Markets are already hot on the trail for the upcoming OPEC Meeting in Vienna. The fundamentals of the oil market should give pause for caution considering the substantial supply-demand imbalance which has weighed on prices for nearly a year. With global inventories rapidly filling to the brim of capacity, drastic action is necessary to stabilize…
A sobering somber session – for everyone; given the seemingly senseless as well as ‘unresolved’ murderous attack in San Bernardino California, with heavy suspect search efforts going on in nearby Redlands as we go to press. Details will unfold as the evening evolves, and so far bears characteristics of terrorism (organized, plan, multiple perpetrators); although one…
For understandable reasons, I woke up this morning even more anxious than usual, thanks to Mario Dragqueen and the threat of more “extraordinarily easing” measures. As I’m typing this, the market tumult is still in full swing, but the initial reaction on the EUR/USD wasn’t exactly what people were expecting: In other words, this is one…
Hot stocks of the day: SPY, GDX, PBR Video length: 00:03:44
GBP/USD Daily [last 1.4987]: Wedge pattern complete now? Target to 1.5330 near-term… GBP/USD daily view: This is a interesting setup; note that Wave C (completing a wedge pattern) is exactly the same length of Wave A to 1.4892 low…looking for a minor pull-back here to get long hourly basis…targeting to 1.5330 near-term…
Market participants knew that volatility would rise today with the ECB meeting. What they got was far worse than could have been anticipated. It started with a report on the Financial Times a few minutes before the ECB’s official announcement claiming, disappointingly, that there was not rate cut. The euro took off, spiking to almost…
The EUR/USD pair initially fell on Wednesday, but found support near the 1.0550 level. This is an area that caused enough support to turn things around and form a hammer, which of course is a very positive candle. However, the market is most certainly in a massive downtrend, so any bounce from this hammer is…
My personal bank account with HSBC is housed in a new office, and I visited for the first time yesterday. One of the two ATMs in the lobby doesn’t work and there was a seriously long line at the human cashier’s booth. An earnest Chinese-American clerk eventually took my deposit so I could avoid the queue, and…
Valeant VRX has been the talk of the financial markets these past few weeks. The stock is off over 50% since Citron Research’s Andrew Left accused the company of “channel stuffing” and generating phony revenue by sending fake invoices to R&O Pharmacy, which Valeant allegedly part-owned. The drama all started after R&O filed a claim against Valeant…
OVERNIGHT MARKETS AND NEWS December E-mini S&Ps (ESZ15 +0.49%) are up +0.56% and European stocks are up +1.22% before an expected expansion of ECB stimulus and before Fed Chair Yellen gives another speech later today. Gains in European automakers led the overall market higher as a -0.65% slide in EUR/USD (^EURUSD) to a 7-1/2 month…
