Stocks Peel Back From Record Levels
allpennystocks Newsletter
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http://ymlp287.net/zBDe5O ——————————————————————————– July 13, 2014 Week In Review…
Week In Review For July 7 to July 11, 2014 This week on AllPennyStocks.com:
* Article Published, July 7, 2014:KonaRed Expects 2014 Sales to Double 2013 Total and Climb Back Near 2012 Levels (http://www.allpennystocks.com/aps_us/special-reports/455/KonaRed-Expects-2014-Sales-to-Double-2013-Total-and-Climb-Back-Near-2012-Levels.htm)(U.S. Company) * Article Published, July 8, 2014:ActiveCare Adds 1200 Diabetes Patients to Monitoring Platform in July (http://www.allpennystocks.com/aps_us/special-reports/456/ActiveCare-Adds-1200-Diabetes-Patients-to-Monitoring-Platform-in-July.htm) (U.S. Company) * Article Published, July 11, 2014:CounterPath Shares Dip on Swing to Net Loss in Q4 (http://www.allpennystocks.com/aps_ca/special-reports/434/CounterPath-Shares-Dip-on-Swing-to-Net-Loss-in-Q4.htm) (CDN Company) Video charts for the week:
* July 11th Technical Video Chart For PSID.A look at the weekly chart for PositiveID Corp. shows the pps now sitting on a support level at 4.5 cents and approaching a trendline dating back to last November.
The candles have bounced around this support point twice in the past two months, putting PSID on radar for repeat move with the first resistance in play around 6 cents. view:
( http://www.youtube.com/watchv=p11Usp0Dy2I ) * July 13th Technical Video Chart For AXR:CA.The chart for Alexco Resources is making an inverted head and shoulders pattern by establishing a solid support again at $1.25 after dipper just beneath $1 in June. The indicators are aligned bullishly as the candles again have risen to face resistance at $1.55. view:
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__________________________________________________________________ WEEKLY UPDATE – STOCKS PEEL BACK FROM RECORD LEVELS After roaring into July with record-setting performances, stocks in North America relaxed last week, with losses posted by all the major exchanges. The economic docket of “market moving” reports in the United States was nearly blank last week, with investors primarily focusing on the minutes from the latest meeting of the Federal Open Markets Committee. Data has been increasingly optimistic, helping drive the Dow and S&P 500 to all-time highs, including a non-farms payroll report the prior Thursday that showed US unemployment fell to its lowest level since September 2008 and hiring is happening at its best five-month pace since before the turn of the century.
Some of the momentum came out of the markets with the dearth of US data for a catalyst as traders considered future moves of the Federal Reserve Bank to stop its stimulus and earnings reports started to trickle in. According to FactSet, profits for S&P 500 companies are expected to rise an average of 4.9% in the latest quarter. Unlike the first quarter, when analysts and companies dropped expectations because of the harsh winter conditions, investors and analysts are expected to not be quite as liberal this quarter.
Canadians got a wide look at their economy with housing data showing that the nation`s market continues to grow, defying most economists` predictions that 2014 was going to be a year for a sharp correction.
The rest of the reports weren`t quite as rosy, with a report showing that June was another tough month on the labor market and signs that purchasing and hiring activity is slowing by companies. In fact, the soft economy is bringing into question as to when the housing industry is going to feel the impact and start to react. The data ultimately will allow the Bank of Canada to remain a dovish stance when it comes to announcing its latest interest rate decision this week.
Canada`s Federal Finance Minister Joe Oliver said that New Brunswick and Saskatchewan are lending their support to a federal proposal to create a national securities regulator. Ontario and British Columbia have already announced their support, although Quebec and Alberta are still holding out. Canada, which has the sixth-largest stock market in the world, is the only Group of Seven country without a national body policing the financial markets, instead being regulated currently by a patchwork of 13 different regional regulators.
After getting beat down on Monday and Tuesday, stocks recovered some on Wednesday with the release of the Fed minutes. The central bank said that it plans to exit its policy of purchasing assets each month by October, if the economy can stay on track. The Fed had been buying $85 billion every month in Treasuries and mortgage-backed securities since September 2011, but started scaling back its buys each month at the start of 2014, reducing it to $35 billion per month currently.
Although Wall Street mostly expected the purchases to conclude in 2014, the Fed had not provided a target until this past week. The markets took the plan to exit the policy as a sign of bullishness and strength in the economy.
However, the Fed kept true to form by remaining vague about when an interest rate hike could come. Fed officials again came out mixed in views. Richmond Federal Reserve President Jeffrey Lacker said it`s imperative that the main bank is pre-emptive and raising rates before inflation surfaces. Philadelphia Fed President Charles Plosser believes the Fed should consider raising rates from near zero before it meets all its objectives. On the other side, Minneapolis Fed President Narayana Kocherlakota showed little concern for recent reports showing rising inflation, saying he believes inflation will fade and remain below the Fed`s 2% target, perhaps for another four years. Atlanta Fed President Dennis Lockhart said he thinks rates should hold near historic lows for another year. Wall Street simply doesn`t know what to do with the indecision.
Overseas, Portugal weighed on North American markets as Espirito Santo Financila Group SA, one of the country`s biggest banks, decided to postpone a debt payment, reminding investors that Europe is not out of the woods yet in its recovery. Last month, the European Central Bank took a key interest rate into negative territory, essentially charging banks to park money at the ECB to try and encourage lending. In reality, the markets probably did not see much of a threat with the Portugal news, but took the info, in combination with unexpected drops in industrial production in France and Italy, as a reason to lock in some profits after a hearty run in recent weeks and take a slightly more cautious approach ahead of earnings reports.
This week, US economic data is coming in a bigger dose, with key information coming on manufacturing, housing and retail sales that will have the attention of Wall Street as to what it could mean to Fed stimulus. Meanwhile, earnings reports will start pouring in, a tricky situation as high expectations for sales and profits could lead to some downside risk if companies didn`t perform. However, if companies capitalized on pent-up demand from the first quarter, there could be a nice surprise to the upside. With these things in mind, we could see some volatility in trading.
The Canadian dollar gave up some ground against the US dollar as both currencies were modestly weaker against world counterparts last week.
The CDN dollar has been surprisingly strong recently, recovering early year losses to climb near a six-month high to kick-off July. The Canadian currency rose Tuesday through Thursday with little economic reports in the US to provide impetus for movement. The loss of strength by the loonie, as the Canadian dollar is called, came on Friday with the release of yet another soft report on jobs in Canada, which have been stagnating for the last year. The greenback felt some pressure of its own mid-week as the minutes from the latest FOMC meeting delivered nothing new on when the Fed may start to hike interest rates, which gives the appearance that the central bank is still dovish on stimulus, which weakens the USD. On the week, the Canadian dollar moved lower by 0.77%, or $0.00727, against the USD, meaning next week will begin with one Canadian dollar buying US$0.93159.
Commodity Snapshot:
* Gold futures surged to nearly a four-month high with a rally on Thursday inspired by lack of a time frame as to when the US Federal Reserve will raise key interest rates and renewed concerns about Europe`s banking system. Espirito Santo International, a major Portuguese lender and the parent company of Banco Espirito Santo, failed to make a payment on short-term debt, sparking worries about shakiness in recovery from the recession in the European Union. Gold is well known as a safe haven during times of economic and geopolitical stress. Further, the Fed considering other options to raising rates reinforces the central bank`s commitment to easing and brings into question the strength of the economy without the bank`s crutch; all of which is good for gold bulls. August contracts were the most actively traded on the Comex division of the New York Mercantile Exchange, adding $16.10, or 1.22%, per ounce to $1,337.40.
* Silver futures rallied right alongside gold on Thursday, also hitting their highest level since mid-March as part of a run that`s gone on for six weeks. As with gold, sliding equities, fighting overseas in Ukraine and the Middle East, speculation about the length of QE3 and apprehension amongst currency traders founded on concerns in Portugal bolstered appetite for precious metals. Also in the silver space, the London Bullion Market Association said that CME Group and Thomson Reuters will operate an electronic silver benchmark starting in August when the 117-year old “silver fix” platform is abandoned, a move that most view as the beginning of broad reforms in price-setting for precious metals. September contracts were the most actively traded, advancing by 26.1 cents, or 1.23%, to $21.461 per ounce.
* Copper futures muddled sideways after surging Tuesday to hit the highest level since January before falling into the red by the close of trading. The industrial red metal touched a one-week low on Thursday before rebounding on better-than-expected news of first-time filings for jobless benefits to moderate the weekly decline. Copper prices were pummeled at the start of the year on worries about demand in China, which consumes about 40% of the copper produced each year, and a copper financing scandal in the country, but an uptick in manufacturing has analysts changing their view on just how bad the situation really will be. New laws in Indonesia are also supportive to future copper demand, with the broad global picture now having analysts such as CRU, which had previously forecast a 100,000 tonne surplus of refined copper to now believe the market will be balanced and maybe even in a deficit if China`s State Reserves Bureau decides to add to its stockpile. September contracts were the most actively traded on New York`s COMEX exchange during the week; edging down $0.0015, or 0.05 percent, to $3.269 per pound.
* Oil futures continued to fall, ending the week staring at dropping below $100 per barrel for the first time since May 13. Oil prices exploded to a 10-month high in June as fighting in Iraq escalated, fueling concerns over a possible break in the supply chain and constrained supply. Advances in Iraq by ISIS radicals have not proven to deliver any effect on oil exports, though, subsequently leading to oil prices dropping in the last three weeks. Another dagger in oil prices is the prospect that production in Libya is going to start increasing after rebels has removed blockades on shipping ports, after a year of choking exports from the country by controlling key terminals. As selling begets more selling, oil also felt some pressure as the International Energy Agency lowered its 2014 forecast for global oil demand on softer-than-expected economic conditions.
Last week, August contracts for West Texas Intermediate Crude were the most actively traded; slipping $2.94, or 2.83%, to $100.83 per barrel.
Equity Market Snapshot:
(All percentages on a weekly basis unless otherwise noted) * Major gold miners did their best to add value to the TSX. Goldcorp (TSX:G, +4.06%), Barrick Gold (TSX:ABX, +7.36%), Agnico-Eagle Mines (TSX:AEM, +7.00%), Yamana Gold (TSX:YRI, +3.07%) and Kinross Gold (TSX:K, +5.41%) all grew in value.
* Major energy plays were a drain on the markets. Talisman Energy (NYSE:TLM, -5.80%), Cenovus Energy (NYSE:CVE, -3.69%), Canadian Natural Resources (NYSE:CNQ, -4.09%), Suncor Energy (NYSE:SU, -4.36%), Imperial Oil Ltd. (NYSE:IMO, -2.44%), Exxon Mobil (NYSE:XOM, -0.83%) and Chevron Corp. (NYSE:CVX, -2.07%) all logged losses. XLE, the Energy Select Sector SPDR, was down for the second time in three weeks with a drop of 1.98%.
* The biggest of banks in the US didn`t help either. Wells Fargo & Co. (NYSE:WFC, -2.85%), UBS AG (NYSE:UBS, -3.29%), Goldman Sachs Group (NYSE:GS, -2.75%), Citigroup (NYSE:C, -2.57%), Bank of America (NYSE:BAC, -4.05%)and JPMorgan Chase (NYSE:JPM, -2.19%) all dropped on the week. XLF (NYSE:XLF, -1.52%), the financial select sector SPDR that tracks the financial stocks in the S&P 500, gave back the week prior`s gains.
* Canada`s biggest banks, the most heavily weighted component of the TSX Composite, were mostly stronger. Canadian Imperial Bank of Commerce (TSX:CM, -0.20%) and Toronto-Dominion Bank (TSX:TD, -0.42%) nipped lower, but Bank of Nova Scotia (TSX:BNS, +0.31%), Bank of Montreal (TSX:BMO, +1.17%), Royal Bank of Canada (TSX:RY, +1.53%) and National Bank of Canada (TSX:NA, +1.31%) notched gains.
* Expedia`s (NASDAQ:EXPE, -3.02%) shares dropped after the company said it was spending $658 million to acquire Wotif.com, an Australian travel website.
* Tesla Motors Inc. (NASDAQ:TSLA, -4.85%) suffered along with plenty of other momentum tech plays, aided by news that the electric car maker is being sued in China for trademark infringement. Zhan Baosheng, who owns the trademark to the name, wants Tesla to shutdown its activities in China and pay him $3.9 million in compensation.
* The Canadian government said it will auction more prime wireless spectrum early in 2014, with more than half the airwaves earmarked for smaller companies to level the playing field with Canada`s three major telecom companies. Shares of Rogers Communications (TSX:RCI.B, -2.09%) and Telus (TSX:T, -2.35%) slid on the news.
* Shares of American Apparel (NYSE MKT:APP, +35.63%) surged after getting a lifeline via a $25 million financing from hedge fund Standard General, meaning that Standard General now owns about 42% of the company. Founder and former CEO Dov Charney, who was ousted last month, will now serve as a paid consultant to American Apparel, although he will be forbidden to access the company`s computer system (Charney is currently under investigation for alleged sexual misconduct). Five new board members will be joining the APP board.
* Perhaps a sign of how investors are going to treat companies coming up short with profits, shares of Gigamon Inc. (NYSE:GIMO, -37.67%) were pounded after lowering Q2 guidance. Lumber Liquidators Holdings Inc. (NYSE:LL, -27.86%) felt a similar fate upon slashing its 2014 outlook. Soup and sandwich restaurant operator Potbelly Corp.
(NASDAQ:PBPB, -22.60%) also spoiled its value by warning of weak sales in the second quarter.
* Shares of BlackBerry (TSX:BB, +8.80%) rose for the sixth time in seven weeks after The Economic Times of India reported that the smartphone maker is working on a joint health care services platform with tech firm Nathhealth. India is an important market for BlackBerry`s Asia Pacific division, which is the smallest division but made 15.6% of the firm`s revenue in the last quarter.
* TRW Automotive Holdings (NYSE:TRW, +11.46%) zoomed upwards after disclosing that it has received a preliminary acquisition offer to be bought by Germany`s ZF Friedrichshafen. The offer is non-binding and TRW, who did $17.4 billion in sales in 2013, said it will continue to operate as normal as it conducts its review of the deal.
* Food and commodities company Archer Daniels Midland (NYSE:ADM, +4.54%) outbid Japan`s Ajinomoto Co. and acquired Capri Sun maker Wild Flavors GmbH for about $3.1 billion in a bid to diversify into the natural ingredients business.
* Tobacco giant Reynolds American Inc. (NYSE:RAI, +0.31%) confirmed it is in talks with Lorillard Inc. (NYSE:LO, +2.48%) about a possible merger. Simultaneously, Britain-based tobacco behemoth Imperial Tobacco (OTCQX:ITYBY, +1.62%) said it is in talks with both companies about buying specific brands from each company should they merge.
Imperial has reportedly allocated $7 billion to buy certain assets should regulators place strict criteria to permitting the merger of the two leading US tobacco firms.
* Potash Corp. of Saskatchewan (TSX:POT, -4.70%) new CEO Jochen Tilk, reaffirmed that the company will not drop its prices any lower to try and grab more market share and fend off rivals in response to nosedive in pricing for the crop nutrient following the breakup of the Russian-Belarus potash cartel last year.
Weekly Indices Results:
The S&P TSX Composite Index stalled after hitting record highs a week prior, giving back 89.46 points, or 0.59%, to 15,125.50. The TSX-Venture Composite Index also lost ground, declining 14.83 points, or 1.43%, to 1,022.93.
In the States, the Dow Jones Industrial Average could not hang on to 17,000, ending the week down by 124.45 points, or 0.73%, at 16,943.81.
The much-broader S&P 500 stumbled in its bid to break 2,000, slipping 17.87 points, or 0.90%, to close at 1,967.57. The tech-rich NASDAQ Composite limped along as well, dropping 70.43 points, or 1.57%, to 4,415.49.
Canadian Economic Data:
* The rate of purchasing activity by manufacturers in Canada during June contracted to its lowest level since December, according to the Ivey Purchasing Managers` Index. The index sunk to 46.9 from 48.2 in May, confounding analysts that expected a rise to 52.4. Readings below 50 indicate a slower pace of purchasing activity, while marks above 50 indicate expansion. On an seasonally adjusted basis, the index slumped from 52.2 in May to 49.7 in June. Within the headline figure, the employment index slipped from 48.0 to 45.6, the inventories and deliveries indexes fell and the prices index hit its lowest level in a year.
* Statistics Canada said that municipalities issued building permits worth $6.9 billion in May, up 13.8% from April. This followed a 2.2% rise in the previous month. The increase in May resulted primarily from higher construction intentions for commercial buildings in Ontario and Manitoba, as well as multi-family dwellings in British Columbia. The total value of permits has been on a slight upward trend since the beginning of 2014. Gains were posted in every province in May, except Quebec and Nova Scotia. Construction intentions for residential dwellings rose 9.5% to $4.1 billion in May, the third consecutive monthly increase. In the non-residential sector, the value of permits rose 20.8% to $2.8 billion.
* In the monthly report on the labor field, Stats Can reported the nation lost about 9,400 jobs in June and the unemployment rate rose by 0.1 percentage points to 7.1% as more people were searching for work.
Compared with 12 months earlier, employment increased by 72,000 or 0.4%. This was the lowest year-over-year growth rate since February 2010, when year-over-year employment growth resumed following the 2008-2009 labor market downturn. The number of hours worked was little changed in the 12 months to June. Provincially, employment declined in Ontario (-34,000) as well as Newfoundland and Labrador (-2,900), and increased in Manitoba (+3,800), New Brunswick and Prince Edward Island (+2,700). On the bright side – what may have been overlooked in the report anyway – is that Canada added 33,500 full-time jobs last month, although that was overshadowed by the loss of 43,000 part-time jobs.
* Canada Mortgage and Housing Corp. reported that housing starts rose 0.6% in June from May to an annualized rate of 198,185 units, beating economist expectations of a 190,000 annual pace and marking the third straight monthly advance. Urban starts increased to 181,979 units last month, as groundbreaking on single-family (+0.9%) and multi-unit (i.e. condos)(+0.1%) homes edged higher. Holding near a 200,000 annual pace has surprised most analysts that have been calling for a correction in the Canadian housing market in 2014, but some attribute the recent rise to the release of pent-up demand after a brutal winter that will not be sustained.
* Stats Can said that its New Housing Price Index edged ahead by 0.1% in May, missing expectations of a 0.3% advance, following a gain of 0.2% in April. Although short of predictions, it was still the sixth consecutive month of increasing prices. The increase was largely the result of higher new home prices in the Prairie region. Calgary (+0.8%) was the top contributor, recording the largest monthly price advance among the census metropolitan areas covered by the survey.
Builders reported higher material and labor costs, market conditions, and an increase in the cost of developed land as the reasons for the gain. The combined region of Sudbury and Thunder Bay posted a price advance of 0.5% in May. Prices in Edmonton increased 0.3%, while prices in Regina were up by 0.4%. Prices were unchanged in 7 of the 21 metropolitan areas surveyed. On a year-over-year basis, the NHPI rose 1.5% in May, with Calgary (+7.6%) and the combined metropolitan region of Toronto and Oshawa (+2.0%) leading the annual advance.
This week, major economic data reports will include the latest Bank of Canada Rate Announcement, the Monthly Survey of Manufacturing and CREAstats/MLS Sales on Wednesday; Canada`s International Transactions in Securities on Thursday; and Wholesale Trade and the Consumer Price Index on Friday.
U.S. Economic Data:
* The Labor Department reported that initial jobless claims, a gauge of weekly layoffs, declined by 11,000 to 304,000 in the week ended July 5 from 315,000 a week earlier. Economists were expecting a flat week. The four-week moving average, generally thought to be a better proxy of the labor market because it flattens week-to-week volatility, moved down by 3,500 to 311,500. Economists view claims below 350,000 as a sign of modest growth in the labor market. Claims consistently holding near pre-recession levels, coupled with the strong non-farms payroll reports the last three months suggest that momentum continues to slowly build in the US economy.
This week, data in the States will pick back up, with Retail Sales on Tuesday; the Producer Price Index for Final Demand and Industrial Production on Wednesday; and Initial Jobless Claims, Housing Starts and the Philadelphia Fed Survey on Thursday.
Company Spotlight Updates:
PSID has had some near term pressure, so we wanted to take a closer look at the technical chart to see if we can try and get a better feel for where this stock could go in the near and medium term. Below are near term technical catalysts that we observed, and all are positive for the overall stock looking forward.
PSID Technical Chart Image: http://www.allpennystocks.com/images/psid_otcqb_july_11_14.png PSID Near term technical catalysts:
– The recent share price decline alongside diminishing volume levels generally indicate that selling pressure is diminishing. This is to be observed by looking at the dotted blue line to the left.
– The stock is at a multi-month upward trend line as viewed by the solid upward trend line in blue. Buying pressure (support) could enter at these levels should the current uptrend stay in tact, and at this time there is no reason to believe it won`t stay in its current uptrend.
– The MACD trend line is still showing that the current medium term uptrend is in tact.
When examining these technical components for PSID, a bullish case still seems a real possibility even in the face of recent downside pressure. For more information on PSID, click here: ( http://www.allpennystocks.com/aps_us/company_spotlights/archives/psid.asp ).
————————- Forward Looking Statements This report includes forward-looking statements that reflect the mentioned companies current expectations about its future results, performance, prospects and opportunities. the mentioned companies has tried to identify these forward-looking statements by using words and phrases such as “may,” “will,” “expects,” “anticipates,” “believes,” “intends,” “estimates,” “plan,” “should,” “typical,” “preliminary,” “we are confident” or similar expressions. These forward-looking statements are based on information currently available and are subject to a number of risks, uncertainties and other factors that could cause the mentioned companies actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks, uncertainties and other factors include, without limitation, the Company`s growth expectations and ongoing funding requirements, and specifically, the Company`s growth prospects with scalable customers, and those outlined above. Other risks include the Company`s limited operating history, the Company`s history of operating losses, consumers` acceptance, the Company`s use of licensed technologies, risk of increased competition, the potential need for additional financing, the terms and conditions of any financing that is consummated, the limited trading market for the Company`s securities, the possible volatility of the Company`s stock price, the concentration of ownership, and the potential fluctuation in the Company`s operating results.
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