Stocks and Securities

Wall Street was set for a higher open on Tuesday, with stocks futures building on the prior day’s gains as traders looked past the heightened U.S.-China trade tensions. Trading volumes are expected to be lower than normal because of the Fourth of July holiday on Wednesday.

 

Dow Industrial AverageS&P 500

Nasdaq 100Russell 2000

 

 

 

 

 

 

 

 

 

 

 

The biggest economic news will be the June report on auto sales, which is expected to show that sales during the month hit an annualized rate of 17 million vehicles. The May report on factory orders is also set for release in the morning.  Oil prices rose on Tuesday after Libya declared force majeure on some of its crude exports, while the loss of Canadian supplies helped lifted U.S. crude to 3-1/2-year highs. U.S. light crude jumped 90 cents, or 1.2 percent, to $74.84 a barrel, its highest since November 2014. Benchmark Brent crude oil was up 50 cents at $77.80.

 

Crude oil WTICrude oil Brent

 

 

 

 

 

 

U.S. gasoline prices are at a four-year-high this year as a result. Although current national average gas prices are below the May peak of $2.98/gal, a price jump may be looming, due to OPEC’s announcement of a smaller-than-expected oil production increase, the U.S. push to have Iran oil exports down to “zero”, and significant U.S. crude oil stockpiles draws. Higher spending on gas could offset one-third of the gains from the tax cuts, with low- and middle-income families feeling the pinch much more than higher-income earners.

In individual stock news, Facebook (FB), already facing scrutiny from U.S. lawmakers and regulators over how a political consulting firm obtained personal information from users of the social network, is now being probed by more federal agencies focusing on the company’s disclosures about the incident. Facebook said that it’s cooperating with the SEC and FBI on their reviews of the data transfer to Cambridge Analytica, which worked on Donald Trump’s 2016 presidential campaign.

 

Blockchain and cryptocurrency

The overall market capitalization increase about  $17B USD, or just about 6.5%, going from $256B to $273B. Bitcoin (BTC) is trading at about $6600, while Ethereum (ETH) is trading at $477.

 

Bitcoin price - BTC/USD chartEthereum (ETH) chart - ETH/USD

 

 

 

 

 

 

Coinbase Custody has now come online. The platform hopes to facilitate institutional investment in the cryptocurrency market. Coinbase Custody is an platform which gives secure capacity to crypto-resources and it is currently live for speculators in the US and Europe, and to Asia before the end of 2018. Coinbase Custody requires a base adjust of $10 million. There is a setup expense of $100,000, and also 10bps charged month to month.

They have also announced that they are now permitting accepted buyers with deeper pockets the potential to utilize the Coinbase Index Fund, which offers publicity to each asset listed on their platform. The previously introduced Coinbase Index Fund has officially opened for investments of $250,000 to $20M.

Perhaps these steps will make Coinbase an even more viable option for a takeover bid by Facebook.

Although, Bitcoin (BTC) rallied over the weekend, it appears to be losing some of that steam this morning. The volume looks weak and from what you can see below it appears that Bitcoin could be due for a fall to sub $6500 range again.

Bitcoin (BTC) price action and prediction - Bitcoin seems to be headed to low $6000s

Bitcoin (BTC) price action and prediction – Bitcoin seems to be headed to low $6000s

Continue to watch the $6300 – $6500 resistance for Bitcoin (BTC). Our bearish sentiment regarding Bitcoin (BTC) still continues to stand. Unfortunately, Bitcoin (BTC) continues to struggle to find traction.

Bitcoin price action and prediction - Volume looks to support a bearish sentiment.

Bitcoin price action and prediction – Volume looks to support a bearish sentiment.

On the other note, the price action of ETH is what you’d like to see. If you refer to our previous article, we highlighted the low this key area as the zone to watch for a major bounce-back. It seems that ETH has broken out of the downward channel. ETH is up approximately 12% since we last added it to our watchlist.

ETH price action and prediction - ETH seems to have broken out of the downward channel.

ETH price action and prediction – ETH seems to have broken out of the downward channel.

 

Stocks on the Radar

We won’t have a “Stock on the Radar” today as the equity markets have and abbreviated day with the New York Stock Exchange closing trading for the day at 1:00 p.m. ET.

 

 

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Disclaimer: The above references an opinion and is for information purposes only.  It is not intended to be investment advice.  Seek a duly licensed professional for investment advice. The Author does not hold any of the securities discussed above.
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