Tag: Bitcoin (CME:BRTI)

Powell Stays The Course Propelling Stocks Higher

Posted on by The INO.com Team

Hello traders everywhere. Speaking at the central banks annual Jackson Hole retreat, Federal Reserve Chair Jerome Powell said the central bank's current approach to interest rate hikes were the best way to protect the U.S. economic recovery. In turn, that statement sent the S&P 500 and NASDAQ to record highs in early trading with the NASDAQ hitting $7,949.25 and the S&P 500 hitting $2,876.16. Are the $8,000 and $3,000 levels on tap for next week?

Federal Reserve Chair Jerome Powell

Powell's speech caused the U.S. dollar to retreat further after having a rough week to begin with and now losing over -1% for the week. That move lower gave room for the precious metals, namely gold and silver, and crude oil to head higher. That triggered a new green weekly Trade Triangle for oil indicating that the commodity could be heading higher. But it still has some work o do to break out of the channel that it's been trapped in.

Key Levels To Watch Next Week:

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Trade Triangles Hit The Target

Posted on by The INO.com Team

Hello traders everywhere. Target Corporation (TGT) posted its strongest sales growth in more than a decade posting a 6.5% increase in the second quarter of this year, and the stock price jumped more than 5% in early trading. As my headline states, the Trade Triangles hit the target when it came to Target. A green monthly Trade Triangle was issued a little over a year ago at the $58.65 and with Target trading at $87.44 that's a +48% increase!

Now I'm not going to lie to you and say that I took this trade and made a significant profit, cause I didn't. I remember looking at the Trade Triangle list as I do every day and I saw Target on the list, and I passed on it. At that time I was of the thinking that brick and mortar retail just didn't fit into my trading thoughts as it was struggling. This is indeed a lesson in not overlooking a market because of how you feel about a particular sector.

target

We finally got the record high from the S&P 500 that we've been waiting for with it hitting an all-time high of $2,873.23 before backing off that high and eeking out a +.2% gain on the day. Today the stock market is mixed to unchanged after hitting the record, and that's mostly due to political uneasiness surrounding President Donald Trump and a growing tariff worry as many of the imposed tariffs are starting to affect businesses.

Key Levels To Watch This Week:

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Trade Talk Optimism Puts Record High In Sight

Posted on by The INO.com Team

Hello traders everywhere. After a strong finish to last weeks trading the stock market once again opened within striking distance of the S&P 500's all-time high set on on Jan. 26 of this year. In fact, it was sitting just 15 pts shy of that mark in early trading but has since backed off a touch as we enter afternoon trading. However, that's proven to be a tough level to crack.

The reason for last week's mid-week reversal was due to reports of planned trade talks between the United States, and China raised hopes of a potential resolution in the ongoing trade war. Lower-level trade talks will be held on Aug. 22 and 23, according to the Wall Street Journal, just as new U.S. tariffs on $16 billion of Chinese goods take effect, along with Beijing's retaliatory tariffs on an equal amount of U.S. goods.

Trade Talk Optimism

This week could also be record-setting for the U.S. stocks market for another reason. On Wednesday, the bull market turns 3,453 days old. Barring a 20% decline between now and then, some investors believe it would mark the most extended bull market in history while other investors think that the S&P 500 needs to make a new high by Wednesday for it to become the longest bull market in history. No matter what, the S&P 500 is up over 300% in that time. Quite unbelievable! Continue reading "Trade Talk Optimism Puts Record High In Sight" →

Turkey Crisis Rattles Stock Market

Posted on by The INO.com Team

Hello traders everywhere. Geopolitical events have a way of popping up when you least expect it. Case in point, we were looking and waiting for the U.S. stock market too high record highs with the S&P 500 within a whisker of hitting its record only to wake up this morning to a sharp down move on the Turkey news. That news has ended what looked to be the S&P 500's six straight weeks of gains, it's first such streak since November, with the S&P 500 currently floating between a weekly loss and gain.

The DOW was down over 200 points in early trading and has backed off the lows a tad but now posting a weekly loss while the NASDAQ remains in a strong position to close out the week in positive territory.

Turkey

The Turkish lira tumbled to a record low against the dollar due to concerns over the country's economy and a deepening rift with the United States. President Trump doubled tariffs on aluminum and steel imports from Turkey, deepening the currency's losses and raising concerns that the crisis could weigh on other economies. In turn, that led U.S. investors to safe-haven assets, with the dollar rising to a 13-month high, up +1.3% for the week and U.S. bond yields slipping to a three-week low. Continue reading "Turkey Crisis Rattles Stock Market" →

Crude Oil Hammered By Chinese Announcement

Posted on by The INO.com Team

Hello traders everywhere. The Chinese government announced on Wednesday that they would slap a 25% tariff on $16 billion of U.S. goods to include diesel, fuel oils, and other petroleum products. China has already taxed U.S. crude imports and has also announced plans to place tariffs on U.S. liquefied natural gas.

This announcement has sent U.S. West Texas Intermediate (WTI) crude futures to a new three-week low and getting close to its seven-week low. Oil is down -3.8% on the day hitting a session low of $66.32 and looking to test the seven-week low sitting at $66.29 and if it closes below that level look for it to test the 200-day moving average sitting at $64.33.

Crude Oil Hammered

Bitcoin continues to head lower under intense selling pressure triggering a new red weekly Trade Triangle at $6,331.69 and breaking through the 50-day moving average. The recent sell-off is in large part due to the decision by the Securities and Exchange Commission (SEC) to delay a ruling on a long-awaited bitcoin ETF to September. Continue reading "Crude Oil Hammered By Chinese Announcement" →