LEIBOVIT VR NEWSLETTERS - THURSDAY - MAY 9, 2024

https://www.howestreet.com/2024/05/us-marijuana-stocks-going-sky-high-mark-leibovit/

NEXT UPDATE POSTED THIS WEEKEND

WHO IS MARK LEIBOVIT?

MARK LEIBOVIT is Chief Market Strategist for LEIBOVIT VR NEWSLETTERS  a/k/a VRTrader.Com. His technical expertise is in overall market timing and stock selection based upon his proprietary VOLUME REVERSAL (TM) methodology and Annual Forecast Model.

Mark's extensive media television profile includes seven years as a consultant ‘Elf’ on “Louis Rukeyser’s Wall Street Week” television program, and over thirty years as a Market Monitor guest for PBS “The Nightly Business Report”.  He also has appeared on Fox Business News, CNBC, BNN (Canada), and Bloomberg, and has been interviewed in Barrons, Business Week, Forbes and The Wall Street Journal and Michael Campbell's MoneyTalks.

In the January 2, 2020 edition of TIMER DIGEST MAGAZINE, Mark Leibovit was ranked the #1 U.S. Stock Market Timer and was previously ranked  #1 Intermediate U.S. Market Timer for the ten year period December, 1997 to 2007.

He was a 'Market Maker' on the Chicago Board Options Exchange and the Midwest Options Exchange and then went on to work in the Research department of two Chicago based brokerage firms.  Mr. Leibovit now publishes a series of newsletters at www.LeibovitVRNewsletters.com.   He became a member of the Market Technicians Association in 1982.

Mr. Leibovit’s specialty is Volume Analysis and his proprietary Leibovit Volume Reversal Indicator is well known for forecasting accurate signals of trend direction and reversals in the equity, metals and futures markets. He has historical experience recognizing, bull and bear markets and signaling alerts prior to market crashes. His indicator is currently available on the Metastock platform.

His comprehensive study on Volume Analysis, The Trader’s Book of Volume published by McGraw-Hill is a definitive guide to volume trading.  It is now also published in Chinese.  Mark has appeared in speaking engagements and seminars in the U.S. and Canada

Stocks showed a lack of direction over the course of the trading day on Wednesday, extending the lackluster performance seen during Tuesday's session. Despite the choppy trading, the Dow closed higher for the sixth straight day, reaching its best closing level in over a month.

The major averages eventually finished the day mixed. While the Dow climbed 172.13 points or 0.4 percent to 39,056.39, the S&P 500 edged down 0.03 points or less than a tenth of a percent to 5,187.67 and the Nasdaq dipped 29.80 points or 0.2 percent to 16,302.76.

The choppy trading on Wall Street came amid lingering uncertainty about the outlook for interest rates following Tuesday's remarks by Minneapolis Federal Reserve President Neel Kashkari.

Kashkari suggested interest rates may need to remain at current levels for an "extended period" and said he couldn't rule out another rate increase.

The Federal Reserve is still widely expected to lower rates sometime in the third quarter, however, with CME Group's FedWatch Tool currently indicating an 83.5 percent chance rates will be lower by September.

Traders may also have been reluctant to make more significant moves amid another relatively quiet day on the U.S. economic front.

A report on weekly jobless claims may attract attention on Thursday, while the University of Michigan is due to release its preliminary reading on consumer sentiment in May on Friday.

Among individual stocks, shares of Uber Technologies (UBER) moved sharply lower after the ride-hailing giant reported an unexpected first quarter loss on weaker than expected booking revenue.

Cloud communications company Twilio (TWLO) also came under pressure after reporting first quarter results that exceeded estimates but providing disappointing second quarter revenue guidance.

Meanwhile, ride-hailing company Lyft (LYFT) showed a strong move the upside after reporting first quarter results that exceeded analyst estimates on both the top and bottom lines.

Sector News

Reflecting the lackluster performance by the broader markets, most of the major sectors showed only modest moves on the day.

Networking stocks showed a strong move to the upside, however, with the NYSE Arca Networking Index climbing by 1.1 percent.

Arista Networks (ANET) helped lead the sector higher, surging by 6.5 percent after reporting better than expected first quarter results.

Tobacco and telecom stocks also saw notable strength on the day, while biotechnology and commercial real estate stocks moved to the downside.

Other Markets

In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance during trading on Wednesday. Japan's Nikkei 225 Index slumped by 1.6 percent and China's Shanghai Composite Index slid by 0.6 percent, while South Korea's Kospi climbed by 0.4 percent.

Meanwhile, the major European markets all moved to the upside on the day. While the French CAC 40 Index advanced by 0.7 percent, the U.K.'s FTSE 100 Index and the German DAX Index rose by 0.5 percent and 0.4 percent, respectively.

In the bond market, treasuries gave back ground after moving notably higher over the past several sessions. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, rose 2.9 basis points to 4.492 percent.

Looking Ahead

Trading on Thursday may be impacted by reaction to the Labor Department's report on initial jobless claims in the week ended May 4th along with the latest earnings news.

BRICS Continues Stockpiling Gold in Massive Numbers -Watcher.Guru

The BRICS' voracious appetite for gold is great for the price of the yellow metal, but it's terrible news for the future of the dollar. This is just another part of their strategy to de-dollarize the globe. These nations see more trouble ahead for the US economy and are shoring up their holdings with gold to protect themselves against it.

by Joshua Ramos

love goldThe BRICS economic alliance has continued its ongoing strategy of stockpiling gold in increasing quantities. Indeed, the collective has sought to increase its gold holdings, with China currently on a 17-month purchasing streak.

The increased holdings of the metal by the collective should only increase its value. Throughout the year so far, gold has been surging in price. It most recently reached an all-time high last month, when it reached $2,431. Those prices should only increase as central banks show no sign of slowing down their purchasing practices.

Throughout the last year, the BRICS economic alliance has driven a global shift. Specifically, this has been rooted in collective de-dollarization practices, which have manifested more so in its diversification efforts. Subsequently, many of those have been shared by other central banks.

Yet, that doesn’t appear to be slowing down any time soon, as the BRICS bloc continues to stockpile gold in record numbers. Additionally, the acquisition strategy of these countries may only increase amid these efforts.

China, in particular, has been leading gold demand, which has equated to increasing prices. Speaking to the New York Times, Metalsdaily.com chief executive Ross Norman discussed the nation as the catalyst for increasing gold prices this year. 

 

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BRICS: Economist Predicts One Final Rally Before the Markets Crash 50% -watcher.guru

by Vinod Dsouza

yield curveSpeculations of a recession have been looming large since 2022 as economists have been repeatedly warning about an upcoming market crash. According to economists, the crash could be more severe than the 2008 economic crisis and replicate the worst recession since 1929. If the market crashes, BRICS will benefit as the US economy will suffer the consequences of their own making. The uncontrolled debt of $34.4 trillion is spiraling leading to other developing countries ditching the US dollar for global trade.

On the heels of the BRICS alliance looking to dominate the world’s financial sector, a macro economist shared his views that the US markets could rally one last time before tanking 50% or more. This time around, not all countries will be affected if the US economy crashes as developing countries are increasingly accumulating gold in their reserves. BRICS countries have been the largest buyers of gold since 2022 and are safeguarding their economies from a potential US market crash.

US macroeconomist Henrik Zeberg warned that the American markets could replicate the Great Depression of 1929 in 2024. He listed the observations pointed out by the Game of Trades, which shows similar chart patterns that led to previous market crashes. The BRICS alliance is hoping for the US market to crash to further strengthen its de-dollarization agenda

 

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