From Black Knight: Prepayments (historically a good indicator of refinance activity) jumped 23 percent month-over-month, reaching their highest point so far in 2017
• Prepayments (historically a good indicator of refinance activity) jumped 23 percent month-over-month, reaching their highest point so far in 2017
• Delinquencies reversed course after calendar driven increase in April, falling 7.13 percent month-over-month
• April’s delinquency rate increase was primarily calendar-driven (due to both the month ending on a Sunday and March being the typical calendar-year low) and largely...
The market has gone absolutely nowhere for 15 weeks now. That is not a typo, nor am I bearing overly negative. Since the end of February, when President Trump last tweeted that he had big plans for the economy, the S&P 500 is up a total of just 1.6% or roughly 39 points.And THIS is the raging bull market that everyone is so crazy about? A market in which it took almost FOUR months for stocks to eek out a 1.6% gain? Meanwhile against this backdrop of unhinged bullishness, the credit markets are flashing MAJOR warning signals. Junk Bonds have broken their bull market trendline from the 2016...
The DOL reported:
In the week ending June 17, the advance figure for seasonally adjusted initial claims was 241,000, an increase of 3,000 from the previous week's revised level. The previous week's level was revised up by 1,000 from 237,000 to 238,000. The 4-week moving average was 244,750, an increase of 1,500 from the previous week's revised average. The previous week's average was revised up by 250 from 243,000 to 243,250.
The previous week was revised up.
The following graph shows the 4-week moving average of weekly claims since...
From the Philly Fed: The Federal Reserve Bank of Philadelphia has released the coincident indexes for the 50 states for May 2017. Over the past three months, the indexes increased in 44 states, decreased in five, and remained stable in one, for a three-month diffusion index of 78. In the past month, the indexes increased in 36 states, decreased in seven, and remained stable in seven, for a one-month diffusion index of 58. Note: These are coincident indexes constructed from state employment data. An explanation from the Philly Fed: The coincident indexes combine four state-level indicators to summarize current economic conditions in a single statistic. The four state-level variables...
In his morning note, Deutsche Bank's Jim Reid discusses the latest bear market in oil, and highlights some interesting details for oil price fans: oil is now back to levels last seen on September 16th last year and even though we’ve rallied hard since February 2016, Oil has only been lower than this for 6% (188 days) of the time since the start of 2005. That is mostly made up of 44 days in 2008/09 and 112 days in late 2015/ early 2016. So these are pretty stressed levels relative to the past decade or so. Just as notably, Reid notes that oil has returned to levels last seen in the start of 2005 which prompted the Deutsche analyst to publish his usual monthly asset performance chart from this date to put the lethargic...
$1247 gets you $1220, but above $1214 and the $1550 target is still in play
via Soren K. Group for Marketslant
It should be noted that we are concerned that Gold under $1247 gets us to $1220. But the wave count we have been following says that a sell-off above $1214 still keep it intact. It is just hard for us to buy dips on short term trades. We'd rather buy a bounce off the lows. But as long as Gold remains above $1214 both the wave count and our own feel corroborate each other. It is just a matter of a person's time frame.
The only other thing we can add to the excellent analysis below is that there is now a double bottom on the 30 minute chart. That is something...
Following API's reported build in gasoline (and distillates), oil prices have chopped around amid Saudi headlines and OPEC jawboning, as all eyes are focused on gasoline inventories in the DOE report. An unexpedted draw in Gasoline (and Crude draw) sent prices higher initially, but another surge in production capped some of the gains and prices fell back.API
Crude -2.72mm (-1.2mm exp)
Gasoline +346k (+500k exp)
Crude -2.45mm (-1.2mm exp)
Cushing (-579k exp)
Gasoline -578k (+500k exp)
Distillates +1.08mm (+500k exp)
Opposing API's reported build,. DOE reports a Gasoline...
As I mentioned in my previous post, biotech continues to lead the way for momentum traders. From today’s runner screen inside Exodus, here are three tickers worth watch here.
The first is $VRX, a name I currently own. The stock is breaking above last week’s high and a perfect candidate to squeeze this week as we trade through resistance:
CARA is a popular name on Stocktwits, and a chart I like right here, right now. I would like to see the stock hold the highs of the day and close strong for me to hold into into the following day. Sweet setup here if it can:
EXEL another trending name on Stocktwits, up a cool 9% today. $24.85 is the recent high here...