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June 20, 2019
Market. He sees a risk that oil goes below $50. There is the inventory build in the US, the battle with China over trade and sanctions with Iran. But the EIA report was favourable this time and the news with Iran and the drone today. The G20 will involve Trump and the Chinese leader having an extended discussion. He thinks the G20 will not come to the solution that everyone thinks. Trump won't want to solve it until Q1 of 2020 because of the election. The US may already be in recession. People are throwing out the number that maybe the Fed will cut by 50 basis points. This is the longest economic recovery in history and we are beginning to see signs that there may be some problems. If the trade issue does not get resolved in July we may see the price of oil back off.
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Market. He sees a risk that oil goes below $50. There is the inventory build in the US, the battle with China over trade and sanctions with Iran. But the EIA report was favourable this time and the news with Iran and the drone today. The G20 will involve Trump and the Chinese leader having an extended discussion. He thinks the G20 will not come to the solution that everyone thinks. Trump won't want to solve it until Q1 of 2020 because of the election. The US may already be in recession. People are throwing out the number that maybe the Fed will cut by 50 basis points. This is the longest economic recovery in history and we are beginning to see signs that there may be some problems. If the trade issue does not get resolved in July we may see the price of oil back off.
COMMENT
COMMENT
June 20, 2019
Market Outlook - From a technical perspective 2950 seems to be the breakout point. It will fail from here or it is going to continue on the trend that we have been experiencing prior to January 2018. We had previous failed breakouts. The same for the TSX. It has had a lid in the 16,500. It is testing the lid. He needs to see that resistance levels are broken with conviction before he is convinced. He looks at the rule of 3 and 3 to identify breakouts: minimum of 3 days, and 3% higher.
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Market Outlook - From a technical perspective 2950 seems to be the breakout point. It will fail from here or it is going to continue on the trend that we have been experiencing prior to January 2018. We had previous failed breakouts. The same for the TSX. It has had a lid in the 16,500. It is testing the lid. He needs to see that resistance levels are broken with conviction before he is convinced. He looks at the rule of 3 and 3 to identify breakouts: minimum of 3 days, and 3% higher.
COMMENT
COMMENT
June 20, 2019
What is your opinion on the tariff issue? You never asked a technical analyst about the economy (laughs). He read a research from a trustworthy source saying that China is going to come OK in terms of stock prices out from this. It is fairly undervalued.
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What is your opinion on the tariff issue? You never asked a technical analyst about the economy (laughs). He read a research from a trustworthy source saying that China is going to come OK in terms of stock prices out from this. It is fairly undervalued.
COMMENT
COMMENT
June 20, 2019
Can you provide your opinion on Bitcoin? He is price guy. He doesn't look at events and so as everything is reflected in the charts. It peaked and it fell and now it put in the bottom. Very volatile. Looks good for somebody that wants to trade a high vol high risk asset.
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Can you provide your opinion on Bitcoin? He is price guy. He doesn't look at events and so as everything is reflected in the charts. It peaked and it fell and now it put in the bottom. Very volatile. Looks good for somebody that wants to trade a high vol high risk asset.