This week we have a stock market forecast for the week of 5/16/21 from our friend Bo Yoder of the Market Forecasting Academy. Be sure to leave a comment and let us know what you think!
In last week’s forecast, the S&P 500 (analyzed here using SPY) had broken out to a new high, but as I wrote... Continue reading "Weekly Stock Market Forecast"
The three major indexes experienced a roller-coaster week that saw the NASDAQ fall -2.3% for the week marking its fourth straight week of losses as the tech sell-off continued. The DOW and the S&P 500 fell -1.1% and -1.2% this week, respectively.
Early in the week, the NASDAQ fell over -5%, with the DOW dropping nearly 1,200 points from Monday to Wednesday. The S&P 500 was unable to escape the broad sell-off losing -4% itself.
However, the market fought back to close daily trading in the green on Friday, with the DOW climbing 360.68 points or +1.1%, to 34,382.13. The S&P 500 gained +1.5% to 4,173.85, and the NASDAQ, the relative underperformer for the week, snapped back by +2.3% to 13,429.98. Continue reading "NASDAQ Suffers Fourth Straight Weekly Loss"
You don’t have to dig very deep to notice that when people talk about cryptocurrencies and the blockchain, they’re usually talking about Bitcoin (BTC).
In fact, to most people, BTC is synonymous with cryptocurrencies.
This huge popularity makes BTC the big player on the block. And with a recent price of $57,678 and a market capitalization of $1.1 trillion, investors are putting their money where their mouths are. And that’s having a dramatic effect on BTC price.
We’ll get into the nitty-gritty behind the best reasons for just about everyone to own at least a little Bitcoin in a sec.
But before we do, take a look at some of our prior installments on cryptocurrencies and the blockchain. We’ve talked about why you should own some cryptocurrency, what the blockchain and cryptocurrency mean to you, the basics of cryptocurrencies, and why they’re so important. They’ll help you get your head around the basics of cryptocurrencies like BTC and why they’re not as scary as they once were.
Bitcoin is a digital currency that lives in a distributed ledger on a place called the blockchain. Because of this digital nature, it doesn’t exist in a physical state, like gold or currency. And because it lives in a distributed ledger system on the blockchain, a vast array of computers track and secure the currency using cryptography. The people that run these computers are paid a fee for securing the network and making sure the transactions are correct by solving complex mathematical problems. These people are called miners and form the backbone of the BTC ecosystem. Continue reading "Why Everyone Should Own (A Little) Bitcoin"
The Energy Information Administration released its Short-Term Energy Outlook for May, and it shows that OECD oil inventories likely peaked at 3.210 billion in July 2020. In April 2021, it estimated stocks dropped by 26 million barrels to end at 2.897 billion, 215 million barrels lower than a year ago.
The EIA estimated global oil production at 94.04 million barrels per day (mmbd) for April, compared to global oil consumption of 96.18 mmbd. That implies an undersupply of 2.14 mmb/d or 64 million barrels for the month. That implies non-OECD stocks dropped by 33 million barrels.
For 2021, OECD inventories are now projected to draw by net 168 million barrels to 2.858 billion. For 2022 it forecasts that stocks will draw by 22 million barrels to end the year at 2.873 billion.
The EIA forecast was made incorporates the OPEC+ decision to cut production and exports. According to OPEC’s press release on April 27, 2021: Continue reading "World Oil Supply And Price Outlook, May 2021"
While US regulators still have not yet approved a single Bitcoin (the largest and most popular cryptocurrency) Exchange Traded Fund, the Canadian regulators have now begun to move past Bitcoin and are approving ETFs that focus on other cryptocurrencies such as Ethereum.
On April 20th, not one but three new cryptocurrencies’ ETFs began trading in Canada. The CI Galaxy Ethereum ETF (ETHX.U), the Purpose Ether ETF (ETHH.U), and the Ether ETF (ETHR.U) are all now available for purchase by anyone in Canada and any investor who has access to international investments.
Canada already has three Bitcoin ETFs, the CI Galaxy Bitcoin ETF (BTCX.U), the Purpose Bitcoin ETF (BTCC.U), and Evolve’s Bitcoin ETF (EBIT.U). When those ETFs were approved in Canada, it was big news, the same as now with the Ethereum ETFs trading hands.
Bitcoin is and was the first cryptocurrency that got this whole new world of money and technology started. So, it makes sense when it was the first crypto ETF. However, many industry experts believe Ethereum actually has more real-world applications and will improve people's lives to a great extent than Bitcoin will ever be able to achieve. The reason being is because Bitcoin was created to be a form of money using blockchain technology. However, Ethereum was created to help people decentralize certain tasks and allow users to perform tasks on a decentralized platform with more speed, accuracy, and less oversight but more security. Continue reading "Ethereum ETFs Go Live In Canada"
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