Traders Market Weekly: Memorial Weekend a Time for Reflection

Viewing 15 posts - 16 through 30 (of 72 total)
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    Other Energy stocks in the move higher:

    Schlumberger (SLB 43.50, +2.38, +5.8%): best performer in the sector, rallying back above its 50-day moving average (41.11).
    Halliburton (HAL 38.12, +1.42, +3.8%): rising back above its 50-day moving average (37.31) to last week’s high.
    Baker Hughes (BKR 35.76, +1.21, +3.5%): rising back above its 50-day moving average (34.71) to a one-month high.
    ConocoPhillips (COP 108.22, +3.20, +3.0%): rising to a fresh record high.
    Exxon Mobil (XOM 94.27, +2.41, +2.6%): rising to its best level since July 2016.
    Marathon Oil (MRO 27.82, +0.56, +2.1%): rising for the third consecutive day.
    Williams Companies (WMB 36.13, +0.75, +2.1%): revisiting last week’s high.
    Marathon Petroleum (MPC 98.60, +2.04, +2.1%): rising to a fresh record high.
    Phillips 66 (PSX 95.50, +1.71, +1.8%): reclaiming Friday’s loss.
    Diamondback Energy (FANG 132.50, +2.22, +1.7%): rising toward its 50-day moving average (134.49).
    Occidental Petroleum (OXY 63.57, +0.31, +0.5%): weakest performer in the sector, hovering in the top half of Friday’s range.


    ^^^^ +1s for excellent list of market news articles

    RALLY TIME ON WALL STREET with DOW up +600 … some are buying on dip & scooping up bargains
    and I do hope our POTUS in spite of himself — is more successful in future & wish all best
    even if not fully in agreement with all that is done.


    While on Barron’s on IPO’s they say have the cash position to ride out the tough stretch and potential turnaround plays.

    Allbirds $BIRD
    Poshmark $POSH
    Rivian Automotive $RIVN
    Robinhood Markets $HOOD
    Warby Parker $WRBY


    I always think of the Chariots of Fire with Vangelis – bulls running …



    Sad news while looking for the song I read ‘Chariots of Fire’ Composer Vangelis Dead at 79
    Legendary Movie Music Composer DEAD AT 79


    As the world turns..

    NYC’s last working public payphone booth is gone …
    Officials removed it Monday morning, located on 7th Ave. and 50th St. in Midtown Manhattan, the last of its kind.
    No more superman for New York.


    Dow 31,880.50 618.60 1.98%
    S&P 500 3,973.84 72.48 1.86%
    Nasdaq 11,535.27 180.66 1.59%
    GlobalDow 3,801.88 73.01 1.96%
    Gold 1,852.90 10.80 0.59%
    Oil 110.34 0.06 0.05%

    The PIT TRADERS bought some excellent bargains on sale after 20% BEAR dip


    Asia-Pacific stocks ended Tuesday on a lower note.

    Japan’s #Nikkei -0.9%;
    Hong Kong’s #Hang Seng -1.8%;
    China’s #Shanghai Composite -2.4%;
    India’s #Sensex -0.4%;
    South Korea’s #KOSPI -1.6%;
    Australia’s #ASX-0.4%.


    Japan’s May flash Manufacturing PMI 53.2 (last 53.5) and flash Services PMI 51.7 (last 50.7). April BoJ Core CPI 1.4% yr/yr (expected 1.1%; last 1.1%)
    South Korea’s May Consumer Confidence 102.6 (last 103.8)
    Australia’s May flash Manufacturing PMI 55.3 (last 58.8) and flash Services PMI 53.0 (last 56.1)
    New Zealand’s Q1 Retail Sales -0.5% qtr/qtr (last 8.6%) and Core Retail Sales 0.0% qtr/qtr (last 6.8%)
    China Securities Journal speculated that special sovereign bonds may be issued to help the economy.
    Former Japanese Prime Minister Abe said that Japan needs to spend at least JPY6.5 trln on defense.
    Toyota expects to produce 850,000 units in June and 9.7 mln units in FY23.


    Major European indices trade in the red.

    STOXX Europe 600 -0.5%;
    Germany’s DAX Index -0.6%;
    UK’s FTSE 100 -0.1%;
    France’s CAC 40 -0.7%;
    Italy’s FTSE MIB -0.4%;
    Spain’s IBEX 35 -0.1%.


    The energy sector reached its highest point since 2014 yesterday.

    Notably pulling up the sector are Marathon (MPC 28.14, +0.88, +3.2%) and Exxon Mobil (XOM 93.91, +2.1, +2.2%) which both reached new 52-week highs. In the same vein, WTI crude oil futures settled higher today by $0.26 (0.24%) to $110.31/barrel.


    Gold futures settled $5.70 higher (+0.3%) to $1,847.80/oz, aided by a pullback in the greenback.


    Yesterday all 11 S&P 500 sectors closed in positive territory. The financial sector (+3.2%), bolstered by JPMorgan Chase’s guidance and some value hunting, led the way. It was joined at the top of the performance table by the energy (+2.7%), information technology (+2.4%), and consumer staples (+2.1%) sectors.


    Yesterday JPMorgan Chase (JPM 124.58, +7.28, +6.2%) raising its net interest income outlook, reports that Broadcom (AVGO 526.36, -16.83, -3.1%) is in talks to acquire VMWare (VMW 119.90, +24.19, +25.3%) in a cash-and-stock deal, and an acknowledgment by President Biden that he is considering lifting some Chinese tariffs to help ease inflation pressures played a supportive role in today’s rebound-minded trade.

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