Sign up today for an exclusive discount along with our 30-day GUARANTEE — Love us or leave, with your money back! Click here to become a part of our growing community and learn how to stop gambling with your investments. We will teach you to BE THE HOUSE — Not the Gambler!

Click here to see some testimonials from our members!

Despite The Navarro-Dip, Oil Price Hits A 12-Week High

By Gorilla Trades. Originally published at ValueWalk.

Navarro dip price crude oil oil producing companies oil crash MUFG Policy phillips 66 petrochemical Oil Trade War US Oil Fund negative oil prices

Commenting on the 12-week high oil prices despite Navarro-dip and the today’s trading Gorilla Trades strategis Ken Berman said:


Q1 2020 hedge fund letters, conferences and more

The major indices are all trading higher at midday as yesterday’s encouraging afternoon rally continued in earnest this morning. The Nasdaq hit a new all-time high in early trading with Apple (AAPL) and Microsoft (MSFT) leading the way higher for the second day in a row and Facebook (FB) also scoring a new record high. Risk assets briefly spiked lower overnight, due to an alleged negative comment on the U.S .-China trade relations from White House trade advisor Peter Navarro, who quickly clarified that the “phase 1” trade deal is still in place between the two countries.

Oil Price Hits A 12-Week High Despite The “Navarro-dip”

The price of oil hit its highest level in twelve-weeks despite the “Navarro-dip” thanks to the improving global economic outlook. The main Asian and European markets had a bullish day too, thanks to the much better-than-expected European manufacturing and services PMIs, with especially the French indicators showing strength this month. The U.S. PMIs both missed expectations by a hair, staying below the 50 level and still signaling contraction, but new home sales came in at 676,000 well above the consensus estimate.

Market Wrap

Dow: 26,273, + 248 or 1.0%

S&P 500: 3,151, + 33 or 1.1%

Nasdaq: 10,187, + 130 or 1.3%

Russell 2000: 1,441, + 7 or 0.5%

Market breadth has been in line with the performance of the large-cap benchmarks, with advancing issues outnumbering decliners by a 7-to-3 ratio on the NYSE. Only 3 stocks hit new 52-week lows on the NYSE and the Nasdaq, while 132 stocks hit new 52-week highs. The major indices have been hovering around their daily VWAPs (Volume-Weighted Average Price) throughout the morning session, pointing to a mixed and choppy afternoon. Tech stocks and the key cyclical sectors pushed higher at the open, but industrials and financials lost ground as the morning session progressed and real estate stocks remained weak despite the positive new home sales number. Stay tuned!

The post Despite The Navarro-Dip, Oil Price Hits A 12-Week High appeared first on ValueWalk.

Sign up for ValueWalk’s free newsletter here.


Do you know someone who would benefit from this information? We can send your friend a strictly confidential, one-time email telling them about this information. Your privacy and your friend's privacy is your business... no spam! Click here and tell a friend!





You must be logged in to make a comment.
You can sign up for a membership or get a FREE Daily News membership or log in

Sign up today for an exclusive discount along with our 30-day GUARANTEE — Love us or leave, with your money back! Click here to become a part of our growing community and learn how to stop gambling with your investments. We will teach you to BE THE HOUSE — Not the Gambler!

Click here to see some testimonials from our members!