Michael E. Lewitt
Gold sold off sharply since the election based on the belief that President-elect Trump will bring higher growth. This sell-off makes little sense for those who understand that gold is an investment in monetary policy failure and the destruction of paper currencies. Central banks remain hell-bent on printing money and creating inflation in order to deal with epic levels of global debt. Donald Trump’s election not only doesn’t change that reality but likely exacerbates it since the president-elect plans to take dramatic steps to promote economic growth that will further increase U.S. debt. Investors should use recent weakness in gold to add to positions.
The stock market continued its post-election rally last week, though things may be calming down. The Dow Jones Industrial Average added 284 points, or 1.5%, to close at a record high of 19,152.14, while the S&P 500 jumped 31 points, or 1.4%, to a record 2,213.35. The Nasdaq Composite Index also rose 1.5% to a new record 5,398.92. The small-cap Russell 2000 Index, however, has left these three large-cap indices in the dust since the election as investors convince themselves that a new anti-regulation president will lift the boot of the government off the backs of small- and mid-sized businesses. The Russell rose for 15 straight trading sessions and is up 15.8% since the election.
stock market terms: Golar LNG Partners LP(GMLP)
- [By Roberto Pedone]
Golar LNG Partners LP (GMLP), a limited partnership, owns and operates floating storage and regasification units and LNG carriers under long-term charters. This stock closed up 3.5% at $32.74 in Monday’s trading session.
Monday’s Volume: 432,000
Three-Month Average Volume: 81,559
Volume % Change: 283%
From a technical perspective, GMLP bounced notably higher here right off its 200-day moving average of $31.79 and back above its 50-day moving average of $32.56 with strong upside volume. This move is quickly pushing shares of GMLP within range of triggering a near-term breakout trade. That trade will hit if GMLP manages to take out Monday’s intraday high at $32.96 to some more near-term overhead resistance at $33.15 with high volume.
Traders should now look for long-biased trades in GMLP as long as it’s trending above its 200-day at $31.79 and then once it sustains a move or close above those breakout levels with volume that’s near or above 81,559 shares. If that breakout hits soon, then GMLP will set up to re-test or possibly take out its next major overhead resistance levels at $34.78 to its 52-week high at $36.
stock market terms: Rovi Corporation(ROVI)
- [By Emily Stewart]
Rovi (ROVI) is a new second-quarter acquisition for Soros, who as of the end of the period owns 4.1 million shares worth $63.6 million.
Rovi is engaged in the discovery, delivery, display and monetization of digital entertainment by providing a broad set of integrated solutions. It has a $1.8 billion market cap.
stock market terms: Tencent Holdings Ltd (700)
- [By Belinda Cao]
Sohu.com Inc. (SOHU), which sold a stake in its search unit to Tencent Holdings Ltd. (700), advanced 11 percent for the week to $72.06. It retreated 5.9 percent Sept. 20. Tencent, Chinas biggest Internet company by market value, paid $448 million for a 36.5 percent stake in Sohus Sogou unit last week and merge its own search service with Sogou.
stock market terms: Estee Lauder Companies, Inc. (The)(EL)
- [By Ben Levisohn]
The 20 stocks meeting those requirements are: Ralph Lauren (RL), Time Warner(TWX), Twenty-First Century Fox(FOXA), PepsiCo(PEP), Estee Lauder(EL), Tesoro(TSO), XL(XL), Ameriprise Financial,(AMP), Unum(UNM), Merck(MRK), AbbVie(ABBV), Gilead Sciences(GILD), General Dynamics(GD), Alaska Air(ALK), United Continental(UAL), Delta Air Lines(DAL), Oracle(ORCL), eBay(EBAY), Apple(AAPL), and Centurylink(CTL).
stock market terms: (SIOLF)
- [By SEEKINGALPHA.COM]
China Life (NYSE:LFC) holds a 44 percent stake in China Guangfa Bank and a 30 percent stake in Sino-Ocean Group (OTCPK:SIOLF). Foresea owns large stakes in Gree Electric Appliances and China Vanke. If they are forced to sell their stakes, the Chinese stock market could see a sudden downturn.