August crude oil was higher overnight and poised to renew the rally off June's low. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If August renews the rally off June's low, the 38% retracement level of this year's decline crossing at 90.43 is the next upside target. Closes below the 20-day moving average crossing at 83.70 would temper the near-term friendly outlook in August crude oil. Continue reading "Energy Market Commentary"
Tag: Crude Oil
Daily Video Update: New week, same old problems
Hello traders everywhere! Adam Hewison here, co-founder of MarketClub with your mid-day market update for Monday, the 16th of July.
As we start this new trading week, we still have a myriad of problems that haven't gone away. This morning, Citi Bank announced their earnings for the second quarter. Earnings exceeded expectations, but fell short on revenue.
Technically, the banks are locked in a broad trading range and we are at the upper levels of that range at the moment.
Disappointing retail sales this morning underscore the still fragile psyche of the American consumer. Consumers continue to struggle with the uncertainty of the upcoming elections. At the same time, the world economy continues to muddle through fiscal austerity that is going to infect Europe and the markets for sometime to come. Continue reading "Daily Video Update: New week, same old problems"
Daily Video Update: Friday the 13th and the price of "Whale Meat"
Hello traders everywhere! Adam Hewison here, co-founder of MarketClub with your mid-day market update for Friday, the 13th of July.
This morning before the bell, JP Morgan Chase announced their earnings for the second quarter and the size of the loss they took on a synthetic derivative (whale) trade made out of their London office. I guess the price of whale meat is about $5.8 billion. We may see more losses from that trade come out later, but for now they're admitting to a $5.8 billion loss. However, the market is acting in a positive manner to this earnings announcement and JP Morgan Chase is trending higher for the day and is now also higher for the week. The same cannot be said for the overall stock market, which is at this moment showing a net loss for the week.
TODAY'S MARKET MOVING SECTORS and STOCKS:
Percentage changes in stocks are relative to the S&P 500 Continue reading "Daily Video Update: Friday the 13th and the price of "Whale Meat""
Daily Video Update: Warren Buffet said that "Europe is beginning to slip pretty fast ... "
Hello traders everywhere! Adam Hewison here, co-founder of MarketClub with your mid-day market update for Thursday, the 12th of July.
We are glad to see that Warren Buffet is in agreement with our Trade Triangle technology, which has being negative on Europe and the United States for sometime.
We were pretty sure that this week was going to be an important week for the markets, and it's turning out to be just such a week. Since tomorrow is Friday, we'll see how the markets behave as JP Morgan Chase drops a bomb on the markets reporting their earnings and derivatives loss.
TODAY'S MARKET MOVING SECTORS and STOCKS:
Percentage changes in stocks are relative to the S&P 500 Continue reading "Daily Video Update: Warren Buffet said that "Europe is beginning to slip pretty fast ... ""
Daily Video Update: California Dreaming... another city goes belly up as political promises are systematically bankrupting the country.
Hello traders everywhere! Adam Hewison here, co-founder of MarketClub with your mid-day market update for Wednesday, the 11th of July.
San Bernadino, a city of 210,000, just filed for chapter 9 bankruptcy on Tuesday. If you are keeping score, that is 3 cities in a row in just as many weeks that have filed for bankruptcy. Do you think there are going to be more in the coming weeks and months?
Remember Denise Rich? She is the same lady who was married to Marc Rich, who was once a tax fugitive. She is the one who donated a boat load of money to President Clinton, who then pardoned her ex-husband. Well, it looks like she just renounced her American citizenship for family (tax?) reasons... If we keep banging on the wealthy folks in America, pretty soon we won't have any left to support the politicians.
In other parts of the world, Prime Minister Rojoy of Spain is having to swallow the bitter pill of reality. Austerity programs are being demanded by the rest of the gang of 17 who make up the Euro zone. "Peseta, anyone?" Continue reading "Daily Video Update: California Dreaming... another city goes belly up as political promises are systematically bankrupting the country."
