Monday, February 9, 2015

This Week in Money – Ross Clark on Gold, Oil, Canadian Dollar, and David Gurwitz on Investment Cycles

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Petroleo Brasileiro Petrobras SA (NYSE: PBR)

Petróleo Brasileiro S.A. Petrobras operates as an integrated oil and gas company in Brazil and internationally. As of December 31, 2013, the company had proved developed oil and gas reserves of 7,605.8 million barrels of oil equivalent (mmboe) and proved undeveloped reserves of 4,934.5 mmboe in Brazil. Petróleo Brasileiro S.A. – Petrobras was founded in 1953 and is headquartered in Rio de Janeiro, Brazil.
Take a look at the 1-year chart of Petróleo (NYSE: PBR) below with added notations:
1-year chart of Petróleo (NYSE: PBR)
After a consistent decline in December, PBR has been trading sideways over the last 2 months. During the sideways move the stock has formed a common pattern known as a rectangle. A minimum of (2) successful tests of the support and (2) successful tests of the resistance will give you the pattern.
PBR’s rectangle pattern has formed a resistance just below $8 (blue) and a $6 support (red). At some point the stock will have to break one of the two levels.

The Tale of the Tape: PBR is trading within a rectangle pattern. The possible long positions on the stock would be either on a pullback to $6 or on a breakout above $8. The ideal short opportunities would be on either a break below $6 or on a rally back up to $8.
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Warning: 5 Popular Stocks You Need to Consider Selling Now: SanDisk (NASDAQ: SNDK), Wynn Resorts (NASDAQ: WYNN), Halliburton (NYSE: HAL), Caterpillar (NYSE: CAT), First Solar (NASDAQ: FSLR)

These are five of the most widely owned stocks in the market. You have, without a doubt, heard of most of them, and it's very possible you even own a few.

Despite being featured prominently in the media and being held by some of the world's top investment gurus, I wouldn't touch any of them with a 10-foot pole. (more)

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7 Terrifying Warnings That The Greek Disaster Is Now Set To Catapult The World Into A Global Meltdown

7 Terrifying Warnings That The Greek Disaster Is Now Set To Catapult The World Into A Global Meltdown / February 08, 2015
With more dramatic and market-shaking news coming out of Greece, here are 7 terrifying warnings that the Greek disaster is now set to catapult the world into a global meltdown.  These 7 crucial warnings all indicate that this crisis now has world heading toward a catastrophic outcome.
Paul Craig Roberts warned King World News that the Greek cisis is a game-changer for the entire world
“Defy Us And We Will Destroy You”
Tsipras stated that the new Greek government does not intend a “catastrophic clash” with its creditors, only an acceptable amelioration of the unreasonable conditions imposed on Greece, in order that Greece can give some satisfaction to its private bank creditors and also avoid social, political and economic instability in Greece.
Against this reasonable statement, Bloomberg reports that the new Greek cabinet contains communists who favor closer ties with Russia. To remind the newly elected Greek government of the whip that is held over Greek financial markets, Greek bond and stock prices were assaulted and driven down.
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US Weekly Economic Calendar

time (et) report period ACTUAL CONSENSUS
10 am Labor market conditions index Jan.   -- 6.1
9 am NFIB small business index Jan.   -- 100.4
10 am Job openings Dec.   -- 5.0 mln
10 am Wholesale inventories Dec.   -- 0.8%
2 pm Federal budget Jan.   -- -$10 bln
8:30 am Weekly jobless claims Feb. 5
-- 278,000
8:30 am Retail sales Jan.   -0.6% -0.9%
8:30 am Retail sales ex-autos Jan.   -0.7% -1.0%
10  am Business inventories Dec.   0.2% 0.2%
8:30 am Import price index Jan.   -3.5% -2.5%
9:55 am Consumer sentiment Feb.   98.4 98.1
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