Tag: precious metals

Daily Video Update: Friday the 13th and the price of "Whale Meat"

Posted on by The INO.com Team

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: California Dreaming... another city goes belly up as political promises are systematically bankrupting the country.

Posted on by The INO.com Team

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." →

Daily Video Update: This week could set the tone of the markets for the year!

Posted on by The INO.com Team

Hello traders everywhere! Adam Hewison here, co-founder of MarketClub with your mid-day market update for Tuesday, the 10th of July.

Score one for Spain. However, this short-term Spanish victory did not get Spain or Europe off the hook by a long shot. There's still much to be done and somewhere along the line someone has to bite the bullet.

China also appears to be slowing down dramatically and that could further exacerbate the contagion effect, not just for China but the entire world economy. This week could mark the most important week for the stock market. We are not convinced that the German courts or the public will okay the current new bailout fund. Stay tuned, as it's going to get very interesting. Continue reading "Daily Video Update: This week could set the tone of the markets for the year!" →

Morning Commentary for the Precious Metals

Posted on by The INO.com Team

August gold closed higher due to short covering on Monday as it consolidated some of last Friday's decline. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If August renews the decline off June's high, May's low crossing at 1529.30 is the next downside target. If August renews the rally off June's low, June's high crossing at 1642.40 is the next upside target. First resistance is June's high crossing at 1642.40. Second resistance is reaction high crossing at 1674.30. First support is June's low crossing at 1547.60. Second support is May's low crossing at 1529.30. Continue reading "Morning Commentary for the Precious Metals" →

Daily Video Update: Is Global Gloom Setting In?

Posted on by The INO.com Team

Hello traders everywhere! Adam Hewison here, co-founder of MarketClub with your mid-day market update for Monday, the 9th of July.

This could be the start of a very interesting week, both in equities and in commodity prices. Earnings will be coming out this week on some major stocks and we will be on the lookout for more news from Europe. It would seem the global rate cuts last week did nada for the the markets so far.

TODAY'S MARKET MOVING SECTORS and STOCKS:
Percentage changes in stocks are relative to the S&P 500 Continue reading "Daily Video Update: Is Global Gloom Setting In?" →