Hello traders everywhere. Technical traders and the market in general, are closely watching Bitcoin heading into next week. The reason for concern, a looming Death cross. As I noted earlier in the week, Bitcoin's 50-Day moving average has dropped to the closest proximity to its 200-Day moving average in nine months. The last time it crossed below that level was in 2015 where it remained for ten months before breaking out.
The "death cross" pattern occurs when the 50-Day moving average drops below the 200-Day moving average. The idea is that this cross marks the spot where a shorter-term decline is turning into a longer-term downtrend.
Bitcoin has come under growing pressure recently with Google announcing that they will not only ban all ads for cryptocurrencies, including bitcoin and initial coin offerings (ICOs), they will also ban cryptocurrency exchanges and wallets, as it seeks to "tackle emerging threats."
Regulation is also becoming a growing concern for Bitcoin, and the cryptocurrency space as nations around the world are imposing stricter regulations on the use and mining of cryptocurrencies.
Hello traders everywhere. Late Monday, President Trump signed an executive order blocking Broadcom’s $117 billion bid for the chip maker Qualcomm, citing national security concerns. This action indicates that he is willing to take extraordinary measures to remain on course with his administration’s increasingly protectionist stance.
The Broadcom acquisition would have been and was labeled as the most significant tech deal ever and would have made Broadcom the dominant supplier of chips used in smartphones. It would have also brought the company to the forefront of developing technology for the next generation of mobile network technology known as 5G.
The NASDAQ had opened at record highs before news of the block had sunk in, but once it did the NASDAQ soon retreated into negative territory on the day trading as low as .9% on the day.
Shares of Broadcom Limited (AVGO) are trading up on the day around 1% while shares of QUALCOMM Incorporated (QCOM) are trading down about 4% on the day.
Overall the stock market has been waffling the last few days trying to get a grasp on inflation, the looming trade wars and the firing of Rex Tillerson today by President Trump.
Hello traders everywhere. The Nasdaq is trading at record highs today erasing last weeks loss and triggering a new green monthly Trade Triangle. In fact, all three indexes are trading considerably higher today and trying to wipe out their losses from last week.
The reason for the significant gains today, a huge jobs number. Nonfarm payrolls jumped by 313,000 jobs last month, boosted by the largest rise in construction jobs since 2007, the Labor Department said on Friday. The payrolls gain was the biggest since July 2016 and triple the roughly 100,000 jobs the economy needs to create each month to keep up with growth in the working-age population.
The labor market is benefiting from strong domestic demand, an improvement in global growth as well as robust U.S. business sentiment following the Trump administration’s $1.5 trillion income tax cut package that come into effect in January. Continue reading "Nasdaq Hits Record As Dow Surges"→
Hello traders everywhere. Gary Cohn's resignation from being President Donald Trump's chief economic advisor has caused the stock market to head considerably lower on the day. His departure creates uncertainty in the markets and fears that the Trump trade war could take place sooner rather than later.
Even on a day when ADP and Moody's Analytics announced that private-sector jobs grew by 235,000 in February, surpassing an estimate of 195,000, Cohn's resignation trumped the good news. The report is used as a preview to the Bureau of Labor Statistics' monthly jobs report, which is scheduled to be released Friday.
Hello traders everywhere. After a rough week where all three indexes ended lower the Monday open seemed to continue that trend with the indexes opening lower on the day. However, late morning brought about a turnaround, and the stock market is solidly in positive territory for the day. The reason for the turnaround? Speculation by traders that President Donald Trump's tough tariff talk won't translate into the most severe protectionist policies as many had feared.
Trump appears to be opening the door for negotiations on tariffs. In a series of tweets Monday morning, Trump said: "Tariffs on Steel and Aluminum will only come off if new & fair NAFTA agreement is signed," adding that "Mexico must do much more on stopping drugs from pouring into the U.S. They have not done what needs to be done."
Also, House Speaker Paul Ryan said he was "extremely worried" about Trump's trade plan. Congressional leaders will not rule out potential action if Trump decides to move forward with his tariff plan.