crudeoil
10y tested the top at 4.33%, and retreated back to the 4.23% support – but S&P 500 kept declining yesterday. The dollar and real assets were though less determined to move correspondingly, which means that stocks may hold up better today than the 4,365 (another suppozt zone, its upper border) hints at, equals we wouldn‘t get orderly selling continuation or acceleration into a crash till the closing bell. At the same time, this data light day won‘t be a genuinely VIX crush Friday one – the buyers can reasonably target 4,390 at best. The warning sign is accelerating decline in XLK below $166.50 ...
ValueWalk
In his podcast addressing the markets today, Louis Navellier offered the following commentary. Energy Bet Paying OffMy big energy bet is paying off now that we are in the midst of peak seasonal demand for crude oil. Although I remain very positive on our dividend and growth stocks, Treasury bond yields soared this week to the highest level in almost a year in the wake of the U.S. government’s Treasury securities being downgraded. Specifically, Fitch Ratings on Tuesday cut its AAA rating on U.S. Treasury debt to AA+ due to worsening financial conditions and governance. The other thing that spoo...
ValueWalk
In hisDaily Market Notes report to investors, Louis Navellier wrote: Stocks grind higher, interest rates softer, gold breaks above $2,000, crude higher. Dow Catching UpAnother big week of earnings, with Apple (NASDAQ:AAPL) and Amazon (NASDAQ:AMZN) on Thursday. Earnings have not disappointed overall and allowed the market to book further gains in July. The S&P is up over 3% for the month and may hit +20% YTD. The NASDAQ is up almost 4% for the month, 38% YTD. QQQ is up 3.8% in July, 45% YTD. The Dow has been playing a rapid game of catchup this month with its 13-day positive run and is up 3.1% ...
ValueWalk
In his podcast addressing the markets today, Louis Navellier offered the following commentary. A Lot More Doves Than HawksThe Fed should signal in its FOMC statement on Wednesday that it is effectively done raising key interest rates as inflation cools and Treasury bond yields settle down. There’s a great article in Bloomberg today scoring all the voting members of the Fed from hawks to centrist to doves. According to Bloomberg, there are a lot more doves and centrists than hawks. So there is a growing chance that we will not have a rate hike tomorrow. And even if we do have a rate hike tomorr...
ValueWalk
In his podcast addressing the markets today, Louis Navellier offered the following commentary. Crude HijackingThe energy stocks I recommend have been especially strong in the past few weeks. They have been aided by the tension in the Middle East as Iran continues to hijack ships. As a result, the U.S. Navy dispatched two amphibious warships and thousands of Marines to the Middle East to counter Iranian threats. China imported 11.4 million barrels per day of crude oil in the first six months this year, which is 11.7% higher than a year ago. Interestingly, 2.13 million barrels per day of crude o...
ValueWalk
Good shallow S&P 500 downswing opportunity was lost yesterday premarket – and the almost neutral manufacturing data didn‘t force buyers to waver. The key sectorsI‘ve been highlighting lately so often, had done really well, and the table is set for expansion in breadth following retail sales. The latte session ambush from Monday doesn‘t change that. Risk assets are performing nicely, and especially precious metals are showing the way for today while crude oil held my support level and would also peek higher alongside copper. Quoting from yesterday‘s extensive analysis as regards retail sales: (...
ValueWalk
S&P 500 and real assets benefited from underwhelming non-farm payrolls, but the positive moves including in bonds were erased in strong selling before the closing bell. The greatest issue for buyers this late into the topping process, is that long-dated Treasuries haven‘t moved that much to facilitate such a steep decline in e.g. tech and communications. That means the buyers wouldn‘t have really easy Monday, because the move was a bit more than pre-weekend hedging – yet real assets not following to the downside balances that out. Where does that though leave us macroeconomically and in terms ...
ValueWalk
In his podcast addressing the markets today, Louis Navellier offered the following commentary. Pivotal OPEC MeetingThe OPEC+ meeting on June 4 should be pivotal. Tensions have been rising between Russia and Saudi Arabia, since despite pledging production cuts, Russian has been pumping increasing volumes of cheap heavy crude oil onto world markets, which has been undermining Saudi Arabia’s efforts to boost prices. Russian Deputy Prime Minister Alexander Novak issued a statement that said Moscow was abiding by its voluntary pledge to cut oil output by 500,000 barrels a day from March until the e...
ValueWalk
S&P 500 continued the real FOMC move, which points down as befits tightening into slowing economy on simultaneous proclamations of strong banks. Short end of the yield curve didn‘t really budge yesterday, and the only factor beyond my Apple (NASDAQ:AAPL) earnings expectation allowing me to call for a modestly bullish Friday, was of technical nature. Selling in bonds was slowly evaporating, and several key sectors I like to watch in connection with the 500-strong index, were nearing their logical supports without either showing willingness to break them. Bears won‘t have an easy day as the bear...
ValueWalk
In his podcast addressing the markets today, Louis Navellier offered the following commentary. Market on StandbyThe stock market is resting today. There was some weak economic news from Europe which is knocking oil prices down. It’s also knocking Treasury yields down. It is raising speculation that the European Central Bank might only hike a quarter percent instead of 50 basis points. But the market is treading water anyway because we are all waiting for the FOMC statement tomorrow. The markets have air pockets from time to time and there’s just a lot of economic uncertainty. The Fed is obviou...
ValueWalk
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