Hello MarketClub members everywhere. The markets continue to climb to record levels despite the Labor Department reporting that 138,000 jobs were created last month. These numbers were well below the expected 185,000. Wages also grew less than expected, with average hourly earnings rising at a 2.5 percent annualized rate. The unemployment rate, however, fell to 4.3% from 4.4%.
Crude oil tumbled below $47 a barrel, heading for a second straight week of losses, on worries that President Donald Trump's decision to abandon a climate pact could spark more crude drilling in the United States, worsening a global oversupply.
Key levels to watch next week: Continue reading "Job Growth Slows In May" →
Hello MarketClub members everywhere. Crude Oil continues to head lower after OPEC announced that they had come to an agreement with Russia and other producers to extend their production cut deal by about 1.8 million barrels per day (BPD) until the end of March 2018. Their initial deal had been set to expire in June.
Oil prices fell when the deal was extended because some traders had hoped for a longer extension or deeper cuts.
All the while U.S. oil production has climbed to more than 9.3 million BPD, close to top producers Saudi Arabia and Russia.
Official government data showing weekly U.S. crude inventories will be published on Thursday, and most analysts expect U.S. stocks to fall by 2.8 million barrels last week, their eighth straight weekly decline. That's something to keep an eye on as oil heads lower.
Key levels to watch next week: Continue reading "Crude Oil Drags Markets Lower" →
Hello MarketClub members everywhere. The markets are little changed today heading into the long holiday weekend here in the U.S. This comes on the heels of a six-day rally that took all three of the major indexes to all-time highs.
The big loser this week was oil, which is currently trading down 2.15% for the week. The drop came as OPEC moved to prolong supply cuts for nine months. This news disappointed traders that were hoping for more.
Key levels to watch next week: Continue reading "Markets Little Changed Heading Into Holiday Weekend" →
Hello MarketClub members everywhere. After erasing the losses from the biggest drop of the year last Wednesday, the markets have entered a bit of a holding pattern. Traders are waiting for the Federal Reserve to release their meeting minutes for the May meeting. Everyone is waiting to see if there will be a rate increase next month. Fed funds futures show that traders now see a 75% chance that the Fed will raise interest rates in June. The minutes will be released at 2 p.m. ET.
After six days of gains, crude oil has cooled off a bit as OPEC prepares for a crucial meeting in Vienna on Thursday. Meanwhile gold triggered a new red daily Trade Triangle indicating that gold may be preparing to head lower.
Key levels to watch this week: Continue reading "Waiting On The Fed To Announce Rate Hike Plans" →
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.
Key levels to watch next week: Continue reading "Stocks Rise At The End Of A Volatile Week" →