“Lawyers, Judges Modify the View That Adverbs Are Mostly Bad; The Maligned Part of Speech Has Friends In High Court; Don’t Tell Stephen King”

“Lawyers, Judges Modify the View That Adverbs Are Mostly Bad; The Maligned Part of Speech Has Friends In High Court; Don’t Tell Stephen King”: Jacob Gershman will have this article in Wednesday’s edition of The Wall Street Journal.

How Appealing

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Public Opposition Forces High Electricity Prices in Hawaii

In 1993 the Puna Geothermal Venture power plant opened in the state of Hawaii and established the state as a leader in geothermal technology as an early adopter. The plant is designed to take advantage of the incredible heat generated by the largest volcano on earth, Mauna Loa. It has been over two decades since […]

Environmental Management & Sustainability News

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New High Market Update and Stock Scan Sept 18

Perhaps not surprisingly, the stock market pushed yet again to another intraday high today as the non-stop bullish uptrend continued.

Let’s take a look at our current S&P 500 levels, Sector Breadth, and note the top trending stocks of the day:

Yesterday’s Fed Day simply spurred additional buying pressure into the market – initially from bulls/buyers and then from frustrated short-sellers (buying-back to cover losing positions) and the bullish money flow continued into today’s session.

Price has compressed distinctly around the 2,009/2,010 target level and we’ll be on guard for a breakout or price expansion from this key index level.

Not surprisingly, Sector Breadth is very Bullish:

Like yesterday, strength developed in the Offensive Sectors and we’re seeing that same pattern again during today’s bullish session.

Our strongest sectors are Technology with Health Care while relative strength still concentrates in the offensive names (like Financials and Industrials).

Our weakest sectors are the defensive/bearish Utilities and Energy (that’s also bullish).

Potential bullish trend day continuation (buy retracements) stocks include the following:

Dupont Denemours (DD – top spot for a second day in a row), CME Group (CME), Goldman Sachs (GS), and Wynn Resorts (WYNN).

Today’s downtrending stock scan includes the following bearish candidates today:

Consol Energy (CNX), Peabody Energy (BTU), Dollar General (DG), and QEP Resources.

Follow along with members of the Daily Commentary and Idealized Trades summaries for real-time updates and additional trade planning.

Corey Rosenbloom, CMT

Afraid to Trade.com

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Corey’s book The Complete Trading Course (Wiley Finance) is now available along with the newly released Profiting from the Life Cycle of a Stock Trend presentation (also from Wiley).

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USDJPY Breaks 2014 High: Ready for 120?

After a large consolidation (entire 2014), the USDJPY has posted several daily candles above the monthly top of 105.44. Certainly there were and are no hints of any apparent weakness during the breakout.

From a previous article we already know that the USDJPY could offer a 1500 pip breakout potential. With the current proper breakout in place, how will traders be able to capitalize on massive upside potential?

Option 1: patience. This trait is often a useful and rewarding characteristic for traders. It is appealing to “jump” into a trade and attempt to capitalize on it NOW. But in a decent number of cases, price makes a retracement and offers a discount to traders. Therefore, the alternative is waiting for a retracement back to the breakout level and either taking a long at that level (105.44ish) OR seeking confirmation of a bounce at the broken resistance (now potential support).

Option 2: jumping in the break. Such a breakout could attract a lot of attention and push the USDJPY to an impulsive breakout. In that case a hook back to the broken resistance could not occur. Taking a long here would “guarantee” a piece of the action, but there is a chance that price could retrace and place the trade into negative for a while.

Option 3: implementing a scale-in strategy where a trader implements half of option 1 and half of option 2; maybe combining the strengths of both options.

No matter which option is chosen the stop loss placement is a straight forward process. The stop loss should not be placed above the broken top because price could make a retracement. The best level at the moment is below this week’s initial low (104.99). Although in theory this week’s low could end up at a lower spot, it seems unlikely that this week’s low will be challenged without causing a reversal or retracement.

The main weekly target is at 110.90 which is the -27.2 target of the large bullish swing high and swing low (purple Fib). There will be minor targets along the way such as the -27.2 at 107.75 (blue Fib).

It is primarily the USD which is gaining the most terrain against the JPY. Other Yen pairs are not as interesting, mainly because the USD is also in a trend versus the EUR, GBP, and NZD (AUD remains in a consolidation). Hence, it is an easy way of (de)selecting pairs.

Although it is not as interesting as the USDJPY, I still want to present one more JPY pair which is the NZDJPY. Let’s review.

The main reason for my interest is the break of a big top (red line). The NZDJPY closed with a daily candle above the resistance layer and near the daily high (bulls did not lose control), which indicates a good breakout candle (purple) and price is gaining momentum vis-à-vis the Yen. It also broke an ascending wedge chart pattern (light orange) to the upside.

This breakout could have a decent wide open space (blue) till the next resistance (dark red). Any stop loss (orange) is best placed below the bottom.

What are your targets on the UJSDJPY and NZDJPY? Are you planning to trade them? Looking forward to your comments!

Happy Trading

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China’s Outbound Direct Investment Reaches Record High

China was the world’s third largest investor for the second year in 2013, according to state news agency Xinhua. Outbound direct investment (ODI) from China reached a record high of $ 108bn (£66.98bn) last year, a 22.8% rise on ODI made in 2012, the agency said. Meanwhile, on Sunday the government said it would relax rules for Chinese companies making overseas investments.

The new rules will take effect on October 6. Published by the Ministry of Commerce on Sunday, Xinhua said the new procedures for domestic companies were “aimed at allowing more freedom for outbound investment”.

At the moment, any overseas investment project worth more than $ 100m needs to be approved by the ministry. However, any investments made into projects overseas “in sensitive countries or regions, as well as in sensitive industries” would still require approval by the government, the agency said.

BBC

MarketPulse

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Week in FX Asia – USD/JPY Touches Six Year High

• USD/JPY Rises to 6 year high


• Japan PM Reshuffles Cabinet


• Bank of Japan maintains positive economic view after meeting

The USD/JPY continued its upward trend even after the disappointing Non Farm Payrolls numbers did take a bit out of the USD on Friday. The decision by the European Central Bank to cut rates and introduce asset back securities purchases had more impact than the US employment figure coming in under expectations. The USD had a steady pace the whole week. The setback on Friday proved to be minor, although it has implications in how soon the Fed will raise interest rates which could further depreciate the JPY.

The week started for the USD/JPY at 104.20 and the dollar never looked back after the central Banks of Australia, Canada, England and Japan made no changes to their monetary policies. Europe continues to be caught in a deflationary spin and ECB President Draghi is running out of options. After announcing last month that they have selected BlackRock as their asset back securities consultants they announced that they will launch a program like QE, but without the sovereign implications.

The announcement boosted the USD across the board as the ECB provided action to their rhetoric of low rates for longer. The Bank of Japan did that last year in March, but has stuck to words rather than economic action since then. The sales tax needed to be higher if Japan wants to achieve fiscal health, but it puts the nascent economic recovery in jeopardy.

PM Shinzo Abe gets a do over in one of his more criticized moves after assuming the role. His cabinet had a far right leaning this of course did not help matters with China. Now Abe is replacing 12 of his 18 member cabinet with appointments to China friendly diplomats although the tension between the two countries will continue as Japan revisionist history minimizes the war crimes committed against China and Korea, now two of its most important trade partners.

Shinzo Abe’s main partner on the economic front continues to be Bank of Japan Governor Haruhiko Kuroda. The central banker continues to be optimistic about Abenomics’ inflation targets. The sales tax hike introduced in April has had a negative effect in the pace of the economy. It has gone from a transitory ailment, to something that could be more permanent, yet Kuroda is not convinced is here to stay and is onboard to keep to the schedule to increase again in December.

Next Week For Asia:

The week that ended focused heavily on the Western hemisphere. In particular central banks enjoyed a lot of attention and while the BoE issues no changes. The ECB started to cave in to the outside and inside European pressures building in the market.

Next week China will issue new loans figures. Given the rise of shadow banking in China, it is an important indicator on how the financial system matures in the Asian nation. Inflation and Producer Prices will be released as well.

The Reserve Bank of New Zealand will issue a rate decision. Having already hiked a couple of times it is unlikely that they will need to further adjust the benchmark rate. The current rate is expected to stay unmoved at 3.5%

The Bank of Japan will issue the minutes from its policy meeting. The sales tax impact has already been hinted by Kuroda, but the central bank remains steadfast in maintaining their positive assessment of the economy. The published minutes will not break with the previous speeches from Governor Kuroda.

After the roller coaster week that had a Russia-Ukraine escalation and ceasefire and the ECB finally announcing their asset backed securities program to try and get Europe back into growth territory next week’s schedule seems tame in comparison.

As someone who is starting to divide opinion on the global policy maker circuit Bank of England Governor has enjoyed both the title “rockstar” and “unreliable boyfriend” added to his resume. He will address the Trades Union Congress on September 9. Employment is the main indicator for the BoE and the Fed regarding raising rates, so the market will be paying attention to what Carney has to say in Liverpool.

Fore more market moving events visit the MarketPulse Economic Calendar

WEEK AHEAD

* GBP NIESR Gross Domestic Product Estimate

* CNY New Yuan Loans

* NZD Reserve Bank of New Zealand Rate Decision

* CNY Producer Price Index

* AUD Employment Change

* USD Advance Retail Sales

* USD U. of Michigan Confidence

MarketPulse

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