Tag: Gold

New Video: The Fiscal Cliff is Looming

Posted on by The INO.com Team

Hello traders everywhere! Jeremy Lutz here with your mid-day market update for Friday, the 21st of December.

The markets have made a sharp move lower today. The pullback reflects renewed concerns that the U.S. could be pushed over the looming fiscal cliff. While optimism about a potential budget agreement helped to drive stocks higher earlier in the week, traders are expressing renewed concerns about the fiscal cliff following the latest developments in Washington.

The Commerce Department said durable goods orders increased by 0.7 percent in November following a 1.1 percent increase in October. Economists had expected orders to increase by 0.5 percent, matching the increase that had been reported for the previous month.

Excluding a 1.1 percent drop in orders for transportation equipment, durable goods orders surged up by 1.6 percent in November compared to a 1.9 percent jump in October.

The Commerce Department also released a separate report showing a much bigger than expected increase in personal income in November.

Let's see what the Trade Triangles say about the markets today.

Every Success,
Jeremy Lutz

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New Video: Waiting on a compromise

Posted on by The INO.com Team

Hello traders everywhere! Jeremy Lutz here with your mid-day market update for Thursday, the 20th of December.

The big news of that day is that the NYSE Euronext, the parent of the New York Stock Exchange, planned to sell itself to IntercontinentalExchange, an upstart and lesser-known exchange operator based in Atlanta. NYSE Euronext's stock surged 34 percent. IntercontinentalExchange fell to a low of $123.46. That signals traders think the proposed deal could be more beneficial to NYSE Euronext than to its potential buyer. The marriage still needs the approval of regulators, and it isn't clear if they'll offer it.

Uncertainty about the approaching fiscal cliff is still heavily weighing on the markets today as the deadline approaches. In other news, The National Association of Realtors said existing home sales rose 5.9 percent to an annual rate of 5.04 million in November from a downwardly revised 4.76 million in October. Economists had expected existing home sales to climb to 4.90 million.

With the bigger than expected increase, existing home sales rose to their highest level since spiking to 5.44 million in November of 2009.

Let's see what the Trade Triangles say about the markets today.

Every Success,
Jeremy Lutz

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New Video: Optimism turns to uncertainty

Posted on by The INO.com Team

Hello traders everywhere! Jeremy Lutz here with your mid-day market update for Wednesday, the 19th of December.

The optimism that fueled yesterdays rally turned to uncertainty today as traders take a breather. Traders are keeping a close eye on developments in Washington, as U.S. government continues to work toward an agreement to avoid the looming fiscal cliff.

While signs of progress toward a compromise helped to drive stocks higher earlier in the week, traders may be waiting for more concrete signs of an agreement.

On the economic front, the Commerce Department released a report before the start of trading showing that U.S. housing starts came in below economist estimates in November.

The report said housing starts fell 3.0 percent to an annual rate of 861,000 in November from the revised October estimate of 888,000. Economists had expected housing starts to fall to 865,000 from the 894,000 originally reported for the previous month.

At the same time, the Commerce Department said building permits rose 3.6 percent to an annual rate of 899,000 in November from the revised October rate of 868,000.

Let's see what the Trade Triangles say about the markets today.

Every Success,
Jeremy Lutz

 

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What's Wrong With Gold?!?!

Posted on by The INO.com Team

Nothing. It’s what’s wrong with peoples’ expectations and perceptions that is the problem.

Once again I’ll quote NFTRH 208 from October 14 (that edition and a sample interim update can be reviewed here: Samples), not to be an ‘I told you so’ wise guy (I didn’t definitively tell anybody anything), but rather to highlight how important sentiment is to this sector and also I suppose to too the horn a little with respect to good risk management.

“Sentiment is over bullish in the precious metals. Public opinion is over bullish, Hulbert’s HGNSI is over bullish and the CoT data show that the little and big speculators are over bullish. This should be cleared out before we renew our bullish enthusiasm on a risk vs. reward basis. Broad stock sentiment is in a better state than in the precious metals. It is mostly neutral.”

The over bullish sentiment in the precious metals has been ground down to a current state of numbness at best, and full out despair at worst. Actually, it is the reverse; a state of despair is best for a contrarian opportunist.

I have received hate mail over the years for the way I poke at the gold “community” even as I am and have been a gold bull. That is because psychologically, this “community” fancies itself as the battlers of evil, the doers of good; and do you know what? Evil wins some pretty big battles along the way. I want neither NFTRH’s subscriber nor myself fighting that battle.

Rather, a calm perspective is required ALL the time; when a market is surging with bullish enthusiasm and when it is in the grips of despair. It is important to look around the next corner and be prepared. It’s what they taught me in Boy Scouts and it has never failed me.

Putting lectures aside, let’s catch up on gold as measured in a few currencies after a look at the nominal weekly chart. Continue reading "What's Wrong With Gold?!?!" →

New Video: Optimism drives markets higher

Posted on by The INO.com Team

Hello traders everywhere! Jeremy Lutz here with your mid-day market update for Tuesday, the 18th of December.

Stocks are moving higher as traders become more optimistic that lawmakers are closing in on a budget deal that will stop the U.S. from going over the "fiscal cliff" at the beginning of next year.

House Speaker John Boehner told reporters he remains hopeful that a budget compromise can be reached but, says President Barack Obama has yet to offer a balanced deficit-cutting plan.

Among stocks making big moves, Arbitron (ARB), a provider of radio ratings, surged after TV ratings company Nielsen said it would buy it for $1.3 billion.

Let's see what the Trade Triangles say about the markets today.

Every Success,
Jeremy Lutz

Click Here to view today's video