into effect immediately but instead face a review process, with hearings taking place in mid-to-late August. The announcement came just days after both nations imposed $34 billion worth of tariffs on each other.

New Tariffs Chinese Goods

The Dow has fallen over 190 points as we enter afternoon trading, with Caterpillar as the biggest decliner. The S&P 500 has dropped 0.65% as energy, materials, and industrials dropped. The Nasdaq also declined 0.60%.

Key Levels To Watch This Week:

Continue reading "New Tariffs On Chinese Goods Push Stocks Lower" →

DOW Jumps As Banks Rally

Posted on by The INO.com Team

Hello traders everywhere. Banks rally and send the DOW up over 300 pts at it's the highest level today. The reason for the optimism, dissipating trade war fears and high expectations for good earnings with earnings season about to kick off on Friday with JPMorgan Chase & Co. (JPM), Wells Fargo & Company (WFC) and Citigroup Inc. (C) reporting on their second quarter of 2018.

Stocks also got a boost from a positive jobs report released on Friday, which revealed that the U.S. economy added 213,000 jobs in June, beating expectations. The news helped divert attention away from the ongoing trade war between the U.S. and its most prominent partners.

Banks rally

Last week, the U.S. slapped tariffs on $34 billion of Chinese goods. China responded to the tariffs by imposing its retaliatory levies on imports from the States. But that has had little effect on the markets to start the week, and most analysts believe that the "Trade War" has already been priced into the stock market. Continue reading "DOW Jumps As Banks Rally" →