Tag: Bitcoin (BITSTAMPUSD)

Hello traders everywhere. Stocks are falling sharply Tuesday experiencing their biggest losses since October after President Trump suggested he may want to delay a trade deal with China until after the 2020 presidential election.

The DOW sank more than 400 points, triggering a new red weekly Trade Triangle indicating a move to the sidelines is in order. The S&P 500 slid 1.2% losing over 37 points, also triggering a new red weekly Trade Triangle. The Nasdaq fell 1.3% but has yet to issue a sell signal, which will come at 8,425.49.

Some stocks of companies with higher-than-average overseas sales exposure underperformed the broader market: Caterpillar slid -2.5%, Intel dropped -2%, and Apple lost -2.7%.

"In some ways, I like the idea of waiting until after the election for the China deal, but they want to make a deal now, and we will see whether or not the deal is going to be right," Trump told reporters earlier on Tuesday. When asked if he had a deal deadline, he added: "I have no deadline, no ... In some ways, I think it is better to wait until after the election if you want to know the truth." Continue reading "Trump Sinks Stocks With Trade Comments" →

Hello traders everywhere. Bitcoin's price has briefly dropped below $7,000, hitting an intra-day low of $6,785, its lowest level since May 17, 2019, when it hit a low of $6,178. This move lower has wiped out the +30% single-day gain on Oct. 25, 2019, that had pulled Bitcoin out of a long-term downtrend or bear market. Bitcoin triggered a new red weekly Trade Triangle at the beginning of the week, signaling entry into a long-term downtrend and indicating that a move lower could be on the horizon. That was the start of what would be a -15% loss for the week.

What's ahead for Bitcoin? With this move lower Bitcoin is now trading below its 50-day MA, the MACD has turned lower, and the RSI is no below the 30 level which would lead you to believe that a move lower in on the horizon. Our key level to watch will be $9,586.50. A move above that level will trigger a green weekly Trade Triangle indicating a move to a sidelines position.

Stocks rose Friday for the first time in four days after President Trump said China and the U.S. were nearing a trade deal. Trump told Fox News both sides were very close to reaching a trade agreement, nothing: "We have a very good chance to make the deal." His comments came after Chinese President Xi Jinping said Friday that Beijing wants to work for a trade deal with the U.S. but is not afraid to “fight back.” Xi also told a visiting U.S. business delegation that China holds a ‘positive attitude’ toward the trade talks. Continue reading "Bitcoin Drops To Six-Month Low" →

Hello traders everywhere. The DOW hit a record high Friday after White House economic adviser Larry Kudlow said China and the U.S. were getting close to reaching a trade deal trading 120 points higher. The S&P 500 and NASDAQ also hit all-time highs, climbing +0.6% and +0.7%, respectively.

Trade-sensitive names such as Caterpillar, Boeing, Apple, and Micron Technology all rose at least +0.5%. Gold, meanwhile, gained +.60% for the week trading at $1,472.10 per ounce. Crude oil, however, hasn't had the same fate losing -.35% on the week entering a sidelines position, much like gold.

The U.S. Dollar continues to trade right around the $98 level, and we're waiting on a breakout above $98.39 to give us a green weekly Trade Triangle, which would indicate a move to a long-term uptrend. On the flip side, Bitcoin continues to be stuck in a tight trading range, but we could get a move lower if it breaks below $8,363, triggering a red weekly Trade Triangle. Continue reading "Indexes Hit Record Highs On Trade Optimism" →

Hello traders everywhere. Stocks wavered Friday after President Donald Trump threw cold water on recent U.S.-China trade optimism by saying he has not agreed to roll back existing tariffs.

President Trump made his comment Friday, noting Beijing would like him to scrap those levies. Those comments came after trade optimism earlier in the week, sparked a massive rotation out of bonds, and lifted equities to record levels.

The Dow Jones traded 55 points lower, while the S&P 500 and Nasdaq fluctuated around the flatline.

Entering Friday afternoon's run to the close, the DOW is up 1% for the week. The S&P 500 and Nasdaq are both up 0.6% and .8% for the week. It would be the third straight week of gains for the DOW while the S&P 500 headed for its fifth straight weekly gain. The Nasdaq was on pace for a six-week winning streak. Continue reading "Stocks Slump After Hitting Record Highs" →

Hello traders everywhere. As we head into the Friday close, the S&P 500 and NASDAQ are trading at record high levels and looking to close at record highs for the week getting a boost from a better than expected jobs number for October. The S&P, DOW, and NASDAQ will all post weekly gains over +1%.

The U.S. economy added 128,000 jobs in October, the Labor Department said Friday. Economists polled by Dow Jones expected a gain of 75,000 jobs for the previous month. October jobs growth easily beat estimates despite a decline of 42,000 jobs in the autos sector due to a General Motors strike that has now been settled.

Jobs growth data for September and August were also revised substantially higher. September's number was revised up to 180,000 from 136,000. August's job growth was revised to 219,000 from 168,000. Continue reading "October Jobs Report Beats Expectations" →