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Nvidia bottoming out?

Nvidia has been on a downtrend for 9 whole months with from a high of 18.55 to the current price of 9.87, representing a whooping 50% discount! However at the 24 PE, it would seems rather expensive. If the earnings improve next quarter, it would be a different story.

Technical wise, it is still on a downtrend. But I believe a sideway trend might be  forming as it is not within the influence of downtrend line with bullish divergence seen on various indicators.

Jim Cramer has also been advocating a buy for this counter due to the discount from the recent high. Nvidia definitely needs to improve its earnings. The semi-conductor industry seems to be bottoming. Texas Instrument performing better than Intel which really surprises me.

The issue with buying tech stock is the risk of being outplayed by destructive and innovative companies. The cost is high due to R&D expenditures to improve their leadership. Will the company able to come out with better products and yet improving their bottom line is the ultimate question.

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US Consumption supported by wage bill

[fxstreet] Non-farm payroll employment decreased 131,000 in July with the loss of 143K temporary Census jobs. The private sector created only 71K jobs. This is disappointing from our standpoint since we were expecting twice this amount of private job creation. However, the July job report must be put into perspective. Private average weekly hours rose 0.3% while private average hourly earnings were up 0.1%. It may seem small numbers at first glance but these apply to 107.7 millions of U.S. private workers. This means that despite the poor headline number, the U.S. wage bill was up a strong 0.5% m/m in July. As today’s Hot Charts shows, with only one month in the quarter, the wage bill is already growing at a 2.3% clip in Q3, meaning no retrenchment in consumption. That said, the 3-month moving average of private job creation slowed down from 150K recently to only 50K in July. To avoid a disinflationary environment, the U.S. economy must create more jobs than the increases in labour force in order to bring back down the unemployment rate. Recent private job creations are simply not high strong enough to achieve this goal. While this morning’s report does not point to a double dip of the U.S. economy, it certainly gives the Fed more reasons to seek further boosting the economy.

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Employment the leading indicator?

[Zero Hedge]

The week ended July 31 saw 479K initial jobless claims, obliterating the expectation of a minor improvement of 455K from the prior week’s 460K (revised from 457K). Continuing claims continue rising, and are now at 4537K versus expectations of 4515K. We are certain that this latest horrendous economic data point will be spun positively in 3….2….1…. (in the meantime the ongoing US collapse is about to drag the USDCAD back to parity).

The only silver lining: those who had previously fallen of insurance lists, are now back to collecting subsidies from the government, as the ranks of those collecting EUC and Extended Benefits increased by 257K in the week ended July 17, courtesy of Obama’s most recent “communism-lite” stimulus.

Seems like too much good news has been factored in and now the bad news starts leaking one by one.

Categories: economy, us Tags: ,

Will history repeat?

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Jaw-dropping intra-day market movement

NYSE was down 1000 points! before recovering 500 points to now -347.80. So was it a trader error?

Categories: market, news, Uncategorized, us Tags: , ,

US tank!

As of now, Dow has went down 2% and NASDAQ 2.77%! This is what happen when the stock juz go one direction without correction.

If memory did not fail me, I think 20dma and 20wma is broken, it’s good shorting opportunity using trendlines.

Time to look for shorting opportunities! Market might be very violent. Better to keep a tight stop loss. Look for downtrending counter with lower high. Preferably with MACD line before 0.

Categories: daily, djia, market, stock, us Tags: , ,

Alert: Will 6.90 hold for NYSE:UNG?

Looking at UNG daily candlestick, it look really bearish. If it break, downtrend will resume.

8% lost in a single day accompanied by high volume in 30 min chart. It doesn’t really look good.