The small-cap rally is far from done, says Todd Gordon of TradingAnalysis.com, who argues that the charts point to even more gains for the group tracked by the Russell 2000. “The Russell has been rallying sharply based on anticipated domestic policies that might be put through, namely tax reform, which […]
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Exxon Mobil fires up huge new Texas plant just two months after Harvey hit the Gulf Coast
Exxon Mobil on Tuesday began production at a new petrochemical facility in Mont Belvieu, Texas, just two months after Hurricane Harvey pummeled the U.S. Gulf Coast and hobbled the U.S. refining and specialty chemicals hub. The new first of two lines turning out polyethylene — the most common plastic used […]
PG&E shares spike after suspected wildfires arsonist is arrested in Northern California
Shares of California utility PG&E rose 7.51 percent Tuesday on word about a suspected arsonist arrested in Sonoma County. California’s largest electric utility company has seen its stock drop nearly 18 percent since Oct. 9 amid concerns it could be found liable for the fires that have ravaged Northern California. […]
With 23k hit, Wall Street believes GE, Nike and Disney will carry the Dow to 24,000
The Dow Jones industrial average broke above 23,000 for the first time ever on Tuesday, nearly 53 trading days since the index first closed above 22,000. As investors celebrate the latest in a string of new records, many are wondering which stocks will lead the Dow to 24,000. CNBC compiled […]
Traders bet on obscure e-commerce stock in speculation over bitcoin’s blockchain technology
Speculation in digital currency bitcoin is apparently spilling over into an obscure e-commerce stock. Shares of Overstock.com surged more than 14 percent Tuesday. The stock has hit four-year highs on mounting excitement around the company’s venture into blockchain, the technology behind bitcoin. “I think the new story for Overstock is […]
Iraq takes oil fields from the Kurds, but the conflict still threatens crude flows
The Iraqi national army swiftly took control of oil fields in disputed territory on Monday and Tuesday, largely avoiding clashes with Kurdish forces, news reports said. Despite the mostly bloodless transfer, analysts warn that oil supplies in OPEC’s second-largest producer are far from secure. The fields came back under federal […]
Bad news for the bulls: There are now more bulls
The Investors Intelligence Bull/Bear ratio has climbed back above 4 for the first time since April 2015 — which ironically may serve as a bad sign for the market. “It does make me nervous, because we’re getting very, very frothy on these social indicators,” trader and strategist Boris Schlossberg of […]
Fund manager Novogratz agrees to advise ethereum-based digital coin exchange
A famed Wall Street investor behind what may become the largest digital assets investment fund is moving deeper into the world of digital coins. Former Fortress hedge fund manager Michael Novogratz agreed on October 4 to join the board of advisors at a new token exchange project. The news has […]
Jamie Dimon is betting big on the technology behind ‘fraud’ bitcoin
The largest U.S. bank is investing in the blockchain technology behind bitcoin, despite its CEO calling the digital currency a “fraud.” In September, JPMorgan Chase Chairman and CEO Jamie Dimon said bitcoin is a “fraud” that “won’t end well.” Dimon added Friday that if people are “stupid enough to buy” […]
Betting on a skyrocketing tech stock ahead of earnings
Despite falling on Monday, PayPal is still hovering near all-time highs, and one trader is betting that the stock will continue to perform well after reporting earnings. The online payments company is set to unveil results on Thursday, and Todd Gordon of TradingAnalysis.com says the charts have looked strong for […]