Stocks followed yesterday’s record highs with sizable drops today.
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The S&P 500 fell 0.6% to 2,381.92 today, while the Dow Jones Industrial Average declined 112.58 points, or 0.5% to 21,002.97. The Nasdaq Composite dropped 0.7% to 5,861.22.
After Merrill Lynch raised its S&P 500 target to 2,450 yesterday, Stifel’s Barry Bannister raised his to 2,500 this morning. He explains why:
We see the S&P 500 rising to 2,500 (prior view 2,400 since 1/4/17). EPS have inflected up, rates are low (helps P/E), and we believe the Fed isnt even close to ending the bull market. We have preferred the “reflation trade” stocks which have stair-stepped higher since Jan-2016, most recently pausing since Dec-2016. Cyclical “P” in the P/E ratio leads the “E”, and we see S&P 500 EPS +15% y/y 2017 (reflation industry EPS leads) as pricing power and the yield curve facilitate both earnings recovery and Fed exit. We see a Goldilocks improvement without overheating in the U.S., just as world GDP improves and synchronizes in 2017. We see cracks starting to appear in 2018, with U.S. midterm political rancor, latent overseas economic problems and Fed rate hikes that weigh on stocks at a surprisingly low level (~2%). The S&P 500 could reach “peak optimism” among investors in 2018, followed by a bear market in 2019.
Hot Gold Stocks To Watch Right Now: Pilot Gold Inc (PLGTF)
- [By SEEKINGALPHA.COM]
Wesdome Gold (OTC:WDOFF) is confirming the potential of its Kiena Deeps discovery with the latest batch of drill results from this venue. Itinerant Musings subscribers who joined us in this trade will be pleased. Treasury Metals (OTC:TSRMF) needs to find more underground ore to justify a construction decision of its Goliath gold project, and it’s doing just that as reported in the latest news release and explained in this article. NuLegacy Gold (OTCQX:NULGF) finally announced results from the twin hole of the Avocado discovery. A detailed discussion will be forthcoming for Itinerant Musings subscribers shortly. Pilot Gold (OTCPK:PLGTF) is making progress at its Goldstrike project in Utah. The latest set of results confirmed the Peg Leg and Covington targets as valid targets for further drilling. Arizona Mining (OTC:WLDVF) is countering controversy by releasing more drill results, and reporting the discovery of Taylor Deeps. The roller coaster continues.
Hot Gold Stocks To Watch Right Now: NEW GOLD INC.(NGD)
- [By Paul Ausick]
New Gold Inc. (NYSEAMERICAN: NGD) dropped about 2.9% Monday to post a new 52-week low of $2.35. Shares closed at $2.42 on Friday and the stock’s 52-week high is $4.25. Volume was about 10% below the daily average of around 5.8 million shares. The gold mining company had no news.
- [By Dan Caplinger]
The stock market lost ground on Monday, sending major market benchmarks lower by more than half a percentage point. The Dow lost its grip on the 20,000 mark in the wake of concerns about economic growth and new U.S. immigration policy, and some believe that the broader geopolitical climate could have a negative impact on global commerce that in turn could start affecting multinational corporations’ business prospects. In addition, bad news from some individual companies weighed on the markets, and Transocean (NYSE:RIG), Rite Aid (NYSE:RAD), and New Gold (NYSEMKT:NGD) were among the worst performers on the day. Below, we’ll look more closely at these stocks to tell you why they did so poorly.
Hot Gold Stocks To Watch Right Now: CME Group Inc.(CME)
- [By ]
Sure, I will invest more in certain high-confidence picks than others, but without going overboard. This might limit the impact from a triple-digit winner in my High-Yield Investing portfolio, such as CME Group (Nasdaq: CME), where we are showing a 156% gain at last count, but it will also soften the blow from a laggard.
- [By ]
Market Exchanges like the CME Group (Nasdaq: CME) have just started allowing trading in bitcoin futures and could attract an entirely new type of retail user as well as allowing institutional clients access to the bitcoin theme. Exchanges make their money on transactional volume, so a bursting of the bitcoin bubble wouldn’t necessarily mean weakness for shares.
- [By ]
My pick this week has created a faster, more centralized marketplace for bond traders… and it’s led by a guy who once worked the trading floors of the Chicago Mercantile Exchange (CME). Better yet, recently passed regulations could force traders’ hands in joining this new system.
- [By ]
CME Group (Nasdaq: CME) is the world’s largest and most diverse futures exchange group, operating in four segments — the Chicago Mercantile Exchange, the Chicago Board of Trade, the New York Mercantile Exchange and the Commodity Exchange.
Hot Gold Stocks To Watch Right Now: Golden Star Resources Ltd(GSS)
- [By Cameron Saucier]
Golden Star (NYSEMKT: GSS) is a gold mining and exploration company, and operates gold mines in Ghana, West Africa. GSS is up 396% YTD after it announced in July that it had begun pre-commercial production of gold in an underground mine in Ghana. GSS is trading at $0.825 per share on Monday intraday.