Archives of “May 2, 2019” day

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Crude oil futures looks to test key 200 day moving average

  
Analysis, Crude

Trading down $-2.52 at $61.08

The price of crude oil futures are trading at session lows at $61.08. That is down $2.52 or -3.92%.  Looking at the daily chart below below, the 200 day moving average comes in at $60.98.  The price moved above the 200 day moving average back on April 2, and has remained above that moving average since that time. A move below what we can the technical picture for the buyers/bulls.
Trading down $-2.52 at $61.08

I would expect buyers on the first test of the key MA, to lean against the level looking for a low risk bounce.  However, on a break below, I would look for the buyers to become sellers.

On a break, The 50% midpoint of the move down from the October high would be the next target of $59.63.  Below that, if the bearishness continues, traders will be eyeing the 100 day moving average down at $55.84.
Drilling to the one hour chart, the sellers today (and yesterday leaned against the 100 hour MA (blue line). That was the clue that the sellers were keeping/taking control.  The price break down has been accelerating  over the last few hours….
crude oil held below it's 100 hour moving average

US mulls more aggressive enforcement of Iran sanctions

  
  Analysis

The White House mulls targeting companies that do business with Iran

WSJ report:
The Trump administration is considering a more aggressive enforcement of its economic sanctions on Iran-targeting more companies and financial institutions that do business with the Islamic Republic in an attempt to cut off lucrative sources of U.S. dollar-denominated hard currency, U.S. officials said.
It says they may take aim at petrochemicals.

European stocks are ending the session lower

  
Analysis, Global Indices

German DAX, unchanged. Other indices not so lucky

The major European stock indices are ending the session lower. The German DAX is the best performer and -0.06% (call it unchanged). The other indices are not so lucky.
The snapshot of provisional closes are showing:
  • German DAX, -0.06%
  • France’s CAC, -0.85%
  • UK’s FTSE after unchanged BOE interest-rate decision, -0.5%
  • Spain’s Ibex, -1.0%
  • Italy’s FTSE MIB, -0.71%
In the benchmark 10 year note market, yield changes are ending mixed but little changed.

German DAX, unchanged. Other indices not so lucky

Hedge fund says ‘humans tend to do better when they are aided by quantitative tools’

  
Analysis, Education

That comment from chief executive officer of Blackstone Group LP’s alternative asset management business.

Speaking at a hedge fund conference on the role of algos/robots/call-em-what-you-like in investment decisions. The industry is using:
  • big-data analysis
  • machine learning
  • other types of artificial intelligence
to research investments or build on ideas.
While we await some return-from-a-day-ff Europe to get active, worth checking out, for interest if nothing else.

South Korea Foreign Minister says Trump and Kim are willing to hold a 3rd summit!

  
Analysis, Politics

Comments from the SK foreign minister

  • Says North Korea did not show change in its nuclear strategy
  • Trump and Kim are willing to hold a third summit
Srsly … those two statement together do not make much sense. Why meet again when the first one produced nothing and the second ended in a debacle?
Still, comments from South Korea. Gotta give him some latitude as he (and his countrymen and woman) have to live next door to the dangerous nut job.

Reuters report: Canada farm minister informed that China has blocked two Canadian pork exporters

  
Analysis, Politics

The Chinese government has informed Canada’s agriculture department that two Canadian pork exporters have had their export permits suspended.

Agriculture Minister Marie-Claude Bibeau said she has not yet received an official notice from China of the permit suspensions
—
Curious news. I would have though with all the strife in China’s domestic pork industry restring import would be low on the list of actions to take.
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