US Stock Market Overview – Stocks Whipsaw and Close Mixed Despite Mixed Economic Data

US stocks whipsawed between positive and negative territory ahead of the President’s press conference where he denounced Chinese actions. President Trump called COVID-19 the Wuhan virus, antagonizing the Chinese leadership. The Chicago PMI numbers came in worse than expected showing that manufacturing in the mid-west remains weak. The US personal savings rate hit a historic high, while spending tumbled. The Dow closed lower on the session while the S&P 500 and Nasdaq closed in the black. Sectors in the S&P 500 index were mixed, led higher by technology, real-estate was the worst-performing sector.

Total Energy Rigs Decline Buoying Oil

Oil prices rose into the close, climbing 5.6% for the week. Prices rose on Friday following a report from Baker Hughes which showed that the number of active U.S. rigs drilling for oil declined by 15 to 222 this week. The oil-rig count has now fallen for 11 weeks in a row, suggesting further declines in domestic natural gas output. The total active U.S. rig count, meanwhile, also fell by 17 to 301, according to Baker Hughes.

Manufacturing Declines

The Institute of Supply Management reported that the May Chicago PMI came in at 32.3 versus expectations it would rise to 40.0. This compares to 35.4 in April. That’s the weakest since 1982. Among the main five indicators, order backlogs and supplier deliveries saw the largest declines.

Personal Spending Falls while Savings Rise

The commerce department reported that the personal savings rate hit a historic 33% in April. The previous record savings rate was 17.3% in May 1975. U.S. consumer spending, the U.S. economy’s main engine, fell by a record 13.6% in April during coronavirus lockdowns, but there are signs that purchasing is slowly creeping up. Personal income, which includes wages, interest and dividends, increased 10.5% in April,. The jump reflected a sharp rise in government payments through federal rescue programs, primarily one-time household stimulus payments of $1,200.

For a look at all of today’s economic events, check out our economic calendar.

E-mini S&P 500 Index (ES) Futures Technical Analysis – Pivot into Close is 2984.50; Seeing Trump Bounce

June E-mini S&P 500 Index futures are edging lower late in the session on Friday, but clawing back earlier losses as traders braced for an upcoming news conference on U.S.-China relations from President Donald Trump.

The benchmark index began to cut its losses after a Bloomberg News report said Trump was not pulling the U.S. from the phase one trade deal with China. A reporter from PBS NewsHour also said the announcement would not include additional tariffs or changes to the existing trade agreement.

At 18:41 GMT, June E-mini S&P 500 Index futures are trading 3023.00, down 15.00 or -0.49%.

In other news, Bank of America and Wells Fargo led bank stocks lower, falling more than 1.6% each. Citigroup and JPMorgan Chase also dipped 1.9% and 1.7% respectively.

Daily June E-mini S&P 500 Index

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. A trade through yesterday’s high at 3065.50 will signal a resumption of the uptrend. A move through 2903.75 will change the main trend to down.

The minor trend is also up. Today’s price action turned 3065.50 into a new minor top.

The main range is 3397.75 to 2174.00. Its retracement zone at 2930.25 to 2785.75 is controlling the longer-term direction of the index. Holding above this zone will continue to give the market a solid upside bias. The nearest support is the main Fibonacci level at 2930.25.

Daily Swing Chart Technical Forecast

The new minor range is 2903.75 to 3065.50. Its 50% level at 2984.50 is controlling the direction of the index on Friday.

Bullish Scenario

A sustained move over 2984.50 will indicate the presence of buyers. If this creates enough upside momentum then look for a retest of yesterday’s high at 3065.50. This is a potential trigger point for an acceleration to the upside.

Bearish Scenario

A sustained move under 2984.50 will signal the presence of sellers. This could trigger an acceleration to the downside with 2930.25 to 2903.75 the best downside target.

The main bottom at 2903.75 is a potential trigger point for an even stronger break with 2785.75 to 2765.50 the next target zone.

S&P 500 Weekly Price Forecast – Stock Markets Reach Towards 3000

The S&P 500 has rallied significantly during the week, breaking well above the 3000 level but you can see it did give back quite a bit of the gains as Thursday and Friday were a bit rough. At this point in time, it is likely that the market would continue to see a lot of noise so keep in mind that the market is likely to cause a lot of headaches more than anything else.

S&P 500 Video 01.06.20

I do think that the market is overvalued and quite frankly there is absolutely no reason for the stock market to be this high. However, most of what we are seeing is due to liquidity flows, meaning that the Federal Reserve pumping the markets full of cheap money is the most important thing to pay attention to. This has nothing to do with the economy, nor does it have anything to do with earnings.

Those things went by the wayside in 2008 as the Federal Reserve has continued to flood the markets with liquidity. That being said, there are a lot of concerns about the US/China trade war heating back up, so that might be the main problem with trying to short this market. That being said though, I think at the very least we need to pullback in order to build up the necessary momentum to continue going higher. Ultimately, we are at a major decision point so if we break above the top of the weekly candlestick, it is likely that we could go all the way back to the all-time highs.

For a look at all of today’s economic events, check out our economic calendar.

Metals Nearing Critical Momentum for New Parabolic Rally

While the US stock market has rallied over the past 5+ weeks, Gold has stalled near $1730 to $1740.  We issued a research post suggesting the GREEN Fibonacci Price Amplitude Arc was acting as major resistance and once that level is breached, we expect a big upside move in Gold.  Currently, Gold has reached just above the Green Price Amplitude Arc and this week may be a critical moment for both Gold and Silver in terms of a momentum base.

GOLD FUTURES WEEKLY CHART

Gold has continued to move high in a series of waves – moving higher, then stalling/basing, then attempting another move higher.  This recent base near $1740, after the deeper price rotation in February/March, confirms our 2018/2019 predictive modeling research suggesting that $1750 would be a key level in the near future.  Part of that research suggested once $1750 is breached, then a bigger upside move would take place targeting levels above $2400 – eventually targeting $3750.

April 25, 2020: Fibonacci Price Amplitude Arcs Predict Big Gold Breakout

This consolidation after the COVID-19 event near $1750 is a very real confirmation for our researchers that the upside breakout move is about to happen.  How soon?  It could begin to break out next week of the following week?  How high could it go?  Our upside target is $2000 to $2100 initially – but Gold could rally to levels near $2400 on this next breakout move.

SILVER FUTURES WEEKLY CHART

While Gold has been consolidating near $1740, Silver has exhibited an incredible upside price move after a very clear Flag/Pennant formation (highlighted in YELLOW on the chart below).  The current upside price rally in Silver appears as though it may breach the MAGENTA downward sloping trend-line and this breakout move may prompt a rally to levels near or above $21 over the next few weeks.

Eric Sprott is very excited about silver and miners. Also, he talks about the demand for physical delivery which is way out of whack and how something could finally give which would be metals go parabolic.

We’ve been suggesting that metals will transition into a moderate parabolic upside price trend as the global markets deal with concerns related to economic activity, debt, solvency, and continued operational issues.  For skilled technical traders, this setup in Metals may be a very good opportunity for skilled technical traders to establish hedging positions in ETFs or physical metals before the breakout really solidifies.

Concluding Thoughts:

Longer-term, we believe metals could continue to rally for quite a while, yet we understand skilled technical traders want to time entries to limit risks.  We believe skilled technical traders should consider hedging their portfolio with a moderate position in Metals/Miners at this time – allowing traders to trade the remaining portion of their portfolio in other sectors/stocks.

If the US/Global markets continue to struggle to move higher over the next 60 to 90+ days, metals/miners should continue to push higher – possibly entering a new parabolic upside price move.  The deep washout low in Silver was an incredible opportunity for skilled traders to jump into Silver miners and Silver ETFs at extremely low price levels.  Now, with Silver at $18.40, it’s time to start thinking about $21+ Silver and $2100+ Gold.

Please take a moment to visit www.TheTechnicalTraders.com/tti to learn more about our passive long term investing signals, Also, get our swing trading signals here www.TheTechnicalTraders.com/ttt.  I can’t say it any better than this…  I want to help you create success while helping you protect and preserve your wealth – it’s that simple.

For a look at all of today’s economic events, check out our economic calendar.

Chris Vermeulen
Chief Market Strategist
Founder of Technical Trader Ltd.

 

S&P 500 Earnings Preview – Retailers Continue to Headline a Busy Weeks

There is a mix of earnings releases next week, which continue to include some of the retailers which have proven to perform well despite the quarantine. Some of the discount giants such as Dollar Tree, Dollar General and Big Lots knocked the cover off the ball.

Monday

Autohome (ATHM) is expected to release earnings before the opening bell. Expectations are for the company to earn $0.75 per share on $216.89 million in revenue.

Tuesday

Build-a-Bear (BBW), this retailer generally generates revenue when there is mall traffic. Earnings forecasts continue to slide.

Dick’s Sporting Goods (DKS), sporting goods have been left behind as families focus on essentials. The relaxation of restriction should begin to help revenues at Dick’s.

Lands End (LE) Land’s End filed for Bankruptcy and is expected to provide weak earnings.

Wednesday

Canada Goose (GOOS) will likely provide earnings that are in line with some of the revised downward earnings forecasts.

Express (EXPR) This retailer also benefits from Mall traffic which has declined but will rebound with the relaxation of restrictions.

Thursday

Kirkland Brand (KIRK) is a discounter and probably performed better than expected.

Friday

Tiffany and Company (TIF), this retailer should have experienced tough times during the quarantine but should rebound sharply as restrictions get lifted.

S&P 500 Price Forecast – Stock Markets Continue to See Resistance in Current Area

The S&P 500 has fallen a bit during the trading session on Friday, testing the 3000 level for support. Ultimately, this is a market that is overdone, so I think a little bit of a pullback would make quite a bit of sense. There is significant resistance between the 3000 level and the 3100 level, so to think that we will simply shoot through the top is probably asking quite a bit. Furthermore, we continue to get extremely poor economic figures so one would have to think sooner, or later Wall Street will realize that the customer does not have a job.

S&P 500 Video 01.06.20

In the meantime, it looks as if it is a “buy on the dips” type of situation, and therefore it is not until we break down below the 200 day EMA that you can change your overall attitude. If we do get that, then it is time to start reevaluating the entire situation. If we break above the top of the shooting star from the Thursday candlestick, then we could go looking towards the 3100 level but that is not going to be easy to do due to the fact that there is so much noise between here and there.

That being said, it is likely that we will pull back a bit in the meantime, thereby offering opportunities for both sides of the equation. Quite frankly, I would not risk too much in this market right now because it is doing a lot of “whistling past the graveyard.”

For a look at all of today’s economic events, check out our economic calendar.

Two Steps Forward, One Step Backward in the S&P 500, Right?

Stocks defended the opening bullish gap, and scored further gains intraday before the sellers took over in the session’s final 45 minutes. Have we seen a turning point?

In short, that’s unlikely, and let me tell you why exactly I think so.

S&P 500 in the Short-Run

Let’s start with the daily chart perspective (charts courtesy of http://stockcharts.com ):

The day looked like the bulls were firmly holding the reins, but another daily setback struck as we approached the closing bell. I say daily, because the volume didn’t really overcome its recent highs, and stock prices haven’t suffered a profound setback either. All that the bears were able to achieve, was pretty much reminiscent of the stock behavior during the unfolding breakout above the 61.8% Fibonacci retracement.

In other words, yesterday’s setback isn’t really a fly in the ointment for the bulls. The daily indicators keep supporting the bulls, with no imminent sell signals. The sky still remains clear for the buyers for now.

Yesterday’s intraday Stock Trading Alert captures the key reason why:

(…) Against the backdrop of strengthening high yield corporate bonds (HYG ETF), the S&P 500 upswing has been progressing nicely throughout the day, and a local top in either seems to be very far away indeed.

While the sellers might try to close the week and month on a bearish note, the above words ring true also today because we haven’t seen junk corporate bonds falling through the floor. Let’s see precisely what I mean by that.

The Credit Markets’ Point of View

High yield corporate bonds (HYG ETF) gave up all their gains since the market open, but the relatively low volume of the daily upswing rejection continues to favor the bulls. While it wouldn’t come as a surprise to see a sharper consolidation of recent sharp gains, a running consolidation with higher highs and higher lows is all we’ve been getting so far. And that’s a very bullish type of consolidation, boding well for the credit markets.

In short, the credit market uptrend is well established, and serves as a tailwind for stocks.

The chart of the high yield corporate bonds to short-term Treasuries ratio (HYG:SHY) with the overlaid S&P 500 prices (black line), also supports the view we haven’t seen a game-changer yesterday.

Key S&P 500 Sectors and Ratios in Focus

While technology (XLK ETF) gave up its intraday gains, the swing structure of higher highs and higher lows, remains intact. And that’s the definition of what an uptrend is. The sector simply appears to be trading sideways, consolidating recent sharp gains. Yesterday’s lower volume versus the preceding higher one, sends a bullish message as buyers appear in droves when prices get lower.

Just as the tech sector, healthcare (XLV ETF) also supports the prospect of more gains to come. It’s been knocking on the door of April and May highs, and an upside breakout of the recent trading range is only a matter of time in my opinion.

The price action in the financials (XLF ETF) also follows a bullish path. We’ve seen volume rise during last three sessions, and yesterday’s session gives an impression of verification of the breakout above the April highs as the sector is consolidating recent gains.

The volume differential that favors the bulls is even more pronounced in the consumer discretionaries (XLY ETF). Real estate (XLRE ETF) for example, just extended its recent gains yesterday, disregarding the move lower in the index.

It has been only the leading ratios that suffered pronounced setbacks yesterday, as consumer discretionaries to staples (XLY:XLP) challenged their Wednesday’s intraday lows, and financials to utilities (XLF:XLU) moved below them already. But we haven’t seen what mathematicians would call an inflection point yet. In other words, it’s likely we’ll see both ratios stabilize and support the move higher in stocks next.

As for the stealth bull market trio, materials (XLB ETF) outperformed both energy (XLE ETF) and industrials (XLI ETF) as the latter two closed down – but again, on lower volume than during the preceding up days. Overall, this bull market trio still favors the stock upswing to continue.

Summary

Summing up, yesterday’s late-day reversal didn’t likely mark a call to start selling lock, stock and barrel everything in sight. Conversely, it appears to be a part of the ongoing consolidation that keeps resulting in higher highs and higher lows. As today is the last trading day of the week and month, the closing prices are of key importance for the timing of the anticipated challenge of the early March highs. While the credit market and sectoral analysis favor the stock upswing to continue, yesterday’s weak performance of the Russell 2000 (IWM ETF) is a short-term watchout. The balance of risks is skewed to the upside over the coming weeks though.

I expect stocks to slowly grind higher overall despite the high likelihood of sideways-to-slightly-down trading over the summer – but we’re nowhere near the start thereof. Right now, the breakout above the three key resistances (the 61.8% Fibonacci retracement, the upper border of the early March gap, and the 200-day moving average) is still unfolding with the bears running for cover and FOMO (fear of missing out) back in vogue. In short, the ball remains in the bulls’ court to show us what they’re made of. Will the weekly and monthly closing prices later today still lean in the bulls’ favor on higher timeframes? I would cautiously say so.

Last but not least, we’ll hear Powell speak later today, and Trump will focus on China. When the latter has been announced, it marked the start of the heavy S&P 500 selling 45 minutes before the closing bell yesterday. As tensions have been rising, the short-term direction in stocks very much depends on the overall balance of President’s announcement as regards Hong Kong, the Uyghur bill, coronavirus, the China-India border and foremost the trade deal. We’ll monitor and act accordingly on the unfolding developments.

We encourage you to sign up for our daily newsletter – it’s free and if you don’t like it, you can unsubscribe with just 2 clicks. If you sign up today, you’ll also get 7 days of free access to our premium daily Stock Trading Alerts as well as our other Alerts. Sign up for the free newsletter today!

For a look at all of today’s economic events, check out our economic calendar.

Thank you.

Monica Kingsley
Stock Trading Strategist
Sunshine Profits: Analysis. Care. Profits.

* * * * *

All essays, research and information found above represent analyses and opinions of Monica Kingsley and Sunshine Profits’ associates only. As such, it may prove wrong and be subject to change without notice. Opinions and analyses were based on data available to authors of respective essays at the time of writing. Although the information provided above is based on careful research and sources that are believed to be accurate, Monica Kingsley and her associates do not guarantee the accuracy or thoroughness of the data or information reported. The opinions published above are neither an offer nor a recommendation to purchase or sell any securities. Ms. Kingsley is not a Registered Securities Advisor. By reading Monica Kingsley’s reports you fully agree that he will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investing, trading and speculation in any financial markets may involve high risk of loss. Monica Kingsley, Sunshine Profits’ employees and affiliates as well as members of their families may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice.

 

U.S. Stocks Mixed Ahead Of Trump’s News Conference On China

All Eyes On Trump’s News Conference

U.S. – China relations will be in the spotlight today as the U.S. President Donald Trump is set to unveil the country’s response to the new Hong Kong security law.

The worst-case scenario for the market is a decision to revoke Hong Kong’s special status. China has already warned that it will take any necessary measures if U.S. proceeds with its plans to put more pressure on China.

In turn, Hong Kong stated that the loss of its special status could pose problems for the U.S. economy.

It remains to be seen which measures will be chosen by the U.S. as it has to carefully weigh the impact of any additional pressure on China at a time when the world economy starts to recover from the unprecedented coronavirus crisis.

Personal Income Is Up 10.5% In April

U.S. has just released another portion of economic data.

Personal Income was up 10.5% in April compared to analyst consensus which called for a decline of 6.6%. Most likely, the huge government stimulus is the reason for this development.

Personal Spending was down 13.6% compared to analyst consensus which projected a decline of 12.6%. Not surprisingly, Personal Spending was hit by virus containment measures as consumers had to stay at home.

S&P 500 are flat following the release of new economic reports. Most likely, the market will focus on the above-mentioned press conference and the potential U.S. moves against China as they could have a material long-term impact on the world economy.

Oil Rally Takes A Pause

EIA Weekly Petroleum Status Report confirmed the data published in the API Crude Oil Stock Change report. According to EIA, oil inventories increased by 7.9 million barrels per day.

This means that the pace of the oil demand recovery is not as robust as previously hoped. This data has a direct impact on the oil market and oil-related stocks, but it also provides a chance to evaluate the pace of economic recovery since energy demand and economic activity are closely linked.

For a look at all of today’s economic events, check out our economic calendar.

 

Fibonacci Queen and Elliott Wave King Market Proclamation

For those that do not know, Carolyn Boroden (The Fibonacci Queen) has joined the analyst team at Elliottwavetrader. So, she and I are endeavoring to present our combined perspectives to outline our general expectations over the coming weeks, as we begin this series of articles.

There are times when the market provides us with clear indications. And, as proceeded through March, Carolyn and my work were focused upon the region just below 2200SPX for a potential bottoming in the S&P500. Specifically, Carolyn had key price parameters in the 2165-2193SPX region, and the bottom of my support region was pointing towards 2187SPX, with my next lower support below that in the 2160SPX region. My expectation at the time was that the market was going to hold the 2187SPX support and rally towards the 2650-2725SPX region from there.

Moreover, Carolyn identified a confluence of multiple Fibonacci time cycles that came due between 3/24-26 and calendar day projections that came due on 3/22-23.

As we now know, the bottom for the market was struck at 2191.86 on 3/23.

At the time, neither of us were certain that the bottom struck on that day would be the lasting bottom, but we both recognized there was strong potential for that to be the case. My expectation was that the market would rally from the 2200 region up towards the 2650-2725SPX region. And, once we were able to exceed that 2725SPX resistance, that opened the door to the market having struck a major bottom.

While the smaller degree structure is a bit questionable at this time, both Carolyn and I see potential for the SPX to exceed the 4000 mark. In the near term, as long as the market holds over the 2760/2788SPX support region, there is strong potential for us to continue higher towards the 3234SPX region next.

However, Carolyn’s next time cycles are due between 5/26-5/29, which suggests that we could see some form of near-term topping within the 3065-85SPX region, to be followed by a test of the cited support region noted above.

Overall, both our work suggests that the market has struck an important bottom back in March. And, as long as pullbacks continue to hold support, our combined analysis seems to be pointing towards the 4000SPX region, and potentially even higher than that in the coming years.

For a look at all of today’s economic events, check out our economic calendar.

See charts illustrating Avi’s wave counts and Carolyn’s Fibonacci targets on the S&P 500.

Avi Gilburt is a widely followed Elliott Wave analyst and founder of ElliottWaveTrader.net, a live trading room featuring his analysis on the S&P 500, precious metals, oil & USD, plus a team of analysts covering a range of other markets.

 

US Stock Market Overview – Stocks Closed Lower as China Concerns Rise

US stocks moved lower Thursday as worse than expected economic data, reversed the trend in the S&P 500 index. President Trump announced that he planned to have a press conference on Friday that would discuss issues related to China. That took the wind out of the sales of investor sentiment. GDP contracted by more than expected, Durable Goods Orders tumbled as demand for transportation equipment collapsed. Initial jobless claims have decelerated but it still climbed by 2.1 million. Most sectors in the S&P 500 index were lower, despite the rally in the broader markets. Utilities were are defensive, were the best performing sector, cyclical bucked the trend. US yields were nearly unchanged on Thursday while oil prices rose following news that oil production continued to decline in the US. This helped buoy energy shares.

GDP Shrank More than Expected

GDP which is the broadest measure of economic health, fell at an annual rate of 5% in the Q1 a bigger decline than the 4.8% drop first estimated a month ago. It was the biggest quarterly decline since an 8.4% fall in the fourth quarter of 2008.

Durable Goods Orders Fell

US durable goods, plunged 17.2% in April after dropping 16.6% in March. Demand for transportation equipment collapsed by 47.3%. New orders of capital goods tumbled in April and shipments declined. Orders for non-defense capital goods excluding aircraft, which is a proxy for business spending, dropped 5.8% last month, according to the Commerce Department. Data for March was revised lower to show these so-called core capital goods orders falling 1.1% instead of dipping 0.1% as previously reported. Expectations had been for core capital goods orders diving 10.0% in April. Core capital goods orders dropped 1.3% year over year in April.

Jobless Claims Rise

Initial jobless claims totaled 2.1 million last week, the lowest total since the coronavirus crisis began. Expectations were for 2.05 million. The total represented a decrease of 323,000 from the previous week’s upwardly revised 2.438 million. Continuing claims, numbered 21.05 million, a clearer picture of how many workers are still sidelined. That number dropped sharply, falling 3.86 million from the previous week.

For a look at all of today’s economic events, check out our economic calendar.

S&P 500 Price Forecast – Stock Markets Continue to Defy Gravity

The S&P 500 continues to be off the chain, as the markets continue to see a celebration of a potential opening of the economy despite the fact that the economies are still going to be sluggish to say the least. At this point, I believe that the market will continue to try to grind higher, but there is a massive amount of resistance between here and the 3100 level, so it is not going to be easy. The question now is whether or not the market can continue the narrative of “everything’s getting better”, or will they pay attention to economic figures such as the Pending Home Sales drop of 35% year-over-year during the early part of the session?

S&P 500 Video 29.05.20

We are in a bear market and have seen a massive bounce. That being said, the 3000 level is going to continue to be crucial so if we were to break back down below it certainly would be somewhat of a negative headwind. However, if we can break above the 3100 level then there is almost nothing to keep this market from going to the all-time highs it is difficult to say right now, but clearly the buyers are pressing the issue. If the sellers do not get involved rather soon, we will eventually see that explosive break out and potential “blow off top” before the market starts the price and the reality of 40 million jobs lost, which would certainly have an effect on an economy that is driven by the 70% consumption. If the consumer does not have a job, it is not consuming.

For a look at all of today’s economic events, check out our economic calendar.

E-mini S&P 500 Index (ES) Futures Technical Analysis – Needs to Hold 3035.50 to Sustain Upside Momentum

June E-mini S&P 500 Index futures are nudging higher for a third session shortly after the cash market opening on Thursday. The early buying is also coming across as tentative for a second session. Yesterday, the benchmark index spent most of the session lower before screaming to the upside into the close.

At 14:09 GMT, June E-mini S&P 500 Index futures are trading 3041.75, up 6.25 or +0.24%.

The index is up about 2.7% during this holiday shortened week with most of the gains driven by optimism about the reopening of the U.S. economy and positive steps toward the development of a vaccine to halt the spread of coronavirus.

Gains are being held in check, however, after China’s National People’s Congress approved a national security bill for Hong Kong. President Trump said he would announce the U.S. response to the move before the end of the week.

In economic news, the Labor Department said Thursday another 2.1 million Americans filed for unemployment benefits last week. That was higher than the 2.05 million forecast. Continuing claims, which is a better indication of the unemployment picture, plunged by nearly 4 million.

With the economy reopening at a steady pace, buyers are looking at bank stocks such as JPMorgan Chase, Citigroup and Wells Fargo to outperform. Meanwhile shares of companies that rose during the worse of the pandemic like Zoom Video, Shopify and Amazon are feeling some pressure.

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. A trade through yesterday’s high signaled a resumption of the uptrend. A trade through 2903.75 will change the main trend to down.

The main range is 3397.75 to 2174.00. Its retracement zone at 2930.25 to 2785.75 is controlling the longer-term direction of the index. Its Fibonacci level at 2930.25 is the nearest support.

Daily Swing Chart Technical Forecast

The direction of the June E-mini S&P 500 Index the rest of the session on Thursday is likely to be determined by trader reaction to yesterday’s close at 3035.50.

Bullish Scenario

A sustained move over 3035.50 will indicate the presence of buyers. If this continues to generate enough upside momentum then the index will remain on pace to challenge its next objective at 3131.00.

Bearish Scenario

A sustained move under 3035.50 will signal the presence of sellers. This will put the index in a position to form a potentially bearish closing price reversal top. If confirmed, this could lead to 2-3 day counter-trend selling with 2930.25 the first objective.

As Said, the S&P 500 Grind Higher Goes On

Yesterday’s sizable bullish gap immediately came under attack by the sellers – no panicking though as I kept riding the bull to the glorious close and beyond. In such moments, it’s key to focus on what has changed, and what has not. The obvious conclusion has been that we have seen nothing really new under the sun.

So, will the sizable open profits keep growing further? In my humble opinion, it’s virtually guaranteed.

S&P 500 in the Short-Run

Let’s start with the daily chart perspective (charts courtesy of http://stockcharts.com ):

The bears went on the offensive right after the bullish open, but the bulls responded as anticipated, and the high daily volume reveals the extent of the buying pressure. Yes, the initiative appears to be firmly with the bulls, but why exactly have I said that the buyers responded as anticipated?

Yesterday’s intraday Stock Trading Alert provides the answer:

(…) However unpleasant it might be to see the bullish opening gap closed, the key point to highlight is that the high yield corporate bonds (HYG ETF) hasn’t really declined below yesterday’s closing prices.

Such a move has been rejected, and the ETF now trades at $82 – and I expect stocks to at least timidly follow up higher later today, and more vigorously over the coming sessions.

What we have seen right after the open, was probably a US-China tensions driven onset of selling pressure – an event of fleeting nature as the ensuing price action showed.

And stocks caught up still yesterday, reversing powerfully higher. To illustrate the extent of the bullish turn, let’s check the market breadth indicators.

It hasn’t been only the advance-decline volume that just flipped profoundly bullish. The advance-decline line has been showing where the odds in the battle to overcome the 61.8% Fibonacci retracement and other resistances lie – with the bulls. The bullish percent index is also solidly back supporting the buyers these days.

Let’s check yesterday’s action in the credit markets next.

The Credit Markets’ Point of View

High yield corporate bonds (HYG ETF) stood the ground and refused to move below yesterday’s closing prices. The uptrend in junk corporate bonds goes on, supporting higher stock prices. While a consolidation of recent sharp gains wouldn’t come as a surprise, we could have seen one yesterday already. And even if not, this leading metric of credit market health is still primed to go higher and serve as a tailwind for stocks over the coming days and weeks.

The above chart shows that both key credit market ratios, the high yield corporate bonds to short-term Treasuries (HYG:SHY) and the investment grade corporate bonds to longer-dated Treasuries (LQD:IEI), confirm each other’s upswings. Such a lockstep move doesn’t reveal any cracks in the stock market bull run.

Key S&P 500 Sectors and Ratios in Focus

Technology (XLK ETF) reversed all intraday losses, and rose on high volume yesterday. The sizable lower shadow underscores the buying interest, boding well for higher prices of the sectoral ETF. And as tech leads the stock market itself, the bullish takeaway is valid also for the S&P 500.

The intraday bullish reversal was mirrored in healthcare (XLV ETF) as well, supporting prospects of more gains to come. And the same goes for financials (XLF ETF) and consumer discretionaries (XLY ETF) too. The key sectors are aligned for more gains ahead, and quite likely shortly.

Among the leading ratios, financials to utilities (XLF:XLU) has indeed broken above the declining resistance line formed by its April highs (and also above those highs themselves) – just as I expected it to. The bullish picture is made complete by the consumer discretionaries to staples ratio (XLY:XLP) that has refused to turn south, and continues to trade within spitting distance of its recent highs.

As for the stealth bull market trio, all three – energy (XLE ETF), materials (XLB ETF) and industrials (XLI ETF) – refused to decline yesterday. That’s a uniformly bullish sign, with the materials and industrials having led the move higher on the day.

Summary

Summing up, yesterday’s selling didn’t stick, and the buyers predictably took over the reins. Less and less in terms of resistances is standing in the bulls’ way and the challenge of the early March highs is slowly but surely drawing nearer. Both the credit market and sectoral analysis favor this bullish takeaway. So does the Russell 2000 upswing as the smallcaps have reversed higher just as powerfully as the S&P 500 did.

I expect stocks to slowly grind higher overall despite the high likelihood of sideways-to-slightly-down trading over the summer – but we’re nowhere near the start thereof. Right now, the breakout above the three key resistances (the 61.8% Fibonacci retracement, the upper border of the early March gap, and the 200-day moving average) is still unfolding with the bears running for cover and FOMO (fear of missing out) back in vogue. In short, the ball remains in the bulls’ court.

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For a look at all of today’s economic events, check out our economic calendar.

Thank you.

Monica Kingsley
Stock Trading Strategist
Sunshine Profits: Analysis. Care. Profits.

* * * * *

All essays, research and information found above represent analyses and opinions of Monica Kingsley and Sunshine Profits’ associates only. As such, it may prove wrong and be subject to change without notice. Opinions and analyses were based on data available to authors of respective essays at the time of writing. Although the information provided above is based on careful research and sources that are believed to be accurate, Monica Kingsley and her associates do not guarantee the accuracy or thoroughness of the data or information reported. The opinions published above are neither an offer nor a recommendation to purchase or sell any securities. Ms. Kingsley is not a Registered Securities Advisor. By reading Monica Kingsley’s reports you fully agree that he will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investing, trading and speculation in any financial markets may involve high risk of loss. Monica Kingsley, Sunshine Profits’ employees and affiliates as well as members of their families may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice.

 

U.S. Stocks Mixed After Encouraging Continuing Jobless Claims Report

U.S. Continuing Jobless Claims Report Is Better Than Expected

S&P 500 futures are swinging between gains and losses as traders digest a flurry of economic reports.

U.S. Initial Jobless Claims report showed that 2.1 million Americans filed for unemployment benefits in a week, in line with analyst estimates.

Continuing Jobless Claims were much lower than expected at 21 million. This means that many people who have previously filed for unemployment benefits have found new jobs.

First-quarter GDP Growth Rate  was -5% compared to analyst consensus of -4.8%. Obviously, second-quarter numbers will look much worse as the economy was hit by virus containment measures.

Durable Goods Orders declined by 17.2% month-over-month in April compared to analyst consensus which called for a decline of 19%.

China Approves Hong Kong Security Law

U.S. – China relations are once again in focus as China’s parliament has approved a new security law for the city.

U.S. has already stated that Hong Kong no longer qualified for special treatment under the U.S. law after this move. This creates significant uncertainty for the city’s future as an international financial center.

Currently, there are two main unknown catalysts – the potential U.S. sanctions on China and China’s response in case such sanctions are implemented.

U.S. – China tensions have steadily increased over the last few weeks but the stock market was able to ingore them. It remains to be seen whether any U.S. sanctions on China could hurt the current upside trend in the U.S. stock market.

Oil Inventories Increase Again

Oil is set for a volatile trading session as the API Crude Oil Stock Change report showed that oil inventories increased by 8.7 million barrels per day.

The oil market will be waiting for confirmation of this data in the EIA Weekly Petroleum Status report which is scheduled to be released today after the market open.

The recent oil rally was a material contributor to the upside of S&P 500 so additional downside on the oil price front could hurt the momentum of the U.S. stock market.

For a look at all of today’s economic events, check out our economic calendar.

All Eyes on the HUI Breakout Invalidation!

The key technical development of this week in the precious metals market is HUI’s invalidation of the breakout above the 2016 highs. It will be particularly interesting to see where it closes the week, as an invalidation in weekly closing terms will be a crystal-clear bearish confirmation.

Gold miners reversed before the end of yesterday’s session, but they didn’t manage to take HUI back above the highest weekly close of 2016 – the 278.61 level. The HUI closed at 271.06.

On the daily chart, we see that a short-term breakdown is currently being confirmed.

The GDX ETF moved below the rising support line based on the previous April and May lows and it closed there for two consecutive trading days. If the GDX closes below the rising dashed line once again today, the breakdown will be confirmed.

And based on gold’s 4-hour gold chart, it could be the case that the very short-term upswing that started yesterday, is already over.

Gold approached its short-term declining resistance line, and it’s currently testing it. This line already held less than a week ago, so it favors lower prices at this time.

Of course, by the time you read this analysis, gold might already be after a breakout. In this case, we wouldn’t be surprised to see gold futures at about $1,740 or even $1,760 before the next decline takes place. Again, that is IF the breakout takes place, but the entire point of creating resistance lines for gold is to detect gold’s tops – places that are likely NOT to be broken. Or that are going to be broken, but then an invalidation will follow, leading to further declines.

The GLD ETF bounced from the rising support line yesterday, and it then moved to the above-mentioned resistance line – that’s a relatively normal course of action. Based on HUI’s invalidation of the breakout above the 2016 high, it seems that the top is already in for gold and gold stocks, and the price action yesterday and today in gold doesn’t invalidate it.

And what can one forecast for silver?

The white metal is still showing strength on a very short-term basis, which further confirms the toppy nature of the most recent price moves. Silver tends to outperform at the very end of a given upswing, so we could even see more of that phenomenon – especially if the stock market moves even higher from here.

Silver is known (at least it should be known) for its fakeouts. Silver often breaks above certain resistance levels, only to invalidate these breakouts shortly thereafter. If silver’s “breakout” is not accompanied by an analogous move in gold or miners, the odds are that it’s a fakeout. The odds increase further if this action was preceded by a rally.

Therefore, if silver moves higher from here, and even breaks to new May highs, it might not be a bullish development at all. It could be a fakeout that only takes the white metal to about $18.50 or so – the declining resistance line based on the previous highs – and then starts the next huge downleg. Please keep in mind that silver already launched one huge slide from almost $19 this year, so another big move lower from these levels could definitely take place.

All in all, it seems that we’re going to see one more sizable move lower in the precious metals market before they move much higher, and the odds are that the downswing has already begun or it’s going to start shortly.

Thank you for reading today’s free analysis. Please note that it’s just a small fraction of today’s full Gold & Silver Trading Alert. The latter includes multiple details, but most importantly, it includes the clear discussion of what will be the sign telling one that gold’s move lower is almost certainly completely over. That’s the detail, we think you might enjoy, want, and need right now.

If you’d like to read those premium details, we have good news. As soon as you sign up for our free gold newsletter, you’ll get 7 access of no-obligation trial of our premium Gold & Silver Trading Alerts. It’s really free – sign up today.

For a look at all of today’s economic events, check out our economic calendar.

Przemyslaw Radomski, CFA

Editor-in-chief, Gold & Silver Fund Manager

Sunshine Profits: Analysis. Care. Profits.

* * * * *

All essays, research and information found above represent analyses and opinions of Przemyslaw Radomski, CFA and Sunshine Profits’ associates only. As such, it may prove wrong and be subject to change without notice. Opinions and analyses are based on data available to authors of respective essays at the time of writing. Although the information provided above is based on careful research and sources that are deemed to be accurate, Przemyslaw Radomski, CFA and his associates do not guarantee the accuracy or thoroughness of the data or information reported. The opinions published above are neither an offer nor a recommendation to purchase or sell any securities. Mr. Radomski is not a Registered Securities Advisor. By reading Przemyslaw Radomski’s, CFA reports you fully agree that he will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investing, trading and speculation in any financial markets may involve high risk of loss. Przemyslaw Radomski, CFA, Sunshine Profits’ employees and affiliates as well as members of their families may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice.

 

Is the Worst Behind Us and Gold Has to Plunge Now?

A lot happened over the last few days. Let’s start with the analysis of fresh economic data. First, the initial jobless claims came in at 2.4 million in the week from May 9 to May 16, as the chart below shows. While the number of Americans who applied for the unemployment benefit have declined for seven straight weeks following the peak of 6.9 million in late March, it is still a mammoth figure, much higher than before the pandemic (when about 200,000 people used to apply for the unemployment benefit each week).

It means that the devastation in the US labor market has been unprecedented. As the chart below shows, almost 39 million of people claimed benefits since the beginning of the epidemic, which implies that the unemployment rate is comparable now to the rate seen during the Great Depression, or even higher! Importantly, the trend of total claims since March 21, 2020, is still rising strongly, which means that the recovery is so far weak, despite the partial reopening of the economy.

Second, the Chicago Fed’s national activity index, which measures whether the economy expands above or below the average growth, declined from a negative 4.97 in March to a negative 16.74 in April. The number is the worst in the data series history which begins in 1967, easily surpassing the disaster of the Great Recession, as the chart below shows.

However, situation has improved somewhat in May, at least according to regional manufacturing surveys. For example, the Philadelphia Fed Manufacturing Index rose from -56.6 in April to -43.1 this month. The reading is still terrible, but less so than one month ago. Similarly, the New York Empire State Index rebounded from -78.2 in April to -48.5 in May.

The latest PMI data from the IHS Markit also show some improvement. The flash manufacturing purchasing managers index rose from 36.1 in April to 39.8 in May, while the flash services purchasing managers index increased from 26.7 to 36.9. It means that the worst is probably behind us.

Implications for Gold

What does the recent bunch of data imply for the US economy and the gold market? Well, it seems that the rate of economic collapse has peaked in April. This is probably why the stock market rallied this week, with S&P 500 reaching the psychologically important level of 3,000. People become more optimistic with the number of infections of the coronavirus under control and relaxed containment measures. And a further planned easing will help the economy further, but demand could remain weak with some restrictions and social distancing remaining in place. In other words, the US economy should rebound later this year, but is not out of the woods yet – so the pace of recovery may be slower than the most optimistic investors hope for.

In other words, the stock market may be priced for an economic recovery that the data so far does not support. The initial crash was an overreaction, so now investors look for sparkles of hope everywhere. For sure, there are many reasons for being optimistic, but the war with coronavirus is not over. So, there might be some correction in price as investors could go into risky assets, but gold still seem to be a rational addition to the portfolio. Given that second-order effects (think about the consequences of high debt, geopolitical repercussions, or the possibility of corporate bankruptcies, etc.) have not been probably fully priced in yet, and that it’s very difficult to predict them, the significant portion of the safe-haven demand for gold should remain in place.

If you enjoyed today’s free gold report, we invite you to check out our premium services. We provide much more detailed fundamental analyses of the gold market in our monthly Gold Market Overview reports and we provide daily Gold & Silver Trading Alerts with clear buy and sell signals. In order to enjoy our gold analyses in their full scope, we invite you to subscribe today. If you’re not ready to subscribe yet though and are not on our gold mailing list yet, we urge you to sign up. It’s free and if you don’t like it, you can easily unsubscribe. Sign up today!

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Arkadiusz Sieron, PhD
Sunshine Profits: Analysis. Care. Profits.

 

US Stock Market Overview – Stock Rally Lead By Financials, Travel Shares Also Rise

US Stocks surged higher as traders rotated out of the high flying technology shares and into value share, pushing the S&P 500 index further above the 200-day moving average. The Dow Industrials was the best performing sector. All sectors in the S&P 500 index were higher, led by Financial and Cyclicals, Utilities were the worst-performing sector in an up tape. Energy shares also lagged, as oil prices eased. Additional stimulus from the European Union and the Japanese government helped buoy riskier assets. US Rates edged slightly lower, which continued to help buoy the US mortgage market. Mortgage applications continued to rise climbing 9% in the latest week. The rotation was out of some of the large-cap technology shares which took a breather as travel-related shares which have been pummeled, rebounded sharply.

More Stimulus

The EU and Japanese governments gave riskier assets a one-two punch, helping to lift global equity bourses. The European Union announced a $2 trillion coronavirus response plan, including a massive pooling of national financial resources that, would deepen the bloc’s economic union. The proposal composed of a $824 billion recovery plan and 1.4 trillion budget over the next seven years. This news followed the release of Japan’s new stimulus plan.

Japan announced a stimulus package totaling $1.1 trillion as economic woes and eroding support for Prime Minister Abe’s government, pushed the government for aggressive measures.  Capital will be used to helping companies that are in trouble as well as, rent subsidies, and healthcare assistance.  It will be funded by a second supplementary budget.

Mortgage Applications Rise

Mortgage applications for new homes rose 9% last week from the previous week according to the Mortgage Bankers Association’s index. It was the sixth straight week of gains and a 54% recovery since early April. The 30-year fixed-rate mortgage has dropped 75-basis points since January. Homebuyers are getting a great deal over 30-years, The gains mirror an unexpectedly strong sales pace just reported for newly built homes in April. They were forecast to fall by 22% but instead rose nearly 1% for the month.

S&P 500 Preview – Costco Headlines Earnings Results

Retailers continue to report earnings on Thursday, May 28, 2020.

Costco Wholesale Corporation

Costco (COST) is scheduled to release financial results on Thursday, May 28, 2020. The company is expected to earn $2.04 per share on 37.52 billion in revenue. This compares to $2.06 per share in the prior quarter. Earnings forecasts have declined by $0.06 cents per share over the last 30-days down from $2.10 per share. Growth estimates for the quarter are expected to increase by 7.9%.

The stock prices have rebounded from its lows in late March, rising more than 20%. Costco has seen a surge in same-store sales and should continue to see further upside on a better than expected revenue and earnings results.

Dollar General Corporation

Dollar General (DG) is scheduled to report financial results on Thursday, May 28. The consumer staple is expected to report earnings of $1.70 on 7.4 billion in revenues. This compares to $2.01 per share in the prior quarter. Earning per share have increased by $0.06 per share over the past 30-days. Growth estimates are expected to climb by 15%.

The stock price has rebounded and is poised to test all-time highs. This company has experienced positive sales comps due to the demand during the quarantine in the US. The share price should continue to break out on better than expected financial results.

S&P 500 Price Forecast – Stock Markets Run Into Brick Wall

The S&P 500 looks very stretched at this point, as it had initially gone all the way up to 3030 before selling off again. The market then broke down below the 3000 level again, which of course is an extremely negative sign. With that in mind, I like the idea of fading short-term rallies, because obviously we are starting to run into a significant amount of noise. I think at this point what we are looking at is a market that is ready to give up some of the gains, as 3000 seems to be a major battleground.

S&P 500 Video 28.05.20

Having said that, we need to get above the 3100 level to have comfortable sailing to the upside. I think at this point we are likely to see a lot of noise but I think what you can also expect is the fact that perhaps the US/China trade war picking up could come back into play, and that is something worth paying attention to. With all this being said, it is likely that we will see a lot of noisy trading at this point, as the market is facing a major barrier of noise.

Quite frankly, a lot of traders who have bought this market down near the 2400 level are quite happy to sell it here as we are running into trouble 500 points later. It is not that we cannot break out to the upside, it is just that there was major selling pressure in this general vicinity previously, and market memory dictates that we will be paying attention to it.

For a look at all of today’s economic events, check out our economic calendar.

S&P 500 Grind Higher Goes On, Regardless of Daily Setbacks

The runup to yesterday’s US open and the regular session’s trading confirmed my call that stocks would break above the key resistances. And they did effortlessly overcome the upper border of March’s gap and the 61.8% Fibonacci retracement without really looking back. Now that they trade also above the 200-day moving average, how far can the bull run reach?

S&P 500 in the Short-Term

Let’s start with the daily chart perspective (charts courtesy of http://stockcharts.com ):

A resoundingly higher open followed by more buying before running out of steam 30 minutes before the closing bell – that’s a fair characterization of yesterday’s session. As it happened on reasonably high volume and the candle’s shape isn’t that of a profound reversal, the implications are bullish for the days to come.

It’s been only the 200-day moving average that provided resistance to stocks yesterday, and while the sizable upper knot isn’t a pleasant sight to see for the bulls, it will likely turn out to be a soon-forgotten mark in the slow grind higher that I expect to play out over the coming weeks. The best the bears can hope for in my opinion, would be a sideways digestion of recent gains.

That’s because yesterday’s session shows that the buying power is there, and the sellers haven’t been able to bring prices down much.

See this quote from yesterday’s intraday Stock Trading Alert:

(…) Stocks are consolidating the sizable gains since Friday’s closing bell, and it’s accompanied by higher high yield corporate bond values.

Up till now, the S&P 500 consolidation is taking shape of a shallow sideways trading range … The current price action appears to be a case of back-and-forth trading only, as we see no signs of an impending reversal to the downside to act upon.

Technology is having one of its weaker days today so far, while healthcare is still range-bound and financials are steeply higher. Neither real estate or consumer discretionaries are disappointing, and the stealth bull market trio (energy, materials, industrials) is higher too.

Would the credit markets’ closing prices still confirm the bullish take on stocks?

The Credit Markets’ Point of View

High yield corporate debt (HYG ETF) predictably opened higher yesterday, but just couldn’t keep the intraday gains. On the other hand though, the bears didn’t get their way either. On respectable volume, junk corporate bonds closed little changed from where they started the day, which means that we’ve most likely seen a daily consolidation only.

While further consolidation of recent sharp gains wouldn’t come as a surprise, I think it’s more probable that the bullish bias will prevail over the coming sessions, and that this leading metric of credit market health would go on to serve as a tailwind for stocks.

No material change here either – the moves in stocks and the high yield corporate bonds to short-term Treasuries ratio (HYG:SHY) continue to be moving in lockstep. Crucially for the stock bulls, this gauge of bullish spirits remains on their side. Simply put, the setback stock bulls suffered in the last 30 minutes of yesterday’s regular session, is nothing the sellers could call home about.

The ratio of investment grade corporate bonds to long-dated Treasuries (LQD:IEI) also shows no divergence when compared to the HYG:SHY ratio. It means that we’re in a risk-on environment and the riskier HYG:SHY ratio is firmly in the driver’s seat.

Key S&P 500 Sectors in Focus

Technology (XLK ETF) was rejected at the gates of the upper border of the late-February bearish gap, declining powerfully in the last 30 minutes of the regular session. The volume was elevated, but nowhere representative of a real reversal that’s about to stick. That makes me think any potential follow-through will be readily absorbed by the buyers, and we’re likely to see yesterday’s open overcome before too long.

Healthcare (XLV ETF) brought us another long red candle, but on relatively lower volume – and that means even smaller bearish short-term implications than could be the case for technology. In other words, I expect a return of the buyers in both of these key sectoral ETFs pretty soon.

Financials (XLF ETF) have been the star heavyweight performer of yesterday’s session, coming within spitting distance of both April local tops. Financials rose on outstanding volume, and kept half of their intraday gains, which makes the outlook for coming days bullish.

So, we see the three sectors positioned for more gains, would the rest of the crowd agree?

Consumer discretionaries (XLY ETF) certainly would as they kept much of their opening gains intact, unlike technology. Real estate (XLRE ETF) also showed up strongly.

As for the stealth bull market trio, all three – energy (XLE ETF), materials (XLB ETF) and industrials (XLI ETF) – moved higher, with the industrials leading the pack. That’s a bullish combination, boding well for stocks over the coming weeks.

Summary

Summing up, yesterday’s session brought us powerful follow-through buying and less and less in terms of resistances is standing in the bulls’ way. The 61.8% Fibonacci retracement and the early March gap are history, and soon will also be the resistance provided by the 200-day moving average. Both the credit market and sectoral analysis favor this bullish takeaway. So does the Russell 2000 upswing as stocks ignore the rising US-China tensions, and instead focus on a new 1 trillion euro stimulus package across the Pond. The lasting move above the 200-day moving average would be for starters only, as I expect stocks to slowly grind higher overall despite the high likelihood of sideways-to-slightly-down trading over the summer. But before that, the ball remains in the bulls’ court.

We encourage you to sign up for our daily newsletter – it’s free and if you don’t like it, you can unsubscribe with just 2 clicks. If you sign up today, you’ll also get 7 days of free access to our premium daily Stock Trading Alerts as well as our other Alerts. Sign up for the free newsletter today!

For a look at all of today’s economic events, check out our economic calendar.

Thank you.

Monica Kingsley

Stock Trading Strategist

Sunshine Profits: Analysis. Care. Profits.

* * * * *

All essays, research and information found above represent analyses and opinions of Monica Kingsley and Sunshine Profits’ associates only. As such, it may prove wrong and be subject to change without notice. Opinions and analyses were based on data available to authors of respective essays at the time of writing. Although the information provided above is based on careful research and sources that are believed to be accurate, Monica Kingsley and her associates do not guarantee the accuracy or thoroughness of the data or information reported. The opinions published above are neither an offer nor a recommendation to purchase or sell any securities. Ms. Kingsley is not a Registered Securities Advisor. By reading Monica Kingsley’s reports you fully agree that he will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investing, trading and speculation in any financial markets may involve high risk of loss. Monica Kingsley, Sunshine Profits’ employees and affiliates as well as members of their families may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice.