5 Top Stock Trades for Monday: OKTA, T, STZ, TWLO

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U.S. equities were hit on Friday thanks to a surprise tariff tweet from President Trump toward Mexico. It’s got investors spooked about an escalating trade war. Let’s look at some top stock trades going into next week.

Top Stock Trades for Tomorrow #1: Okta

top stock trades for OKTA
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What a beast. Just like Veeva (NASDAQ:VEEV) — which we covered yesterdayOkta (NASDAQ:OKTA) is outperforming in a tough day on Wall Street. Shares are up 7% after reporting earnings and, also like Veeva, are running into possible channel resistance.

The thing with these high-valuation, high-growth stocks is that when they are ready to move on, they can clear prior levels and trends in a hurry to establish new ones. Fighting a bearish overall tape makes this tough to do, but it can be done.

In this case, Okta would have needed to maintain today’s highs near $120 to breakout over channel resistance. If we get a rebound next week, see if Okta can persist higher above this level. On a pullback, see if $107 to $110 can buoy the name. The latter is channel support, while the former is the 20-day moving average.

Below and $98 may be on deck, the stock’s 50-day moving average.

Top Stock Trades for Tomorrow #2: Zscaler

top stock trades for ZStop stock trades for ZS
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Zscaler (NASDAQ:ZS) has been a great trade throughout May, but now shares are breaking down. The stock fell below its breakout zone at $72.50 and Friday’s 6.5% drop is hurting too.

It’s clinging to uptrend support and has lost its 20-day and 50-day moving averages. I’m not feeling good about ZS, at least not in this market. If it can rebound and reclaim $72.50, I’ll change my mind. But below $67 could create issues. On the downside, see if it fetches a bid in the low $60s. If not, the gap-up level at $55 may be in the cards.

Top Stock Trades for Tomorrow #3: Twilio

top stock trades for TWLOtop stock trades for TWLO
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Twilio (NYSE:TWLO) has a secondary offering coming in the midst of this market mess and is still holding up. Shares ended higher by almost 4% on Friday.

I love seeing strength on a down stretch in the market. Love it. These are the names that do well when the market bottoms and buyers come back. But Twilio stock still has me concerned.

The 20-day moving average is starting to roll over, as is the 50-day. Should the former cross below the latter, it’ll signal that short-term momentum has waned, and will be exacerbated should TWLO find this conflux as resistance. Reclaiming $132.50 would negate this concern, while losing the two-day low (near $123) would confirm it.

It would force buyers to step in in the low-$120s and should the selling overwhelm them, the 38.2% retracement near $110 is the next line in the sand. I love TWLO, but keep in mind that it’s still a double from the October lows and up 450% since January 2018.

Top Stock Trades for Tomorrow #4: AT&T

 

top stock trades for Ttop stock trades for T
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AT&T (NYSE:T) has been trading really well so far in 2019. Its series of higher lows have allowed AT&T to push new 52-week highs this year. But after a slight pullback over the past few sessions, the floor gave on Friday.

The stock tumbled over 4%, with reports suggesting Amazon (NASDAQ:AMZN) — which doesn’t look so hot itself and may well test the 200-day like we’ve been waiting for — might be interested in Boost Mobile.

It seems silly for T to fall on this, but no one wants to go against Amazon…in anything.

So we’re seeing AT&T get lit up on Friday, with bulls hoping support comes into play soon. At $30.46 is the 200-day moving average, with the 38.2% retracement sitting at $30.35. Below this area and $29.50 may be the next line in the sand — although its post-earnings lows are still north of $30.

The sooner it reclaims the 50-day, the better. If not, more choppiness is to be expected.

Top Stock Trades for Tomorrow #5: Constellation Brands

top stock trades for STZtop stock trades for STZ
Click to Enlarge

Constellation Brands (NYSE:STZ) is getting hit on Friday too, down almost 6% on the day. A potentially escalating trade war with Mexico is obviously negative news for the owner of Corona, Modelo and various tequilas.

A few days ago, the 200-day moving average gave way, making Friday’s action even harder on the bulls.

If STZ can stay above $175, it opens up the possibility of shares reclaiming the 38.2% retracement at $180.50. If $175 eventually gives way as support — either in the next few days or if the 38.2% is resistance — then a test of $165 is possible. That level has attracted buyers in the past, although an escalating trade war with Mexico likely keeps STZ under pressure.

Bret Kenwell is the manager and author of Future Blue Chips and is on Twitter @BretKenwell. As of this writing, Bret Kenwell is long AMZN and T.

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What Is a SEP IRA and How Does It Work? Everything You Need to Know

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Whether you’re a freelancer, consultant or small business owner, the Simplified Employee Pension Individual Retirement Arrangement (SEP IRA) can help you and your employees save for retirement, without a 401k. In fact, a business of any size can set up a Simplified Employee Pension IRA.

Here’s your answer if you’re pondering, “What is a SEP IRA?” It’s an account that enables smaller businesses and solopreneurs to contribute to a retirement plan inexpensively and simply.

A SEP IRA account is a traditional IRA, but with distinct contribution limits.

How Does a SEP IRA Work?

The employer completes IRS form 5305-SEP. The SEP IRA must be the employers only retirement account (except another SEP).

If the employer has employees, then she sets up traditional SEP IRAs for each eligible employee. Unlike traditional and ROTH IRAs, only the employer contributes to the account, not the employee. And, the employee is always vested.

The contribution rate must be the same for all employees.

The employer can change the contribution rate at will, which is helpful for cyclical business owners.

What Are the Rules of a SEP IRA?

Who Can Set up a SEP IRA — Company Eligibility: Both incorporated and unincorporated business are eligible to set up a SEP IRA, including:

  • Sole proprietor
  • Partnership
  • LLC
  • Subchapter S
  • C Corporation

SEP IRA Employee Rules: If the employee is at least 21 years old, has worked for the employer for three of the last five years and earned at least $600 the employer must include the employee in the company plan.

At the employer’s discretion she can include employees who don’t meet the previously mentioned criteria.

How Much Can You Contribute to a SEP IRA?

The maximum contribution amount is the $56,000 for 2019 or 25 percent of the employee’s pre-tax pay, whichever is less.

Of course, the employer or solopreneur can contribute less than that amount.

If you’re a consultant and earn $180,000, you can contribute up to $45,000 into a SEP IRA. The $45,000 is 25 percent of your income. For bulking up retirement savings, the SEP IRA is a better option than the maximum $6,000 allowed for the traditional or Roth IRA contribution.

Where to Open a SEP IRA?

Most major brokerage firms offer the SEP IRA account. If you’re already banking or investing with E*Trade, TD Ameritrade or Vanguard, it’s easy enough to set up the SEP IRA.

Although, if you want a set it and forget it option for you and your employees, consider opening a SEP IRA account with a robo-advisor.

Robo-advisors do the heavy lifting for you and your employees by offering a quiz to determine the investor’s risk tolerance, goals and time horizon. Then the robo advisor creates an investment portfolio to meet the investor’s responses.

Currently, these robo-advisors offer a SEP IRA account:

  • Ellevest
  • FutureAdvisor
  • Personal Capital
  • TD Ameritrade
  • Vanguard
  • Wealthfront
  • Wealthsimple
  • WiseBanyan

Pros and Cons of a SEP IRA

The Pros of a SEP IRA: There’s a lot to like about the SEP IRA.

The account allows employers to offer employees tax deferred retirement benefit.

The self-employed have a path to shelter income from taxes and save for retirement tax deferred.

The administrative costs of a SEP IRA are low in contrast with a 401(k) plan.

A SEP IRA is easy to set up operate.

The flexible annual contribution option makes a SEP IRA ideal for businesses with uneven cash flow.

For employers, the contributions made into each employee’s SEP IRA account are tax deductible as a business expense.

The SEP formation and contributions can occur anytime before the tax-filing deadline. This is better than some comparable retirement plans.

The Cons of a SEP IRA: The employer must contribute equally for all eligible employees as long as the employee meets minimal IRS guidelines.

Employees aren’t allowed to make contributions to the plan.

Unlike many 401(k) plans, loans aren’t allowed from a SEP IRA.

Like traditional IRAs any withdrawals before age 59 ½ are taxable and subject to an additional 10 percent penalty.

SEP IRA Alternatives

Although a SEP IRA is called a Simplified Employee Pension, it’s not actually ‘simple.’ As is the case with most government and tax related programs, there are eligibility requirements and rules to follow.

If the SEP IRA isn’t for you, consider other retirement planning alternatives:

  • Traditional or Roth IRA
  • Solo 401(k)
  • Simple IRA
  • Defined benefit plan

SEP IRA Wrap up

Saving for retirement in a tax-deferred account is a no brainer. If you’re a small business owner or solopreneur, it’s easy to overlook this important financial task. The high SEP IRA contribution limits make it an ideal account for those years when your income soars. During the less-profitable years, you’re not locked into a specific contribution amount. With easy set up and low administrative fees, the SEP IRA is a convenient way to save for retirement and shelter current income from taxes.

Barbara A. Friedberg, MBA, MS is a veteran portfolio manager, expert investor, and former university finance instructor. She is editor/author of Personal Finance; An Encyclopedia of Modern Money Management and two additional money books. She is CEO of Robo-Advisor Pros.com, a robo-advisor review and information website. Additionally, Friedberg is publisher of the well-regarded investment website Barbara Friedberg Personal Finance.com. Follow her on twitter @barbfriedberg and @roboadvisorpros. As of this writing, she does not hold a position in any of the aforementioned securities.

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GBP/USD analysis for May, 31.05.2019

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GBP/USD has been trading upwards as we expected. The price did break the supply trendline and downward channel, which is sign of the strength. Watch for bull flag to confirm further upside.

White lines – downward channel

White rectangle- key support

Red horizontal line – Important resistance

We found strong break of the downward channel in the background. This is strong confirmation of the future rally. Also, the double bottom is confirmed on the H1 time-frame, which is another sign of the strength. The important swing high is broken at 1.2625 and you should watch for buying opportuntiies. The upward references is set at 1.2700. Downward references are set at 1.2600 and 1.2557.

The material has been provided by InstaForex Company – www.instaforex.com
2019-05-31 17:34:57



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Dow Jones, S&P 500, DAX 30, FTSE 100 Technical Forecast

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  • The Dow Jones slipped below the neckline on a head and shoulders pattern
  • The S&P 500 gapped beneath critical support at 2,800 and grasps for support
  • Similarly, the DAX 30 traded outside a key support trendline for the first time since December
  • The FTSE 100 trades narrowly above a key Fib level around 7,152

Dow Jones, S&P 500, DAX 30, FTSE 100 Technical Forecast

The “Sell in May and Go Away” anomaly gained steam in the latter half of the month, as the world’s largest equity markets fell beneath key support levels. Should fundamental themes remain constant, the levels will now act as resistance if a recovery effort is staged. Here are the technical levels to watch for next week.

Dow Jones Technical Forecast: Bearish

After breaking through the neckline of a nearby head and shoulders pattern, the Dow Jones is grasping for subsequent support. The 38.2% Fib level at 24,797 looks to be the first level – but if the trend of bearish gaps continues, it will soon be invalidated. Further, the level marks the top of a gap from late January that now threatens to fill.

That said, if the 24,797 level is broken, traders could expect considerable pressure down to the 24,650 area. Beyond 24,650, two 50% Fib levels around 24,325 and 24,210 should provide some buoyancy – each marking an area of support in mid-to-late January.

Dow Jones Price Chart: 4 – Hour Time Frame (February – May)

Should the Industrial Average mount a rebound, expect prior support to now pose as resistance. First and foremost, at 24,943 and the neckline around 25,200.

S&P 500 Technical Forecast: Bearish

The S&P 500 has fallen beneath critical support of its own, surrendering the 2,800 level in Wednesday trading – sparked by another opening gap lower. But unlike the Dow Jones, the S&P 500 lacks a significant area of open-air beneath, which could see further declines become more hard-fought.

Check out our Free Trading Guides for quarterly forecasts, beginner tips and more.

To that end, a confluence of Fibonacci support in the 2,715 to 2,722 range will mark the new line in the sand. Should that barrier prove insufficient, selling might gain momentum as further support becomes less clear. If breached, February’s swing-low around 2,680 will come into play.

S&P 500 Price Chart: 4 – Hour Time Frame (February – May)

SPX

How to Day Trade the S&P 500

To the topside, the 78.6% Fib at 2,772 and 2,800 will resist a concerted effort higher. Apart from horizontal resistance, the descending trendline from May highs could play a factor later in the week if the Index trades sideways or higher.

DAX 30 Technical Forecast: Bearish

After slipping beneath a trendline that guided the Index higher since late December, the DAX shares a similar outlook with the Dow Jones. A significantly lower open on Friday filled one gap from April, and another gap from late March may be next in line if bearishness continues.

View our Economic Calendar for upcoming data and events that may shake up the trading landscape.

With a Friday close marginally beneath the 61.8% Fib level at 11,735, the path of least resistance is lower – and minimal support is in place between the current price and the unfilled pocket. With that in mind, the Index could quickly trade to 11,546 – an area of confluence for two Fib support levels. Together, they mark the next area of noteworthy buoyancy.

DAX 30 Price Chart: 4 – Hour Time Frame (February – May)

DAX

If the German Index is to press higher, it will have to reclaim horizontal resistance around 11,841. The prior support trendline will also look to stall a continuation higher, but a rebound of such magnitude seems unlikely at this time.

FTSE 100 Technical Forecast: Neutral

Conversely, the FTSE 100 was able to close Friday trading narrowly above critical support. The 38.2% Fib level at 7,152 will look to keep price afloat early next week. Should other indices break lower, the FTSE will likely be dragged with them and hope for secondary support around the lows of early March at 7,085 and the Fib levels immediately below.

FTSE 100 Price Chart: 4 – Hour Time Frame (February – May) (Chart 4)

FTSE

On the other hand, the FTSE has some room to run if it looks to press higher. The first level of resistance will be marked by the 50% retracement at 7,221, followed by the support-turned-resistance trendline from December around 7,250.

–Written by Peter Hanks, Junior Analyst for DailyFX.com

Contact and follow Peter on Twitter @PeterHanksFX

Read more:S&P 500 Outlook: Investors Flee Risky Corporate Debt Amid Rout

DailyFX forecasts on a variety of currencies such as the US Dollar or the Euro are available from the DailyFX Trading Guides page. If you’re looking to improve your trading approach, check out Traits of Successful Traders. And if you’re looking for an introductory primer to the Forex market, check out our New to FX Guide.

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7 Stocks to Buy That Recently Hit Their 52-Week Highs

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When markets have large selloffs and are making new lows, I always like to check out the list of stocks that are making new highs. I do this to find new investment opportunities because I believe that if these stocks perform well in bad markets, they will probably do even better when the markets eventually turn around and are rising.

Don’t let the “fake news” financial media scare you with their gloom and doom reporting. There is always a bull market somewhere! 

Coda Octopus Group, Inc. (NASDAQ:CODA) is first one my list. Besides having a really cool name, they make really cool products. This company is in the 3D sonar business.

It is considered a defense company because they sell a lot of their products to the military. There is no doubt that they are developing some top secret technology for the Navy. Over the past year it is up about 375% and traded at a new all-time new high this month.

Biosig Technologies Inc. (NASDAQ:BSGM) also traded at an all-time high this month. The company makes medical devices that improve electrocardiograms. This company actually losses money.

It lost about $17 million last year and about $13 million in the year before. I actually looked at the financials going back to 2014 and they have lost money every year since then.

Despite the losses some investors clearly think that they will have more profitable prospects in the future. The price of the stock has doubled in price since November and made a new high in May.

Catasys Inc. (NASDAQ:CATS) has also lost money every year since 2014 but investors don’t seem to care. They must believe that the future prospects for profitability outweigh the current actual losses.

Over the past year it has appreciated by about 140%. This company provides data analytics to the healthcare industry and this could explain the reason for the optimism.

Data analytics and healthcare are two of the fasting growing industry and Catasys is involved in both of them.

Everbridge Inc. (NASDAQ:EVBG) develops software for critical event management. In other words, if something bad happens to a company’s computer infrastructure, such as being hacked, their product helps companies deal with it.

This company also losses money. In 2016 it lost 68 cents per share, in 2017 it lost 70 cents per share and last year the losses were significantly worse at $1.63 per share.

It appears to be headed in the wrong direction but investors don’t seem to care. The stock price has appreciated by about 60% over the past year.

GW Pharmaceuticals PLC (NASDAQ:GWPH) is a biotechnology company that develops products for the medical marijuana markets. This company is widely followed by Wall Street and has significant institutional investors backing it.

Yesterday, Oppenheimer upgraded it to an “outperform” rating and they raised their target price from $191 to $227. The prices of the shares are up about 80% since November and it traded at an all-time high in May.

Rent-A-Center Inc. (NASDAQ:RCII) rents things like furniture, electronics, appliances, computers and smartphones. They have retail stores throughout the country.

The company has faced some controversy over the years because they charge very high interest rates and their customers are typically lower income earners. Investors apparently do not have an issue with this. The stock price has risen about %160 over the past year.

Zynex Inc. (NASDAQ:ZYXI) designs, manufactures, and markets medical devices. They are considered by some to be the market leader in electrotherapy pain management.

This type of treatment is an alternative to opioids. Maybe this could help to end the terrible opioid epidemic that is happening across the country.

The market capitalization is only $223 million so it would be considered by most to be a small cap or microcap company. Only two Wall Street firms follow this company and they each have buy ratings on it. The price of the company’s stock has doubled since August.

As of this writing, Mark Putrino did not hold a position in any of the aforementioned securities.

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AUD/USD Rate Outlook Hinges on RBA Amid Bets for 25bp Rate Cut

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Australian Dollar Talking Points

AUD/USD appears to be stuck in narrow range ahead of the Reserve Bank of Australia (RBA) meeting on June 4, but fresh developments coming out of the central bank is likely to shake up the near-term outlook for the Aussie Dollar exchange rate amid bets for a 25bp rate-cut.

Fundamental Forecast for Australian Dollar: Neutral

AUD/USD holds above the monthly-low (0.6865) despite signs of slowing activity China, Australia’s largest trading partner, and the exchange rate may continue to congest over the coming days as the RBA insists that ‘a further decline in the unemployment rate would be consistent with achieving Australia’s medium-term inflation target.’

It remains to be seen if the RBA will reduce the official cash rate (OCR) to a fresh record-low as recent data prints indicate a robust labor market, and Governor Philip Lowe & Co. may merely attempt to buy more time as ‘the central forecast scenario remained for progress to be made on the Bank’s goals of reducing unemployment and returning inflation towards the midpoint of the target.’ In turn, more of the same from the RBA may ultimately keep AUD/USD afloat as the central bank appears to be in no rush to reestablish its rate cutting cycle.

However, it seems as though it will only be a matter of time before Governor Lowe & Co. take additional steps to insulate the economy as officials retain a dovish forward-guidance and insist that ‘without an easing in monetary policy over the next six months, growth and inflation outcomes would be expected to be less favourable than the central scenario.

With that said, the RBA may take a preemptive approach in managing monetary policy especially as the U.S. and China struggle to reach a trade deal, but the recent rebound in AUD/USD appears to be shaking up market participation, with retail sentiment coming off an extreme reading.

AUDUSD

The IG Client Sentiment Report shows65.9%of traders are now net-long AUD/USD compared to 69.4% earlier this week, with the ratio of traders long to short at 1.94 to 1. In fact, traders have been net-long since April 18 when AUD/USD traded near 0.7160 even though price has moved 3.4% lower since then.

The percentage of traders net-long is now its lowest since Apr 19 when AUDUSD traded near 0.71507. The number of traders net-long is 3.1% lower than yesterday and 12.3% lower from last week, while the number of traders net-short is 10.4% higher than yesterday and 65.7% higher from last week.

The tilt in the sentiment index offers a contrarian view as AUD/USD continues to track the bearish trend from late last year, but the jump in net-short position suggest the retail crowd is positioning for range-bound conditions as the exchange rate fails to extend the rebound from the monthly-low (0.6865).

AUD/USD Rate Daily Chart

AUDUSD

Keep in mind, the AUD/USD rebound following the currency market flash-crash has been capped by the 200-Day SMA (0.7130), with the exchange rate marking another failed attempt to break/close above the moving average in April.

In turn, AUD/USD remains at risk of giving back the rebound from the 2019-low (0.6745) as the wedge/triangle formation in both price and the Relative Strength Index (RSI) unravels, with the Fibonacci overlap around 0.6850 (78.6% expansion) to 0.6880 (23.6% retracement) still on the radar the exchange rate struggles to push back above the 0.6950 (61.8% expansion) pivot.

Next downside hurdle comes in around 0.6730 (100% expansion), but will keep a close eye on the RSI as the oscillator bounces back from oversold territory, with the development raising the risk for a larger rebound in the aussie-dollar exchange rate.

Additional Trading Resources

Sign up and join DailyFX Currency Analyst David Song LIVE for an opportunity to discuss potential trade setups.

Are you looking to improve your trading approach? Review the ‘Traits of a Successful Trader’ series on how to effectively use leverage along with other best practices that any trader can follow.

Want to know what other currency pairs the DailyFX team is watching? Download and review the Top Trading Opportunities for 2019

— Written by David Song, Currency Strategist

Follow me on Twitter at @DavidJSong.

2019-05-31 22:00:00

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XAU Breakout Trade Faces First Test

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Gold Price Weekly Outlook: XAU Breakout Trade Faces First Test

Gold has surged more than 2.8% off the yearly lows with price now testing initial resistance targets. These are the levels that matter on the XAU/USD weekly chart.

In this series we scale-back and look at the broader technical picture to gain a bit more perspective on where we are in trend. Gold prices surged more than 1.1% this week after a strong reversal off confluence support. The advance is now testing initial resistance objectives with our focus on the weekly close. These are the updated targets and invalidation levels that matter on the XAU/USD weekly price chart heading into June trade. Review my latestWeekly Strategy Webinar for an in-depth breakdown of this setup and more.

New to Gold Trading? Get started with this Free How to Trade Gold -Beginners Guide

Gold Weekly Price Chart (XAU/USD)

Notes:In my last Gold Price Weekly Outlook we noted that the, “immediate focus is on the weekly close in relation to the 1275/76 zone. From a trading standpoint, a good spot to reduce short-exposure / lower protective stops.” Price continued to respect this support threshold on a close basis for the past seven-weeks with XAU/USD briefly registering a low at 1275 on Thursday before reversing sharply higher.

The advance is now testing resistance at the 2018 open at 1302and a weekly close above this threshold is needed to suggest a more significant reversal is underway targeting the 61.8% retracement of the yearly range at 1316 and the yearly high-week close at 1327. Key confluence support remains at the 1275/76– a weekly close below is still needed to fuel another leg lower with such a scenario targeting more significant support / broader bullish invalidation at 1253/58.

For a complete breakdown of Michael’s trading strategy, review his Foundations of Technical Analysis series on Building a Trading Strategy

Bottom line:Gold prices remain constructive while above 1275/76 heading into the open of June trade with a weekly close above 1302 needed to fuel the next leg higher in price. From a trading standpoint, a good spot to reduce long-exposure / raise protective stops. Be on the lookout for weakness early in the month to offer more favorable long-entries targeting a breach of the May range. I’ll publish an updated Gold Price Outlook once we get further clarity in near-term price action. Review our latest Gold 2Q forecasts for a longer-term look at the technical picture for XAU/USD prices.

Even the most seasoned traders need a reminder every now and then-Avoid these Mistakes in your trading

Gold Trader Sentiment

Gold

  • A summary of IG Client Sentiment shows traders are net-long Gold – the ratio stands at +2.76 (81.2% of traders are long) – bearish reading
  • The percentage of traders net-long is now its lowest since May 15th
  • Long positions are 12.5% lower than yesterday and 10.7% lower from last week
  • Short positions are 15.7% higher than yesterday and 14.6% higher from last week
  • We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests Gold prices may continue to fall. Yet traders are less net-long than yesterday & compared with last week and therecent changes in sentiment warn that the current Gold price trend may soon reverse higher despite the fact traders remain net-long.

See how shifts in Gold retail positioning are impacting trend- Learn more about sentiment!

Previous Weekly Technical Charts

Learn how to Trade with Confidence in our Free Trading Guide

— Written by Michael Boutros, Technical Currency Strategist with DailyFX

Follow Michael on Twitter @MBForex

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7 Stocks for You to Profit From (Legal) Insider Trading

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Insider buying could be a powerful bullish indicator. When analyzing a company as a potential long-term investment, I always like to know the insiders are doing. It goes without saying that they probably have a much better idea of what is happening in the company than most analysts. They certainly know more about it than I do. I especially like to see what they are doing after their company stock has fallen dramatically.

I am not implying that there is anything illicit or illegal going on. When an insider wants to buy or sell their company’s stock they can as long as they follow very strict procedures. They have to file their intent to buy or sell with the SEC, and they are subject to blackout periods. These are times in which they cannot trade the stock. For example, an insider may be prohibited from buying or selling the stock in the thirty days before or after the earnings release is due to be reported.

There are many reasons why an officer or a director of a company may decide to sell their stock. They could need to raise money for things such as tuitions, divorce settlements, or bailing their delinquent kid out of jail.

But they only buy it for one reason! They believe that the stock is undervalued and eventually it will trade at a higher price where they can make a profit.

These stocks came up on my radar screen as potential buys due to the significant insider buying that has recently occurred.

U.S. Auto Parts Network (PRTS)


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U.S. Auto Parts Network Inc. (NASDAQ:PRTS) is a company that is, not surprisingly, engaged in the auto parts business. They sell their products through different websites including www.usautoparts.net and www.autopartswarehouse.com.

In 2016 the company earned $.69 a share but last year they lost 14 cents per share. This is probably why the price of the stock has fallen from $3.50 to $1 in the past two years.

Lev Peker is the CEO. He must believe that the selloff is overdone because he just invested $90,000 of his own money when he purchased 90,000 shares at $1. David Meniane just joined the company in March as CFO. He must also believe that the stock is a bargain at these prices because he just bought 100,000 shares.

Only two firms on Wall Street follow this company and they must also believe the stock is a value at these prices. They each have a buy rating on it and the average target price is $3.50.

Affliated Managers Group (AMG)


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Affiliated Managers Group, Inc. (NYSE:AMG) is an asset management company. They do not invest directly in the markets like a typical investment manager. AMG typically invests in these types of companies. They target small and growing investment management firms.

The stock of AMG has fallen dramatically over the past 18 months. A year ago it was trading around $160. It is currently trading around $90.

One would assume that the insiders of an investment firm would be able the recognize a bargain when the see it.

Hugh Culter is an Executive Vice-President. He just bought 1,133 shares at a price of $91.66. This is more than a $100,000 investment. He must be confident that the selling is overdone.

Eleven firms on Wall Street follow AMG and they seem to like it as well. The average rating is an overweight and the average price target is $115.

SunOpta (STKL)


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SunOpta, Inc (NASDAQ:STKL) engages in the production and sale of organic and non-genetically modified food and beverage products. Healthy and plant based foods is a rapidly growing business. It seems like you cant go anywhere without seeing vegan or vegetarian restaurants.

STKL used to be profitable, but since 2015 they have lost money every year. Last year it lost $1.74 a share and the four firms that follow it all think that there will be additional losses next year.

Mr. Joseph Ennen is the CEO of the company. He must believe that the prospects for the future of the company are bright. He just acquired 125,000 shares around an average price of $4.25.

Spark Energy (SPKE)


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Spark Energy Inc. (NASDAQ:SPKE) provides electricity and natural gas. The business serves both retail and commercial customers. It operates through two segments, Retail Electricity and Retail Natural Gas.

From 2015 through 2017 the company was profitable. Earnings per share during those years were 53 cents, 56 cents and $1.21. Then last year the company lost 69 cents. Maybe this is why the stock has fallen by 50% over the past two years.

Only one company follows SPKE and they believe its fairly valued. They have a hold rating on it with a $10 target price.

Keith Maxwell is a director of SPKE. He obviously likes the stock at these prices. He just invested $220,000 of his own money in it.

Cutera (CUTR)


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Cutera Inc. (NASAQ:CUTR) provides laser and energy based aesthetic systems. I really have no idea what that means but that it what they say they do. They have been around for about 20 years and are based in California.

In January CEO James Reinstein resigned after just two years. It could be because the stock lost about 60% of its value between June and December.

Maybe Daniel Plants thinks that it is a good thing that Mr. Reinstein is gone. He is a Director of the company and he just purchased 7,200 shares. At current prices that is about a $120,000 investment.

Wall Street likes this company as well. Four firms follow it. The average rating is overweight and the average price target is $21. That is about a 10% premium to where it is currently trading.

Vaalco Energy (EGY)


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Vaalco Energy Inc. (NYSE:EGY) engages in the acquisition, exploration, development and production of crude oil and natural gas. Like many companies in this field it is headquartered in Houston, Texas.

The price of EGY has fallen about 40% in just one month. At these prices the PE Ratio is only 1.10.

Two insiders have decided to take advantage of this weakness. Cary Bounds is the CEO. He just bought 6,000 shares. Alfred Knapp is a Director. He just invested $168,000 of his own money when he paid $1.68 for 100,000 shares.

This company isn’t followed by Wall Street but it seems to be headed in the right direction. In 2015 it lost ($2.72) per share. In 2016 that improved to a loss of 45 cents a share.

In 2017 the company reported a profit of $.16 per share, and last years profit was $1.62 a share.

Intrepid Potash (IPI)


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Intrepid Potash, Inc. (NYSE:IPI) produces and markets potash and langbeinite products. They sell their products in three different markets. They can be used in fertilizers for agriculture, as a component for fracking, and also as an ingredient in animal feed (yikes … all of a sudden vegetarianism seems a bit more appealing to me).

The company recently lost about 30% of its value when investors were disappointed with first quarter earnings.

Robert Jornayvaz is the Chairman, President, and Chief Executive Officer of IPI. He apparently is trying to take advantage of this selloff. He just spent $85,000 when he paid $3.27 for 85.000 shares.

The Street is mixed on this one. Five firms cover it. There is one buy rating, two holds, and three sells ratings on the stock.

As of this writing, Mark Putrino did not hold a position in any of the aforementioned securities.

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May Eurozone Inflation Report & EURJPY Price Forecast

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Eurozone Inflation Report Talking Points:

  • The initial May Eurozone inflation report is due on Tuesday, June 4 at 09:00 GMT.
  • Soft inflation readings will underscore the necessity for the European Central Bank to take dovish policy actions at the June ECB rate decision.
  • Recent changes in retail trader positioning suggest that EURJPY could decline further in the days ahead.

Join me on Mondays at 7:30 EDT/11:30 GMT for the FX Week Ahead webinar, where we discuss top event risk over the coming days and strategies for trading FX markets around the events listed below.

06/04 TUESDAY | 09:00 GMT | EUR Eurozone Consumer Price Index (MAY A)

The preliminary May Eurozone Consumer Price Index is due on Tuesday, just days before European Central Bank policymakers meet for their June policy meeting. According to Bloomberg News, the headline Eurozone inflation reading is due in at 1.3% from 1.7% (y/y), while the core reading is due in at 0.9% from 1.3% (y/y).

With inflation expectations falling precipitously in the past few weeks – since May 5, the 5y5y inflation swap forwards have declined by 10-bps from 1.404% to 1.291% – it’s seems highly likely that the May inflation report will not only be weak, but it will be used as the basis for more dovish policy action by the ECB at their June meeting.

Eurozone Inflation Expectations Have Plunged Despite Brent Oil Holding Steady

Pairs to Watch: EURGBP, EURJPY, EURUSD

EURJPY Technical Analysis: Daily Price Chart January 2018 to May 2019) (Chart 2)

eurjpy price forecast, eurjpy technical analysis, eurjpy price chart, eurjpy chart, eurjpy price

The bearish breakout from the symmetrical triangle continues to drive EURJPY prices lower. Price has closed below the daily 21-EMA every session since April 23, and the drop to fresh yearly lows at the end of May portends to more weakness at the start of June.

From a momentum basis, there is no reason to be bullish. EURJPY price is below the daily 8-, 13-, and 21-EMA envelope. Meanwhile, both daily MACD and Slow Stochastics continue to trend lower in bearish territory; the latter of which has sustained an oversold condition, typically a sign of strong bearish momentum. The rising trendline from the 2012 and 2016 swing lows is now in focus near 120.50.

IG Client Sentiment Index: EURJPY (May 31, 2019) (Chart 3)

igcs, ig client sentiment index, igcs eurjpy, eurjpy price chart, eurjpy price forecast, eurjpy technical analysis, eurjpy technical forecast

EURJPY: Retail trader data shows 71.8% of traders are net-long with the ratio of traders long to short at 2.55 to 1. In fact, traders have remained net-long since Apr 25 when EURJPY traded near 125.814; price has moved 3.8% lower since then. The number of traders net-long is 2.4% lower than yesterday and 2.9% lower from last week, while the number of traders net-short is 33.8% lower than yesterday and 27.4% lower from last week.

We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests EURJPY prices may continue to fall. Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger EURJPY-bearish contrarian trading bias.

FX TRADING RESOURCES

Whether you are a new or experienced trader, DailyFX has multiple resources available to help you: an indicator for monitoring trader sentiment; quarterly trading forecasts; analytical and educational webinars held daily; trading guides to help you improve trading performance, and even one for those who are new to FX trading.

— Written by Christopher Vecchio, CFA, Senior Currency Strategist

To contact Christopher, email him at cvecchio@dailyfx.com

Follow him in the DailyFX Real Time News feed and Twitter at @CVecchioFX

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Dow Jones Today: A Miserable May Ends in Miserable Fashion

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With the benefit of hindsight, the old adage about selling in May and going away proved to be good advice this year. As has been the case for much of this month, trade wars sank stocks on Friday as the Nasdaq Composite and the S&P 500 slipped by 1.5% and 1.3% while the Dow Jones Industrial Average dropped 1.4% today.

Source: Shutterstock

Chinese retaliatory tariffs on over 5,100 U.S.-made products go into effect June 1. Beijing boosted tariffs on the U.S. imports to 20% to 25% from a previous range of 5% to 10%. However, those were not the tariffs that really roiled markets on Friday.

The White House announced tariffs on Mexican imports to the U.S., slated to start at 5% on June 10 and rising to 25% until Mexico steps up to help the U.S. with the illegal immigration issue.

“Washington will impose a 5% tariff from June 10, which would then rise steadily to 25% until illegal immigration across the southern border was stopped, President Donald Trump tweeted late on Thursday,” reports Reuters.

A Sea Of Red in the Markets

At the close on Friday, all of the members of the Dow Jones Industrial Average were trading lower, making it easy to find offenders for May’s final trading session. While some Dow Jones components were bigger losers on the day, Exxon Mobil (NYSEARCA:XOM) and Chevron (NYSE:CVX) each lost more than 1% as oil prices dropped.

Adding to the woes for the two largest U.S. oil companies are the aforementioned Mexico tariffs. Tariffs on Mexican oil could be a negative for U.S. refiners. As integrated oil giants, Exxon and Chevron have major refining operations.

“Mexico sends 600K-700K bbl/day of oil to the U.S., mostly to refiners that process the crude into gasoline, diesel and other products, while Mexico buys more than 1M bbl/day of U.S. crude and fuel, more than any other country,” according to Seeking Alpha.

As was noted here yesterday, Verizon Communications (NYSE:VZ) was slammed Thursday after UBS lowered its rating on the stock to “neutral” from “buy.” That now looks like a prescient call because shares of Verizon and rival AT&T (NYSE:T) were drubbed Friday on reports that Amazon (NASDAQ:AMZN) could be looking to enter the wireless telecommunications business.

Another potential area of concern amid the Mexico tariffs is medical device makers. While no Dow component is a dedicated medical device manufacturer, Johnson & Johnson (NYSE:JNJ) has a big footprint in this space.

That industry “relies on Mexico for 15% of its imports and 7% of its exports,” according to Barron’s. The iShares U.S. Medical Devices ETF (NYSEARCA:IHI) traded lower today.

Bottom Line on the Dow Jones Today

The Dow Jones Industrial Average lost more than 5% this month, so the bottom line is May was a brutal month and investors are right to be glad it is in the books. However, if seasonal trends hold true to form, there could be June gloom.

Over the past 20 years, the S&P 500 has averaged a June decline of 0.7%, making the sixth month of the year the second-worst month in which to be long stocks.

In terms of sectors that historically perform well in June, it is, not surprisingly, defensive fare. Utilities and healthcare are usually the best-performing groups in the S&P 500 in June. Those are the only two sectors that average positive returns in the sixth month of the year.

As of this writing, Todd Shriber does not own any of the aforementioned securities.

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10. WiFi Routers review|