From Wikipedia: (Black Monday) In late 1985 and early 1986, the United States economy began shifting from a rapidly growing recovery from the early 1980s recession to a slower growing expansion, which resulted in a brief "soft landing" period as the economy slowed and inflation dropped. The stock market advanced significantly, with the Dow peaking in August 1987 at 2,722 points, or 44% over the previous year's closing of 1,895 points. Further financial uncertainty may have resulted from the collapse of OPEC in early 1986, which led to crude oil price decreasing by more than 50% by mid-1986.
On October 14, the DJIA dropped 95.46 points (3.8%) (a then record) to 2,412.70, and fell another 58 points (2.4%) the next day, down over 12% from the August 25 all-time high.
On Thursday, October 15, 1987, Iran hit the American-owned (and Liberian-flagged) supertanker, the Sungari, with a Silkworm missile off Kuwait's main Mina Al Ahmadi oil port. The next morning, Iran hit another ship, the U.S.-flagged MV Sea Isle City, with another Silkworm missile.
On Friday, October 16, when all the markets in London were unexpectedly closed due to the Great Storm of 1987, the DJIA fell 108.35 points (4.6%) to close at 2,246.74 on record volume. Then-Treasury Secretary James Baker stated concerns about the falling prices.
The crash began in Far Eastern markets the morning of October 19. Later that morning, two U.S. warships shelled an Iranian oil platform in the Persian Gulf in response to Iran's Silkworm missile attack on the Sea Isle City.
They released form 8-k today, book value 10.99, divi ex date 4/22, increase in share count from 21,749,490 12/31/15 to 21,775,356 shares outstanding on 4/13/16.
From EIA: U.S. commercial crude oil in
ventories (excluding those in the S
million barrels from the prev
Welcome to whipsaw Wednesday. The futures are trading higher as I plan my day. The SPY is at 206.80 which is above my intra-day resistance of 206.31. $206.31 was a derived target from a trend line break which suggest a continuation move to 208.35. At 208.35 you may be feeling on top of the world, but remember this is option x week and they like to give wedgies on Wednesday. Like Cramer always say,"Bulls make money, bears make money, but pigs get slaughtered."
Sold half AGQ in premarket $1 profit and other half regular hour .50 cents, it seems to be stalling out at resistance.
Remember how this FSC daily chart look like. Take a picture of it and save it for reference. It bounced off a historic low and went into a bull flag formation with two touches on the top and bottom of the flag. This type of pattern is called a platform bottom. Take notes of how this stock has been trading right above the 20 and 50sma for six days. The break out set up doesn't get better than this, it is picture perfect. However, in trading there is never a sure thing. The pattern fails when it breaks below the flag formation.
I took 3/4 profit on all my portfolio to reduced risk. I'll day trade the levels. I don't trust this market it still didn't confirm what it wants to do.
Nice gap up on AGQ I can't buy it here, my trading style forces me to wait for a retracement to a 30 min 20sma or center of bollinger band. Nice move, it will be testing resistance.
Bull markets usually last five years on the average, but this one is going on its seventh year and we still haven't confirmed the inflation phase of the business cycle. Martin Pring pointed out in January 2016 that we were close to the tail end of phase two in the business cycle which last on average six months. The move in the commodity sector seem to suggest we are entering phase three. Alcoa is going to give us a clue on Monday after the close.
The weekly chart show a bullish break out of a small cup and handle. In addition, the stock is trading above all the moving averages. However, the stock need more time to form a bigger pattern. Currently the big drop from 14.80 to 3.20 turned into a bear platform bottom or bear flag formation. The news should be enough to get the stock to 7.75. At that point it will need another announcement.
OPEC meeting next week. Opec made it clear, they won't cut if Iran doesn't participate. However, the comment made by other nations in response to Opec's comment was, they are in a situation where they must cut to survive even without Opec or Iran. That would be the bottom.