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Wolf Richter wolfstreet.com, http://ift.tt/Wz5XCn It’s a Great Time to Sell and a Bad Time to Buy, they think. Americans have been gung-ho in recent years about the housing market, bidding up prices with gusto…
June 11, 2017 at 04:46PM
from IWB
by Pamela Williams Ron Paul has an article on his site written by Mike Whitney entitled SETH RICH, CRAIG MURRAY AND THE SINISTER STEWARDS OF THE NATIONAL SECURITY STATE. It is an excellent read, being…
June 11, 2017 at 04:46PM
from IWB
Americans still hate their pay TV providers and their ISPs. That’s not just hyperbole. The annual ACSI customer satisfaction survey of thousands of consumers ranks those outfits lower than the other 41 industry segments measured in the survey.
Although wireless carriers also ranked very poorly, they at least improved a bit over last year, possibly because there’s finally some competition in that market, says ACSI founder Claes Fornell. But that’s not the case for the pay TV crowd, which in most cases got even worse over the last 12 months.
“The threat of competition does not appear to be encouraging improvement fast enough for pay TV,” Fornell said in a press release. “Customer service remains abysmal, and viewers are continuing to switch over to streaming services with much higher customer satisfaction.
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May 24, 2017 at 04:45PM
from Bill Snyder
By Gabriel Ojimadu, Alpari
Previous:
The Euro/dollar pair closed Tuesday’s trading down. Sellers managed to almost completely erase Monday’s gains (engulfing the body of the candlestick). A rise in US bond yields in response to increased probability of the Fed tightening their monetary policy in June acted as a catalyst for the US dollar’s growth.
On Tuesday, the 23rd of May, according to CME Group’s FedWatch, the probability of interest rates going up in June has risen from 78.5% to 83.1%, in July from 79.5% to 84.4% and in September from 86.3% to 88.6%.
The dollar was also bolstered by the release of the proposed budget for the 2018 fiscal year as well as hearings in Congress regarding Donald Trump’s Russia ties. A White House representative stated that the hearings in Congress confirm that there were no ties between Russia and Trump’s election campaign. Remember that it was the threat of impeachment that caused the EUR/USD pair to surge to 1.1268.
US statistics:
The Markit manufacturing PMI from the US in May fell to 52.3 (forecast: 53.0, previous reading: 52.8). The Markit services PMI grew to 54.0 (forecast: 53.1, previous reading: 53.1).
The number of new home sales in the US in April fell to 569,000 (forecast: 610,000, previous reading revised from 621,000 to 642,000).
Market expectations:
During the US session on Tuesday, the trend line was broken through. The Euro fell to 1.1175. Sellers now need to consolidate below the 1.1161 low in order to trigger a mass closing of long positions on the Euro, which were opened from 1.0839. Clearly, the profit-taking has already begun, but the current decline isn’t enough to form a trend.
There are a couple of positive signs for sellers. On the daily timeframe, a pin-bar has formed on the EUR/GBP cross. This is emitting a sell signal for the Euro, which was started in Asia as the cross fell below 0.8619 (yesterday’s low). The immediate target on the cross is 0.8575. A fall for the cross means the same for our main currency pair.
Moody’s rating agency has downgraded China’s local and foreign currency ratings from Aa3 to A1 and changed its outlook from negative to stable. The Aussie dollar reacted negatively to this news, and is currently one of the biggest losers against the US dollar. It will likely bring some other currencies down with it.
Considering all the factors stated above, I’m going to risk saying that the Euro will fall today to 1.1136. Given that a lot of long positions have built up over the last few days, if we see some aggressive selling, we could see the Euro’s decline speed up towards the D3 MA line at 1.11.
Tonight, the US Federal Reserve will publish the minutes from its last meeting.
Day’s news (GMT+3):
EURUSD rate on the hourly. Source: TradingView
Intraday forecast: low: 1.1136, high: 1.1192, close: 1.1150.
During Tuesday’s trading in the US session, the trend line was broken through. The Euro fell to 1.1175. The price fell below the lb balance line and the 67th degree. Considering that sellers have engulfed the body of Monday’s candlestick, and that a daily pin-bar has formed on the EUR/GBP cross, I’m envisaging a further slide for the euro against the dollar to around the 112th degree at 1.1136. On the hourly timeframe, you can consider the maxima at 1.1263 and 1.1263 a double top.
If sales intensify below 1.1160, and the rate starts to fall faster than I predicted, we should try to hold on to 1.12 level. As long as the rate remains higher than Monday’s low, there’s a risk of it receding to the lb balance line at 1.1215.
Positives for the Euro (+):
Fundamental:
(+) US president Donald Trump favours a weaker dollar;
(+) Political tensions in the USA;
(+) German chancellor Angela Merkel: the Euro is to weak because of the ECB’s ultra-loose monetary policy;
Technical (short-term):
(+) According to data from 16/05/17, large speculators on the Chicago exchange have increased their long positions while reducing short ones. Long positions have increased by 10,500 to 162,981 contracts. Short positions have fallen by 3,863 to 123,690 contracts. Net-long positions have risen by 14,363 to 39,291 contracts;
(+) According to myfxbook, the Short/Long ratio as of 7:08 EET is 77%/22%, lots: 24271/7204 (previous day: 26572/6321), positions: 63012/23374 (previous day: 68525/17287);
(+) German 10Y bond yields: 0.412% (up 3.77% from 23/05/17);
(+) EURGBP (W): AO, AC, CCI (20), Stochastic (5,3,3) – up;
(+) EURGBP (D): AO – up;
(+) EURUSD (M): AO, AC, CCI (20), Stochastic (5,3,3) – up;
(+) EURUSD (W): AO, AC, CCI (20), Stochastic (5,3,3) – up;
(+) EURUSD (D): AO – up;
Negatives for the Euro (-):
Fundamental:
(-) ECB head: revision of ECB’s monetary policy not required at present. On the 10th of May, he added that the bank is in no hurry to raise interest rates or to halt its asset purchasing program;
(-) Small speculators have increased their long positions by 2,245 to 72,566 contracts. Short positions have fallen by 3,353 to 63,016 contracts. Net-long positions have fallen by 1,108 to 9,550 contracts;
(-) On Tuesday, the 23rd of May, according to CME Group’s FedWatch, the probability of a rate hike in June has risen from 78.5% to 83.1% in July from 79.5% to 84.4% and in September from 86.3% to 88.6%;
Technical (short-term):
(-) US 10Y bond yields: 2.285% (up 2.30% from 23/05/17);
(-) EURGBP (M): AC, AO, CCI (20), Stochastic (5,3,3) – down;
(-) EURGBP (D): AC, CCI (20), Stochastic (5,3,3) – down;
(-) EURUSD (D): AC, CCI (20), Stochastic (5,3,3) – down;
Built into the price:
(-) Tension surrounding the situation with North Korea. Increased demand for safe haven assets;
(-) The US Congress has approved a temporary budget, avoiding a government shutdown for the time being. A week’s delay will give time for knocking out a draft budget for the rest of the fiscal year (end of September). It became clear on the 1st of May that Republicans and Democrats had settled on a compromise to keep the budget going until the 30th of September;
(+) Emmanuel Macron has been sworn in as the new president of France;
(+) S&P has reaffirmed Germany’s credit rating at AAA/A-1+ with a stable outlook.
May 24, 2017 at 04:41PM
from CountingPips Forex
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May 24, 2017 at 04:35PM
from
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SOUTH CAROLINA LEGISLATORS APPROVE GAS-TAX HIKE
Lawmakers in South Carolina have proposed an increase in the state’s gasoline tax for the first time in 30 years, writes Valerie Bauerlein.
State governments are trying to use the oil-price slump — and ensuing low gasoline prices — as an opportunity to raise gas taxes.
“The South Carolina House voted Tuesday to approve a legislative compromise plan that would raise the state’s 16.75-cent gasoline tax by 12 cents over 6 years,” the Journal reports.
The move to raise the gasoline duties comes after Tennessee and other GOP-led states took similar measures to raise taxes in order to fund the maintenance of roads and infrastructure.
A recent slump in gasoline prices has provided an opportunity for states to raise the tax without inflicting too much pain on consumers.
The average cost of gallon of gasoline is $2.48, including taxes, down from more than $4 a gallon in mid 2008, says the U.S. Energy Information Administration.
The gasoline tax increase was opposed by many conservatives, including Americans for Prosperity, a free-market political-advocacy.
The tax hike may not pass as Republican Gov. Henry McMaster, who took over in January after Nikki Haley was named the U.S. ambassador to the United Nations, has pledged to veto the bill.
PRESSURE MOUNTS ON FORD CHIEF
Ford Motor Co.’s directors are pressing Chief Executive Mark Fields to sharpen his strategy as the company races to catch up on electric cars and reverse its shrinking market share in the U.S., write Christina Rogers and Joann S. Lublin.
Ahead of the annual shareholders meeting on Thursday in Dearborn, Mich., company directors scheduled an additional day of talks to address growing uncertainty about the auto maker’s course.
“Ford has been solidly profitable since Mr. Fields became CEO in July 2014, but its stock price has fallen by about a third in that period,” the Journal reports.
Mr. Fields is pushing for a new strategy to face new emerging technologies such as electric cars that are reshaping the industry.
Electric car manufacturer Tesla is valued at $52.4 billion, or 18% higher than Ford, despite the Silicon Valley car company’s financial losses.
SAMSON RESOURCES PUTS ASSETS UP FOR SALE
Samson Resources Corp. has begun marketing its oil-and-gas assets, following its emergence from bankruptcy protection, writes Lillian Rizzo for Dow Jones Newswires.
The company, a victim of the oil prices slump in recent years, aims to sell its assets as part of its approved late 2015 bankruptcy reorganization plan.
The units for sale are located in North Louisiana, Shelby Trough, East Texas Haynesville and Gregg-Rusk-Nacogdoches.
Samson’s asset sales have brought in more than $600 million. The funds have been used to pay off debts.
MARKETS
Oil prices edged up on Wednesday after an industry group said U.S. crude supplies fell by nearly 6 million barrels last week.
The American Petroleum Institute, however, brought mixed news, estimating that gasoline stockpiles increased again, adding to inventory levels that are already high for this time of the year.
The EIA will release official data on U.S. oil stocks and production later Wednesday.
Brent crude, the global oil benchmark, rose 0.84% to $49.14 a barrel on London’s ICE Futures exchange. On the New York Mercantile Exchange, West Texas Intermediate futures were trading up 0.98% at $46.33 a barrel.
Read our latest market report at wsj.com
May 10, 2017 at 04:45PM
from Neanda Salvaterra
May 09, 2017 at 04:45PM
from
Forbes |
Entrepreneur Tejune Kang Took 6D Technologies To Wall Street And He Is Still Recovering
Forbes The best stories come from Forbes readers reaching out to me writing, “You won’t believe this one.” After one of those, I started researching the story of a well-intentioned and passionate entrepreneur, Tejune Kang, a US born Korean American. Kang … |
May 09, 2017 at 04:42PM
from
