The “Iranian attack” on two oil tankers is looking sketchier by the minute. Overnight, the president of the company which owns one of the tankers cast more doubt on the official narrative that the tankers were damaged by Iranian mines: …in remarks to Japanese media, the president of the company that owns the ship said … continue reading →
WTI has regained its losses of the past two sessions, jumping 4% after news of two tankers being attacked in the Gulf of Oman. This is happening on the eve of another leg down in the price of WTI and RBOB. This is problematic for many reasons. As a major driver of equity prices, a … continue reading →
CPI came in at 1.8%, down from 2.0% in April. Core CPI registered 2.0%, down from 2.1%. For the month, CPI rose 0.1% in May versus 0.3% in April. Core rose 0.1% for the fourth straight month. A slew of categories fell in May, with the big drops coming in energy and vehicles offsetting increases … continue reading →
So said Trump regarding the FOMC in a tweet this morning. This is because the Euro and other currencies are devalued against the dollar, putting the U.S. at a big disadvantage. The Fed Interest rate way to high, added to ridiculous quantitative tightening! They don’t have a clue! https://t.co/0CpnUzJqB9 With oil and gas having tanked … continue reading →
Fireman Trump has snuffed out the flames that pyromaniac Trump set last week. The futures are melting up in appreciation — and, because nearly every one of our factors is supporting them this morning. Perhaps the two biggest moves in the after-hours: AAPL has pushed through its SMA200……and, BA is waking up to the specter … continue reading →
It’s been a while since we dedicated a post to all the currencies we follow. Since USDJPY, EURUSD and DXY are closing in on our targets, it seems like a good time to remedy that situation. Lately, the driver has been interest rates or, more specifically, interest rate expectations. Note that TNX finally officially tagged … continue reading →
The best part of being a chartist is discovering a pattern that promises a big move and then seeing that move play out. The worst part of being a chartist is waiting for the move to play out. These days, those waits can last forever. But, they’re worth it. A case in point is the … continue reading →
If the past couple of days seem somewhat familiar, it’s because we saw a similar pattern in March. After backtesting the 2.24 Fib extension (2728.79) on March 8, ES rebounded sharply — closing barely in the red for the day and roaring 50 points higher the following day. It didn’t stop until it had piled … continue reading →
It’s been a great time to be a chartist, lately. ES reached our 2.24 Fib target yesterday, reaching 2728.75 around noon and bouncing 40+ points to nearly the SMA200. At the same time, AAPL came within .27 of its next downside target……and TNX came within 0.15 of its next downside target.But, it’s the factors which … continue reading →
About a month ago SPX/ES pushed to new all-time highs, suggesting stocks were off to the races. I wasn’t convinced. From our April 29 post: A move above the Sep highs is technically bullish. So, trend followers will be compelled to go/stay long with the former highs as their stop. Personally, I would be extremely … continue reading →