Harvey Damages Oil Refineries

Harvey Damages Oil Refineries
Ahead of the bell this morning on the first trading day of a new week, all port of Houston facilities remain closed following Hurricane Harvey slamming the Southeastern coast of Texas last Friday. Of all ports in the U.S., Houston’s ranks #1 in foreign tonnage, especially in oil and gasoline exports. Much of metropolitan Houston remains under water, with more... Read More

A Lesson for Traders from the Dollar's Crazy Reaction to North Korea's Missile Launch

A Lesson for Traders from the Dollar's Crazy Reaction to North Korea's Missile Launch
Punditry is about having instant opinions on everything. In an age when information can be accessed immediately, people are looking for an instant reaction to news and data as well. Sometimes, however, a considered response is far more useful. The simple phrase “I don’t know” is anathema to most who write for the internet but is, at times, the only... Read More

Home Sales Showing Signs Of Stress

Home Sales Showing Signs Of Stress
My analysis of home sales recently has become more and more pessimistic. This past week both new home sales and existing home sales were fairly soft. It is not just that the single month’s data that is bad – but it is the deteriorating trend lines over the past year which are concerning. New Home Sales: unadjusted sales growth decelerated... Read More

The Dow Is Down But Not Yet Out

The Dow Is Down But Not Yet Out
By Mike Golembesky, ElliottWaveTrader.net The Dow Jones Industrial Average has moved down close to 600 points off of the high that was struck on August 8th into August 21st lows. Now in percentage terms, this 600 point move is quite a small only representing a move of just 2.6%. In fact, at today’s close, the Dow was only down some 1.2% off... Read More