Almost two years ago, on September 12th 2016, we published an article about a little known oil refiner, whose stock price had plummeted by over 82% in just over three years. The company’s name was CVR Energy Inc. and its crash of course coincided with the great selloff in crude oil prices. And while others…
Glencore’s Subpoena Plunge in Elliott Wave Context
Glencore, the world’s largest cobalt miner, plunged by as much as 13% in intraday trading on Tuesday after the news spread that the company has received a subpoena from the U.S. Department of Justice. Authorities are requesting documents regarding Glencore’s business in Congo, Venezuela and Nigeria as the company is under suspicion of corrupting government…
Bank of America Deserves a Higher Valuation
Bank of America is having a great year so far. The mega bank beat earnings and revenue estimates in the first quarter and was one of the top performers during the Fed’s recent stress test, which allowed it to boost its dividend by 25% and further support its share buyback program. In addition, the company…
Canadian National Railway Afraid of NAFTA Breakup?
President Donald Trump has repeatedly criticized the North American Free Trade Agreement between Mexico, the United States and Canada. The White House recently announced that the deal would need to be renegotiated to include better terms for the U.S. What that means exactly remains to be seen, hopefully within the next two weeks, but given…
EURCHF Vulnerable to Bearish Attacks
EURCHF fell to 1.1447 on February 8th, but has been steadily recovering ever since. By March 28th, the pair was already testing the resistance near 1.1800, but could not breach it from the first try and fell to 1.1732 earlier today. Should we expect the next attempt soon, or maybe the bulls would need more…
DJIA Bulls Still Alive After Two Months of Slaughter
DJIA bulls have not been in a good shape during the last two months, to say the least. The index registered its all-time high of 26 617 on January 26th, 2018, but has been in tailspin ever since, falling to as low as 23 360 on February 9th. After a swift but short-lived recovery to 25…
USDCAD Bears Land a Heavy, but Predictable Punch
1.2900 has been a tough nut to crack for USDCAD bulls. First, they failed to breach it in late-October 2017. Then they tried again a month later, but the attempt was once again unsuccessful. The third try was in mid-December 2017, but after a swift touch of 1.2921, the pair plunged to as low as…
Amgen Stock in Trouble, Despite Strong Results
Amgen Inc. (NASDAQ:AMGN) reported its full year 2017 results on February 1st. On a non-GAAP basis, the California-based biotech giant earned $12.58 per share, an 8% increase from 2016. But instead of celebrating another year of strong business performance, investors punished Amgen stock, which fell from an all-time high of $201.22 to $168.45 between January…
USDHUF Close to Major Elliott Wave Support
Surprisingly or not, the U.S. dollar has been losing ground not only to its major rivals like the Euro and the Japanese yen, but against the Hungarian Forint, as well. USDHUF reached 302.22 on December 15th, 2016. A year later, it was hovering near 260.00 and before the end of January 2018, the pair fell…
Interpublic, Omnicom to Make Hedge Funds Happy
Facebook and Google are disrupting the advertising business in a way most companies in the industry never thought possible. To make things worse, large consumer companies such as Procter & Gamble and Kraft Heinz have reduced their marketing spending. As a result, traditional advertising companies face slowing revenue growth and uncertain future. Just what hedge…
Disney Stock to Finally Escape from Its Prison
Walt Disney stock reached its all-time high of $122.08 on August 4th, 2015, and has been a one of the most boring stocks in the market ever since. The share price has been lingering between $122 and $86 for almost three years now. The last time we wrote about it, Disney stock was trading slightly…
Nikkei Bears Only Getting Warmed Up
The last time we wrote about the Japanese Nikkei 225 index (NKY) was October 18th, 2017. While the price was hovering around 21 360, the weekly chart of the benchmark allowed us to recognize a worrisome Elliott Wave pattern, suggesting the bulls should be able “to reach 23 000 or maybe even 24 000“, but…
Litecoin Bulls Searching for Fibonacci Support
Litecoin, the fifth largest cryptocurrency by market cap, reached its all-time high in mid-December, 2017, accompanied by most other virtual tokens, including the biggest one in the face of Bitcoin. The following crash, which erased almost 70% of Bitcoin’s market cap, wiped out over 71% of Litecoin’s capitalization after the price dropped from over $370…
Dollar Index Bulls to Stop the Bleeding
2018 did not start well for the U.S. dollar, which fell against most of its rivals such as the Euro and the Japanese yen. As a result, the dollar index (DXY) did not shine as well. It fell to as low as 88.25 by mid-February before recovering to 90.23 a week later. The question we…
DJIA Worst Day Ever in Elliott Wave Context
The DJIA fell by 1175 points on Monday, marking the worst daily decline in its entire 122-year history. In percentage points, however, yesterday’s selloff was not as big as Black Monday‘s 508-point crash on October 19, 1987, but it was still big and fast enough to make some investors wonder if this is the end…
