The feeling of Christmas may be in the air, as the classic holiday jingle goes, but silver bells are definitely not ringing this holiday season. The spot price of silver started off the week on a downward slide that by Thursday had led it to its lowest level in four months. That was the result of the white metal playing up to its precious metal side, tracking gold and ignoring the industrially positive third-quarter US GDP (up 3.1 percent on an annualized basis); it followed its yellow cousin’s lead in a sharp sell-off Thursday morning, touching a low of $29.51 an ounce to close near the psychological level of $30 an ounce, down nearly nearly 4 percent on the day. Continue reading "Silver Slides into the Holiday Season, but Upswing Expected in New Year"
Tag: silver
New Video: The Fiscal Cliff is Looming
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
New Video: Waiting on a compromise
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
New Video: Optimism turns to uncertainty
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
New Video: Is the Cult of Apple Over?
Hello traders everywhere! Adam Hewison here, co-founder of MarketClub with your mid-day market update for Monday, the 17th of December.
This will be my last broadcast for 2012, as I'm taking time off from trading during Silly Season. Jeremy Lutz, who you know from MarketClub TV, will be doing the updates until I return back to the markets in early January.
IS THE CULT OF APPLE OVER?
Apple just sold 2 million iPhone 5s in 3 days in China, yet its stock falls below $500 in pre-market trading. What is going on in the smart phone world?
This past weekend, my daughter and son-in-law came over for an early Christmas celebration. My son-in-law, who is a very smart guy and a computer engineer, showed me his new phone which to my surprise was not an iPhone5, but a Samsung Galaxy III. Much to my chagrin I picked it up and started playing with it and I have to admit some of technology, especially the Google voice technology, appeared superior to Siri, which is what Apple uses in its iPhone5 and IOS6 operating system. Continue reading "New Video: Is the Cult of Apple Over?"
