Hello traders everywhere. The stock market went on a wild roller-coaster ride Friday, falling sharply on a report by ABC News that Michael Flynn was directed by President Trump to talk to the Russians.
The DOW fell over 300 points before recovering to trade about 80 points lower on the day. In afternoon trading, the S&P 500 was down by 0.40% and the Nasdaq by 0.65% after rebounding from losses of more than 1% earlier in the day.
Gold rebounded after three straight days of losses to trade up about .50% on the day as traders jumped to the haven as stocks fell.
Bitcoin has also traded back above 10,500 today as the road to Wall Street was paved today with an announcement from the CME Group Inc. that it's futures contracts will debut Dec. 18. Cboe Global Markets Inc. didn't announce a start date as both got the green light Friday after going through a process called self-certification - a pledge to the U.S. Commodity Futures Trading Commission that the products don't run afoul of the law.
Hello traders everywhere. The U.S. stock market is posting its most significant decline in 10 weeks after a batch of lackluster earnings reported today. Turmoil over President Trump’s tax reform bill has retaken center stage giving traders reason to take pause.
Hello traders everywhere. All three indexes are positioned to post record closes today on the back of a passed budget by the U.S. government and renewed hopes of tax reform. The dollar and Treasury yields are heading higher as President Trump closes in on naming the next Fed chair. Will Janet Yellen, the sitting chairman, survive or will we get a new chair? Check out INO.com Contributor George Yacik's article on the looming decision.
Meanwhile, sales of previously owned U.S. homes increased unexpectedly in September, showing demand is stabilizing in the aftermath of hurricanes Harvey and Irma. The National Association of Realtors said on Friday existing home sales rose 0.7% to a seasonally adjusted annual rate of 5.39 million units last month. August’s sales pace was unrevised.
Economists polled by Reuters had forecast that sales would fall 1% to a rate of 5.30 million units last month. Sales were down 1.5% from September 2016, the first year-over-year decline since July 2016.
Hello MarketClub members everywhere. After a volatile week, the market seems to have resumed its upward path. The major indexes are finishing up the week on a strong note. While the dollar has suffered, it's worst week in a year trading as low as $97 today, and crude oil is once again above $50 a barrel.
The Trade Triangles did exit out of our Alibaba trade profiting $9.45 (+9%) on 5/18/17. This exit was brought on by a earnings miss in the early morning hours before the market opened. BABA missed earnings, reporting, and EPS of .64 vs. the estimates of .66. However, they did report a 60% increase in revenue. I believe that BABA has room to move higher and will tell you how to re-enter the trade is you were stopped out like I was.
The market opened sharply lower today as turmoil around President Trump has increased. Reports of a leaked memo by former FBI chief James Comey spooked traders and is raising questions about whether President Trump tried to interfere with a federal investigation which is only adding fire to news that Trump disclosed classified information to Russia's foreign minister about a planned Islamic State operation. Interesting times indeed!
Both The S&P 500 and the DOW have issued new red weekly Trade Triangles signaling a move to the sidelines while the NASDAQ remains in a long position.