“Fundamental dynamics have shifted in favor of the bears this week with a huge build in commercial crude oil stocks and news that Saudi Arabia and Russia made a private agreement weeks ago to increase output to help offset the declining exports from Iran,” said Tyler Richey, co-editor of the Sevens Report.
The Federal Reserve appears ready to hike interest rates Wednesday for the third time this year, as the central bank responds to rising inflation and robust hiring by U.S. employers. “Something pretty significant would have to happen for the Fed not to hike in December,” said Tom Essaye, founder and editor of The Sevens Report.
Trade tensions have hit certain commodities more, with copper one of the commodities to fall. Prices are down 22 percent year-to-date.
“The stock market is relentless in asking the question, ‘What’s next?’ ” says Tom Essaye, founder of the “Sevens Report,” on USA TODAY, September 10, 2018.
“Yesterday’s tech weakness, even if it just part of a healthy pullback in an extended sector, does set up a potential danger spot for stocks over the coming days,” says Tom Essaye of The Sevens Report, noting tech has powered stock gains this year even in the face of trade uncertainty.
“Gordon largely turned out to be a non-event for the energy market” and more says Tyler Richey of the Sevens Report.
“Gasoline and heating-oil futures are still in the driver seat of the energy markets, after early week rallies due to [Gulf storm] Gordon have steadily come unwound since the short trading week started on Tuesday,” Tyler Richey, co-editor of the Sevens Report, told MarketWatch.
Oil prices settled on Wednesday at their lowest levels in about a week, read Tyler Richie’s take on Market Watch about this and more.
Aug. 29, 2018 – 3:35 – Sevens Report Founder Tom Essaye discusses the S&P 500’s bullish run and the U.S.-China trade debacle.
“In March, we had four areas of trade uncertainty: Mexico, China, Europe and Canada. I think Canada will be resolved and Europe and Canada are already resolved,” said Tom Essaye, founder of Sevens Report, on CNBC.