A clip from Mark’s premium service:
The stock market is rallying today on good US economic news and hopes Greece won’t leave the euro after comments from German Chancellor Angela Merkel. Nevertheless, traders are playing it safe and the market has given up most of its gains. The Dow was up as much as 90 points but is now up 47 or 0.4%. The S&P 500 is up 5 or 0.4% and the NASDAQ is up 5 or 0.2%.
Industrials are the biggest winners (XLI +0.5%) after GE (GE +4.1%) said its finance unit will pay a special dividend of $4.5 billion to the parent company this year.
Retailers are trading little changed (XRT +0.5% and RTH +0.1%) after Target (TGT +0.4%) reported better than expected earnings but JC Penney (JCP -17.0%) and Abercrombie & Fitch (ANF -12.9%) reported disappointing results.
Treasuries are down slightly after this morning’s good economic news and as traders shift into equities. Yet, Treasuries are holding up well considering the “good” news, showing that traders are still cautious about the economy and sovereign debt crisis in Europe. The long bond future is down 3/32 to 146 10/32.
The US Dollar Index hit is up for the thirteenth straight session, its longest run since 1985, after the US reported good economic news, in contrast to the troubles being suffered in Europe. The US Dollar Index is up 0.174 to 81.395 and hit a four month high of 81.573 this morning.
The European Central Bank said it will support Greek banks amid rumors that it was considering a freeze in funding.
Greece’s 10-year interest rate slipped 0.48% to 28.92%. Spain’s 10-year rate fell 0.05% to 6.30% and Italy’s by 0.3% to 5.83%.
The Euro is down 0.05% against the Dollar.
Precious metals are trading mostly lower as the Dollar rallies again. Gold is down 2.00 to 1542.30 after hitting a new 4 ½ month low of 1526.20 this morning. Gold is now testing support from the 1521.80 low set on December 29. Silver is down 0.10 to 27.62 after hitting a low of 27.13. Platinum is up 3 to 1430 after dropping to 1418. Palladium hit a 5 ½ month low of 586 this morning and is now down 3 to 588. Copper is down 0.0400 to 3.4775.
Oil is currently down 0.98 to 93.00 after hitting a new six-month low of 91.81 this morning.
The Energy Information Administration said crude inventories rose by 2.1 million barrels in the latest week, above expectations for a 1.5 million barrel increase. Gasoline inventories declined by 2.8 million barrels versus forecasts for a smaller 480,000 decrease. Distillate supplies fell by 1 million barrels versus forecasts for a 120,000 increase. In total, petroleum supplies fell by 1.7 million barrels while analysts expected an increase of 1.1 million barrels.
Housing starts rose 2.6% to a seasonally adjusted 717,000 in April. Economists expected starts of just 690,000.
Industrial production rose 1.1 percent in April, its biggest increase since December 2010 and well above forecasts of a 0.7% gain.
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CANADIAN NEWS:
The Canadian market is trading mixed as equities rise but mining stocks remain under pressure. The TSX is up 35 or 0.3% but the TSX Venture is down 7 or 0.6%.
The Canadian Dollar is falling as traders buy US Dollar. FXC is down 0.36 to 98.39.
Manufacturing sales rose 1.9% in March, the biggest increase in six months.
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From Yale Hirsch:
My 1987 Stock Trader’s Almanac was dedicated to THE NEW PROGNOSTICATORS.
Mark Leibovit was one of them. I evidently had insight as Timer Digest named Mark the
“Number One Market Timer for the 10-year period ending in 2007.”
For the 10 years ending 2009, he was #2 intermediate Market Timer.
He is also their #1 Gold Market timer for 2011.
This book should be REQUIRED READING for anyone who trades.
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My book, ‘The Trader’s Book of Volume’ (published by McGraw-Hill) is now available.
Here is the link to Traders Press:
http://www.invest-store.com/vrtrader/
Here is the link to Amazon.com:
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Mark Leibovit, From Timer Digest August 8, 2011 issue:”TIMER OF THE YEAR RACE AT JUNE 30 “We congratulate Mark Leibovit of VRTrader.com, the 2011 Mid-Year leader.
Mark Leibovit is also currently ranked #2 Gold Timer and was ranked #1 for the second-half of 2011.
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