Tag: Bitcoin (CME:BRTI)

Crude Oil Outperforms Stock Market

Posted on by The INO.com Team

Hello traders everywhere. Crude oil outperforms stock market for the week, that's not a statement that you hear very often, but it's true this week as crude is set to have it's biggest weekly gain in over two months posting a +8% gain on the week. The reason, shrinking U.S. stockpiles, supply disruptions from Canada to Libya, tensions between Iran and the U.S. and last week's decision by the Organization of Petroleum Exporting Countries (OPEC) and allied producers to relax supply limits.

As for Iran, if the recent re-imposition of U.S. sanctions succeeds in driving the Islamic Republic's oil exports close to zero, crude could surge to $100 a barrel, according to many analysts.

The Energy Information Administration (EIA) reported on Wednesday that national crude stockpiles fell by 9.89 million barrels last week, the most significant decline since September 2016. Inventories in the storage hub at Cushing, Oklahoma, also declined, while domestic crude exports surged to a record.

Crude Oil Outperforms Stock Market

The stock market is closing out the week on a high note with the DOW, S&P 500 and NASDAQ all higher on the day getting a boost from the big banks and Nike, but it's still headed for weekly losses as traders are still skittish over global trade frictions.

The NASDAQ is leading the way lower with a weekly loss of -1.8% followed by the S&P 500 -.7% and the DOW standing at -.60%. The U.S. Dollar is posting a minimal gain of +.08% rebounding from last weeks loss. Gold continues to be under pressure from the bears and is down -1.23% on the week continuing it's weekly loss streak now standing at three weeks. And last, but not least we have Bitcoin which remains to be caught in the bear trap losing another -4.0% on the week and trading below the $6,000 level as we wrap up the week.

Key Levels To Watch Nest Week:

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The Beat Goes On

Posted on by The INO.com Team

Hello traders everywhere. I'm not referring to the hit song "The Beat Goes On" by The Whispers, but the continuing "Trade War" talk that is putting extreme pressure on the stock market. The latest news out Washington D.C. has put the tech sector in the crosshairs, and that can be seen with the S&P 500 shedding -1.7% and NASDAQ -2.6% on the day so far, issuing new red weekly Trade Triangles that I highlighted last week. In fact, the move lower has pushed the DOW down over 400 pts issuing and new red weekly Trade Triangle as well indicating that the downtrend is gaining momentum and strength to the downside.

Beat Goes On

The Wall Street Journal first reported Monday that the President would use the wide-reaching International Emergency Economic Powers Act of 1977 to invoke national security concerns to limit the ability of China-owned or China-backed firms to invest in U.S. companies that are linked to "industrially significant" U.S. technology. The reports also said that the U.S. Treasury and Commerce Departments, as well as the National Security Council, was drafting plans to introduce "enhanced" export controls, that could be unveiled as early as this week, to keep American technology from finding its way to China.

Harley-Davidson is also making news today with shares falling over 4% after the company announced it would shift production of motorcycles headed for Europe to factories outside the U.S. The company sold nearly 40,000 bikes to the European Union, second only to the U.S.

Shares of chipmakers Micron Technology and AMD all fell at least -7%. Boeing, Caterpillar and General Motors, all companies with significant exposure to China, also dropped by -2.8%, -2.9% and -1.5, respectively. Boeing, Caterpillar, and GM were also on track to post substantial monthly losses.

Key Levels To Watch This Week:

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Escalating Trade Tensions and Oil Production

Posted on by The INO.com Team

Hello traders everywhere. The dominant topic of the week has been the escalating trade tensions between the U.S. and China after Trump threatened to impose tariffs on $200 billion of Chinese imports and Beijing vowed to retaliate. But the market got a bit of a reprieve on Friday after OPEC agreed to a modest increase in crude oil production at their meeting in Vienna.

That move by OPEC helped the Dow Jones Industrial avoid what was shaping up to be it's worst daily loss (9 days) record in nearly forty years. The decision by OPEC has let the DOW post a daily gain led by the energy stocks, but it's still posting a weekly loss of -1.86% on the week, its second weekly loss of the month. Much like the DOW the S&P 500 is posting a weekly loss of -.70% and the NASDAQ has joined the weekly loss party for the first time in four weeks with a loos -.59% on recent weakness on Friday.

Trade Tensions Oil Production

Crude oil has jumped +5.6% on the week, but most of those gains are from today as it jumped +4.4% after news of the OPEC decision. The Organization of the Petroleum Exporting Countries and other top crude producers, meeting in Vienna, agreed to raise output from July by about 1 million barrels per day (bpd) after its de facto leader Saudi Arabia persuaded Iran to cooperate in efforts to reduce the crude price and avoid a supply shortage.

The real increase, however, will be between 600,000 to 800,000 bpd because several countries that recently suffered production declines will struggle to reach full quotas, while other producers may not be able to fill the gap in production.

Key Levels To Watch Next Week:

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FAANG Stocks Push NASDAQ To Record High

Posted on by The INO.com Team

Hello traders everywhere. The FAANG stocks, Facebook, Alphabet, Amazon, Netflix, and Apple, are up between 0.2% and 3.4% on the day once again pushing the NASDAQ to a new all-time high over $7,800.00. In fact, not only is the NASDAQ posting record highs, so are Facebook, Netflix, and Amazon.

The move higher comes after the stock market was slammed on Monday and Tuesday, with the DOW erasing its year-to-date gains and presently trading lower for the year, after President Donald Trump's latest tariff threats against Chinese goods.

FAANG stocks

In other news, The 30-stock DOW is set to lose its last remaining original member, General Electric Co. (GE) The 126-year-old industrial conglomerate will be replaced by drug store retailer Walgreens Boots Alliance, Inc. (WBA) on June 26. Walgreens stock rose 5.3% on the news while GE stock has lost 1.5% after trading higher to start the day.

Key Levels To Watch This Week:

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US - China Trade Tensions Linger

Posted on by The INO.com Team

Hello traders everywhere. On Friday, President Donald Trump announced that the U.S. would impose tariffs that could impact up to $50 billion worth of Chinese goods. According to Washington, the action comes "in light of China's theft of intellectual property and technology and its other unfair trade practices."

That move by President Trump prompted China to retaliate, with Beijing announcing its selection of duties on U.S. goods. The Chinese State Council's commission on tariffs and customs stated that a 25% tariff would occur in early July on $34 billion of U.S. products.

US - China Trade Tensions

The Chinese retaliation news helped to extend the Friday losses into Monday trading with the DOW dropping over 240 pts before bouncing off the lows with the S&P 500 and NASDAQ following suit.

Crude oil has bounced back from a tough Friday gaining over 2% on that day after as OPEC is said to be discussing a smaller-than-expected output increase with Russia. All eyes will be on the Friday OPEC meeting where Russia and Saudi Arabia are set to consider increases in crude oil production.

Key Events To Watch For This Week

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