Chipotle fell more than 2 percent on Wednesday following a downgrade from Bank of America, but the charts are suggesting that there might actually be a reprieve for the beaten-down stock. “[Chipotle stock] is starting to form a base down at the $300 level,” Matt Maley, equity strategist at Miller […]
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Wall Street veterans are trickling into digital asset management
The author of an investment newsletter said Wednesday he will help a major digital assets fund open its New York office at the beginning of November. The announcement follows news in September that former Fortress hedge fund manager Michael Novogratz plans to launch a similar $500 million fund. Paul Brodsky […]
The 2017 chart of the stock market looks ‘eerily similar’ to the one that crashed 30 years ago
The S&P 500’s daily price chart this year looks “eerily” like that of 1987, but that’s about the only similarity between the market then and now, one of Wall Street’s longtime market strategists pointed out. “Indeed, when comparing the daily index levels for the S&P 500 in 1987 with the […]
Boardroom pay has risen nearly 20%, twice the gain of the average American worker
Directors sitting in corporate boardrooms got a pay raise twice that of the average American worker, and it’s not even a full-time job. From fiscal 2012 to 2016, the median annual compensation for board members rose 19.5 percent, to $245,000, corporate board data company Equilar said Wednesday. The study analyzed […]
Trader makes $4 million bet on major pullback for financials
The financials have been on fire, but one trader is making a more than $4 million bet that the run is done. The financials ETF, XLF, has rallied 13 percent this year with 5 percent of those gains in the past month alone. According to Dan Nathan of RiskReversal.com, sentiment […]
Bond market flashing warning sign even as stocks rally to new highs
The bond market is warning that trouble could be on the horizon, either from an economic slowdown or an eventual recession. The yield curve, a set of interest rates watched closely by bond market pros, has gotten to its flattest level since before the financial crisis. The spread between 2-year […]
Bitcoin plunges nearly 9% on fears of greater oversight from US regulators
Bitcoin tanked Wednesday after indications of greater scrutiny from U.S. regulators. The digital currency fell nearly $500 at one point, or about 8.7 percent to a low of $5,109.70, before regaining some of the lost ground, according to CoinDesk. The day’s low marked the digital currency’s lowest level since Thursday, […]
Iraq oil shipments to Turkey reportedly plunge after standoff with Kurds
Oil flows through Iraqi Kurdistan to Turkey have reportedly plunged this week after Iraq’s army seized oil fields held by the Kurds since 2014. The cause of the decline was not immediately clear, but the drop follows reports of production disruptions as major oil fields changed from Kurdish to central […]
Cramer’s charts point to more downside for consumer goods stocks—and that’s a good thing
With the indexes breaking records, including the Dow Jones industrial average’s all-time high on Tuesday, CNBC’s Jim Cramer wanted to pause and investigate what’s not working in this market. “Even if the greatest bull run in ages is going on, there are losers and there are laggards, and they help […]
Mexican Peso, Canadian dollar do about-face, rise on new hopes for NAFTA deal
The Canadian dollar and Mexican peso reversed losses and jumped against the dollar after trade officials said they were extending the negotiations towards a new NAFTA trade deal into next year. The two currencies slipped against the greenback earlier in the day, amid reports that Canada and Mexico would not […]