Monday, May 5, 2014

Will We See A Melt-Up On The Dow To 20,000 In 12 Months?

from King World News
On the heels of continued momentum in most global stock markets, today top Citi analyst Tom Fitzpatrick sent King World News two incredibly important charts and answers the question, will we see 20,000 on the Dow in the next 12 months? Below are the 2 key charts and commentary that all KWN readers around the world need to see.
Here is what Fitzpatrick had to say along with his 3 key charts: The DJIA posted a bullish outside month in April. This is only the 3rd time that has happened since the 2009 lows (July 2009 and October 2011 being the other two). The S&P barely missed a 4th bullish month since the 2009 lows (Needed to close above 1883.97 and actually closed at 1,883.95) and the 2nd this year (February being a bullish outside month in the S&P).
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Sodastream International Ltd (NASDAQ: SODA)

SodaStream International Ltd. engages in the development, manufacture, and sale of home beverage carbonation systems that enable consumers to transform ordinary tap water instantly into carbonated soft drinks and sparkling water. The company operates through four segments: the Americas; Western Europe; the Asia-Pacific; and Central and Eastern Europe, the Middle East, and Africa. It offers a range of soda makers; exchangeable food-grade carbon-dioxide (CO2) cylinders and refills; reusable carbonation bottles; and various flavors to add to the carbonated water, as well as sells additional accessories, such as bottle cleaning materials and ice cube trays. The company sells its products through approximately 60,000 retail stores in 45 countries. In addition, it distributes Brita water filtration systems in Israel.
To review Soda’s stock, please take a look at the 1-year chart of SODA (SodaStream International, Ltd.) below with my added notations:
1-year chart of SODA (SodaStream International, Ltd.)
SODA has been trading sideways for the last 2 months. Over that period of time the stock had formed a clear resistance level at $45 (blue). In addition, the stock had also created a strong level of support at $37.50 (green). At some point the stock would’ve had to break one of the two levels the rectangle pattern had created, and yesterday the stock broke through the $45.

The Tale of the Tape: Yesterday SODA broke through resistance at $45. A possible long position could be made on a pullback to $45 with a stop placed below that level. A break back below $45 could negate the forecast for a higher move.
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Top market-timer DeMark: Get ready for the next correction now

DeMark Analytics LLC founder Tom DeMark said, "If these price objectives are fulfilled, then I'm very confident we'll make a significant high."
Photo by Andrew Harrer/Bloomberg

From Bloomberg:
U.S. stocks will fall 11 percent starting as soon as next week should some price patterns come true, according to Tom DeMark, the creator of indicators to show turning points in securities.
The Standard & Poor's 500 Index (SPX) will have peaked if it closes above 1,891 on one or two instances without also falling to 1,884 in intraday trading, DeMark said in a phone interview yesterday. He made similar statements in February, saying that if certain conditions were met, U.S. stocks had reached a point resembling the time before the 1929 market crash. The S&P 500 rallied 8 percent over the next two months.
"If these price objectives are fulfilled, then I'm very confident we'll make a significant high," said DeMark, the founder of DeMark Analytics LLC in Scottsdale, Arizona, who has spent more than 40 years developing market-timing indicators. "These indexes could be topping very soon."  (more)
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GoldCore Reports Half of Italy’s Gold is Held in New York Fed Vault; Is Repatriation Possible?

by Mark O’Byrne

Today’s AM fix was USD 1,285.00, EUR 927.26 and GBP 761.03 per ounce. Yesterday’s AM fix was USD 1,283.00, EUR 924.15 and GBP 759.04 per ounce.
Gold fell $5.50 or 0.43% yesterday to $1,284.90/oz. Silver slipped $0.13 or 0.68% yesterday to $19.06/oz.
Please note GoldCore is closed for a Bank Holiday, this Monday, May 5th, reopening May 6th.
Gold remained in range bound trading yesterday and into this morning, fluctuating between $1,280 and $1,285/oz. Likewise, silver traded in a narrow band between $18.90 and $19.10/oz. The precious metals appear to be treading water while awaiting the open of New York morning trading, and the release of the latest U.S. non-farm payroll figures today.
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US Weekly Economic Calendar

time (et) report period Actual forecast previous
10 am ISM nonmanufacturing April   54.3% 53.1%
Tuesday, MAY 6
8:30 am Trade deficit March   -$39.8 bln -$42.3 bln
8:30 am Productivity 1Q   -1.1% 1.8%
8:30 am Unit labor costs 1Q   -- -0.1%
10 am Janet Yellen testimony        
3 pm Consumer credit March   -- $16.5 bln
Thursday, May 8
8:30 am Jobless claims 5/3   330,000 344,000
10 am Job openings March   -- 4.2 mln
10 am Wholesale inventories March   -- 0.5%
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