Tom Essaye, founder of the Sevens Report Research, partly credited expectations for further economic supportive measures from China for the market’s gains. “Chinese Vice Premier Hu called for more stimulus…” Click here to read the full article.
“The dominant trend remains bearish as U.S. oil supply is up more than 10% this year, and…” says Tyler Richey, co-editor of Sevens Report Research, told MarketWatch. Click here to read the full article.
Tyler Richey, co-editor of the Sevens Report sat down with Ben Lichtenstein from TD Ameritrade Network to talk about oil, corn futures, energy market and more…Click here to watch the full interview.
“There was a violent repricing of risk on Thursday after the rather disappointing global Flash PMIs discounted the argument that solid growth will continue to…” said Tyler Richey, co-editor at Sevens Report Research. Click here to read the full article.
What’s in Today’s Report:
It’s an ugly morning as futures are down about one percent as markets digest disappointment from the week’s two big events, the FOMC Minutes and the global flash PMIs.
EU flash PMIs missed estimates at 51.6 vs. (E) 51.7 but EU and German manufacturing PMIs were especially weak (47.7 & 44.3) and that’s negative for global growth.
Yesterday’s FOMC Minutes were slightly hawkish and confirmed the Fed isn’t close to a rate cut right now.
Given the soft foreign data, the key report today is the flash Composite PMI (E: 52.4). If that number is soft, it’ll further stoke worries about global growth and will be a negative for stocks. Other reports today include Jobless Claims (E: 215K) and New Home Sales (E: 680K).
Bottom line, this market is facing several headwinds and support at 2800 is now important, but should likely hold unless hopes for a Trump/Xi meeting at the G-20 meeting are dashed, or U.S. growth begins to roll over.
Tyler Richey was quoted in Bloomberg on May 20, 2019. “You’ve got some conflicting influences on the market and the price action today is pretty indicative of that…” Click here to read the full article.
Tyler Richey, co-editor of the Sevens Report said “As the developments have been digested today, the flurry of Trump tweets are being seen more as a negotiating tactic that has the potential to…” Click here to read the full MarketWatch article.
Tom Essaye, founder of The Sevens Report, said a modest but noticeable 539,000-barrel draw from the Strategic Petroleum Reserve — just the second time the US has tapped its SPR this year…Click here to read the full article.
“It’s been made clear that Trump is very serious about enforcement of the sanctions,” said said Tyler Richey, co-editor at Sevens Report Research in Palm Beach Gardens, Florida. “The question is how much will their exports fall versus how much and how quickly can Saudi Arabia and other…Click here to read the full article.
“There’s not many people who are willing to short this market. We could be near a market top…” Tyler Richey quoted in Bloomberg. Click here to read the full article.