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by Larry Levin With bad news including piss poor Chinese manufacturing data, continued protests in Hong Kong, and Eurozone Core CPI printing the lowest on record, the e-mini S&P futures are of course higher overnight. So it’s seemingly bad news is good news again for the markets, but that may all change like the Chicago weather. One thing that does not change is the assbackwards policies that benefit the small few at the top. I have written about this issue before but I think it is important to remind everyone how the game is really played. From the Wall Street Journal: Banks headquartered outside the U.S. have been unlikely beneficiaries of the Federal Reserve's interest-rate policies, and they are likely to keep profiting as the Fed changes the way it controls borrowing costs. Foreign firms have received nearly half of both the $4.7 billion in interest the Fed paid banks so far this year for the money, called reserves, they deposit at the U.S. central bank, and the $5.1 billion it paid last year, according to an analysis of Fed data by The Wall Street Journal. Those lenders control only about 17% of all bank assets in the U.S. Moreover, the Fed's plans for raising interest rates make it likely banks will see those payments grow in coming years. Though small in relation to their overall revenues, interest payments from the Fed have been a source of virtually risk-free returns for banks including Deutsche Bank AGDBK.XE -0.74% , UBS AG UBSN.VX +0.18% , Bank of China Ltd. 601988.SH -0.37%and Bank of Tokyo-Mitsubishi UFJ, according to bank regulatory filings. U.S. banks including J.P. Morgan Chase JPM -0.73% & Co., Well Fargo & Co. and Bank of America Corp. BAC -0.41% are also big recipients of Fed interest payments, according to the filings. "It is a small transfer from U.S. taxpayers to foreign taxpayers," said Joseph Gagnon, a former Fed economist at the Peterson Institute for International Economics. The … [Read More...]
The domestic equity markets are trading higher in early action, with stocks showing some resiliency in the face of heightened geopolitical concerns as pro-democracy protests expand in Hong Kong, as well as eurozone growth economic uneasiness. Meanwhile, shares of eBay are rallying after the company announced plans to spin off its PayPal unit, while Walgreen Co matched the Street's quarterly expectations and Ford lowered its profit outlook for this year. Treasuries are trading lower on the gains in the equity markets, while a report showed U.S. housing prices missed expectations. Later this morning, the domestic economic calendar will bring reads on Consumer Confidence and regional manufacturing activity. Gold is losing ground, while the U.S. dollar is higher and crude oil prices are mixed. Overseas, Asian stocks finished mixed on the Hong Kong protests and diverging data out of Japan and China, while European equities are mostly higher as some eurozone inflation and unemployment reports are preserving stimulus optimism from the European Central Bank. As of 8:51 a.m. ET, the December S&P 500 Index future is 5 points above fair value, the DJIA is 40 points north of fair value, and the Nasdaq 100 Index future is 17 points above fair value. WTI crude oil is decreasing $0.08 to $94.49 per barrel, while Brent crude oil is up $0.05 to $97.25 per barrel. Elsewhere, the Bloomberg gold spot price is trading $8.50 lower at $1,207.31 per ounce, while the Dollar Index—a comparison of the U.S. dollar to six major world currencies—is up 0.6% to 86.08. eBay Inc. (EBAY $53) announced that its board has approved a plan to separate the company's eBay and PayPal businesses into independent publicly traded companies in 2015. The company said creating two standalone businesses best positions eBay and PayPal to capitalize on their respective growth opportunities. Ford Motor Co. (F $15) lowered its 2014 profit outlook, due to higher … [Read More...]
by Larry Levin With bad news including piss poor Chinese manufacturing data, continued protests … [Read More...]
The domestic equity markets are trading higher in early action, with stocks … [Read More...]
by Larry Levin I believe that Nadine (think Saturday Nigh Live)) from … [Read More...]
The U.S. equity markets are moving higher in early action, rebounding somewhat from yesterday's sell-off that came amid … [Read More...]
Coming off yesterday's rebound, the domestic equity markets are seeing heavy pressure in afternoon … [Read More...]
by Larry Levin “But everybody’s doing it!” I was a teenager once. We … [Read More...]
After seeing some downside pressure as of late, the domestic equity markets are ticking higher in late-morning action, … [Read More...]