Here's The Gold Playbook After The FOMC Precious metals such as gold and silver have been very strong since breaking out in June 2019. As we all know, the major stock indexes rolled over in May, then they reversed course and surged higher after the Federal Reserve backstopped the stock market. Gold, silver and the mining stocks have been a direct beneficiary of the recent central bank's action. This afternoon, the FOMC (Federal Open Market Committee) is expected to cut the fed funds rate by 25 basis points. This news is already priced into the market, but the language from the central bank is not baked in yet. If the Federal Reserve is extremely dovish then gold, silver gold miners should see more upside in the near term. Should the central bank come out and sound hawkish then the precious metals are likely to pull back and decline in the near term. Either way, the precious metals will be in play this afternoon. Nicholas Santiago InTheMoneyStocks
Nasty topping tail forming on $AAPL. Earnings were not as good as pumpers made them out to be. Services growth slowed. That is the only thing that has a chance to make their P/E above a consumer product company at 10. Stock is toast. - Gareth Soloway
Prudential $PRU Tanks After Earnings, Here's The Trade Today, leading insurance and financial services company, Prudential Financial Inc (NYSERU), is falling sharply after reporting earnings. The company cited weakness in its life insurance and annuities businesses. PRU stock is declining lower by 8.85% to $92.34 a share. Traders and investors should note that the stock is now testing its June lows. A break of this level will signal further downside in the near term. The stock has also broken below its important daily chart 200-day moving average. This weakness tells me that the next major support level will be around the $87.00 area. This level is a major retrace level and an area where the stock broke out in mid-January 2019. Nicholas Santiago InTheMoneyStocks
USD/CNY Spikes Over 7.00, And There Is More To Come The currency market is once again the real judge of the stock markets. By now, most traders and investors know the USD/CNY is now trading at 7.0457. Over the weekend, China seems to have retaliated against the United States and its threat of increased tariffs. China is simply devaluing its currency to boost its exports to offset U.S. tariffs. This is a move that the U.S. has actually warned China about in the past. Reports are also out in the financial media that China will now suspend new US agricultural product purchases by Chinese companies. The current break-out pattern of the USD/CNY suggests that it will continue to climb into the 7.35 to 7.50 level. So get ready, this is not ending anytime soon.
Wayfair $W Has Tumbled From Its Highs, Here's The Trade Wayfair Inc (NYSE:W) is a leading home furnishing and décor website operator. This stock peaked out on March 21, 2019 at $173.71 a share. Since that high pivot in the stock, the shares have tumbled sharply lower. Currently, Wayfair (W) stock is trading at $121.04 a share. Unfortunately, the stock is in a weak technical position as it trades below its 50-week moving average. Traders and investor must now look lower for solid chart support. The next major support level for the stock should be around the $108.50 area. This level is where the 100-week moving average is located. It is also a level where the stock broke out in late January 2019. This level should be defended by the markets when it is initially retested. Nicholas Santiago InTheMoneyStocks
Virtu Financial $VIRT Dives After Earnings & Support Is So Much Lower Virtu Financial Inc (NASDAQ:VIRT) is falling sharply lower today after reporting earnings. The technology-enabled market maker is trading lower by 13.35% to $19.00 a share. The stock just broke the $20.00 level on heavy volume which was critical daily chart support. VIRT stock is now trading below all of its important daily chart moving averages. This puts the stock in a weak technical position on the charts and signals further potential downside. The next major support level for VIRT stock will be around the $15.00 area. This level is where the stock broke out in November 2017. Often, when a prior break-out level gets tested it will be defended by the institutional crowd. Nicholas Santiago InTheMoneyStocks
$ROKU Defies Gravity, But Big Resistance Looms Roku Inc (NASDAQ:ROKU) has been on a mission to move higher lately. The popular television streaming platform provider surged last week after reporting earnings. Today, ROKU stock is making new all time highs despite the major stock indexes staging a pretty good broad based sell off. ROKU stock is trading higher by $9.76 to $135.08 a share. While the stock is in a very strong up-trend it is now starting to look a big extended and overbought on the charts. Traders and investors should now watch the $150.00 level for major resistance. This resistance area is a level that is half way between $100.00 and $200.00, it often serves as excellent resistance when initially tested. When you combine this with the parabolic extension that the stock has had recently it should pullback from this level. There has been a lot of chatter that ROKU stock could be a take-over candidate. So traders and investors must be careful when trying to sell short a stock like this. I will most likely look to buy put options on the stock should it trade up to the $149.00 - $150.00 area. This way if there is a take-over in the cards I will simply be risking the premium paid in the stock. This coming Friday is options expiration for the month of August. It is a usually a trading week that is notorious for rumors, ridiculous up-grades and down grades and lots of other market makers shenanigans. So traders must be on their toes this week especially when trading stocks such as ROKU and many other popular stocks. Nicholas Santiago InTheMoneyStocks
