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Sunday, November 3, 2013

Intraday Elliott Wave Analysis For OIL And E-mini S&P500

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Coinfloor Ensures Safety of Users’ Funds, Gives it a Top Priority

British Bitcoin exchange Coinfloor which just started offering its services to customers, is committed to meet government regulations and keep money launderers out; however, that would not mean that it will compromise with the safety of users’ funds. The London-based exchange says that it has made safety of users’ funds a top priority.

Coinfloor believes that Bitcoin security is its major agenda as its entire philosophy revolves around the “no single point of failure” approach. The Bitcoin exchange emphasizes that for any part of its business e.g. server, legal jurisdiction, Bitcoin storage, banking, and databases, all parts are accounted for in regards to business continuity.

The Bitcoin exchange promises that if any operational part fails, it will be able to switch operations onto a new system. It has a two factor authentication process to ensure that customers’ funds are safe and secure. A source from Coinfloor says, “The two factor authentication or 2FA is the security principal that a secure system should utilize “something you know” and “something you have.”

He further adds that whereas the first of these is a password, the second is a physical device which could be either a phone or a Yubikey. Thus, if some customer has a feature phone, the Bitcoin exchange will send an SMS and if customers have an Android or iPhone then it will recommend installing Authy and logging in that way.

Answering the question regarding the protection of privacy by Coinfloor, the official from the Bitcoin exchange says that it keeps and uses information in line with the Data Protection Act of 1998. Additionally, as it is registered with the Information Commissioner’s Office for data protection, it does not send customers’ data to 3rd parties for marketing and advertising purposes.

Low Commission Rates

Coinfloor promises to keep commission rates on its exchange the lowest in the industry. It has a Maker-Taker pricing schedule wherein customers can place orders without any charges and the fee is only charged after the trade is matched.

For instance, if customers place an order onto the order book, which another user then matches, and that trade executes, then they are acting as a “Maker” or liquidity provider and will be charged lower fees.

Similarly, if customers place an order which matches an existing order, removing liquidity from the system, they will be charged the “Taker” fee.

To contact the reporter of this story: Deepak Tiwari at deepak@forexminute.com

Deepak Tiwari, a law graduate, has been working as a journalist for six years now. He currently writes on Bitcoin, economic, and Forex related news at ForexMinute, the brand new financial news portal ...

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Exxon Increases Production yet Unable to Increase ROI

The biggest oil company by market value, Exxon Mobil Corp., has increased its production for the first time in more than two years despite the fact that it has been unable to increase its net income which has slumped 18 percent. Whereas the oil and natural gas production of the company increased 1.5 percent to the equivalent of 4.02 million barrels a day, it has been hurt a lot by diminishing costs.

Exxon Mobil Corp. claims that though production increased slightly, it made significantly less money at refining as its third-quarter net income stood at $7.87 billion, or $1.79 a share which when compared with $9.57 billion, or $2.09, a year earlier is a drop of 2 percent to $112.37 billion. The company reports that it is its second-smallest quarterly profit since mid-2010 which is better than its second-quarter earnings of $6.86 billion though.

Performance Still Better than Expected

Despite a fall in the revenue, Exxon Mobil Corp. was able to meet the expectations which were quite low. Whereas the company’s earnings for finding and drilling for oil and gas improved from $740 million to $6.7 billion, net income fell to $7.87 billion or $1.79 a share, from $9.57 billion, or $2.09.

Owing to its better output, Exxon was the biggest gainer in the Dow Jones Industrial Average of 30 blue-chip stocks in yesterday’s trading where its shares rose 0.9 percent to $89.62 at the close in New York even when the sales declined by 2.4 percent to $112.4 billion. The company is willing to enhance its production further amidst the dwindling cost.

Lower Oil Prices Hurting Revenue

Whereas returns from oil and gas sales rose 12 percent to $6.7 billion and chemical profit climbed 30 percent to $1.03 billion, Exxon Mobil Corp. is quite worried about the perennial lower costs which are incurring it losses e.g. its profit from processing crude into fuels fell to $592 million during the quarter from $3.19 billion a year earlier.

Oil sands development in western Canada has been a high point for the company. Its plants at Joliet, Illinois; Baton Rouge, Louisiana; and Sarnia, and Ontario are producing record output. The company vice president of investor relations, David Rosenthal, says that during a conference call the company aims to further the production at its oil sand plants.

In similar opinion, Exxon Chairman and Chief Executive Officer Rex Tillerson is mulling a plan to revive production growth and curb cost increases when the dwindling energy prices amidst stagnant energy demand in the world’s largest economy is incurring losses for it.

To contact the reporter of this story: Jonathan Millet at john@forexminute.com

Jonathan Millet is currently the proud CEO of ForexMinute.com, the brand new financial news portal which is making waves among Forex traders around the globe for the innumerable Forex resources it off...

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Japanese Stocks Fall after Yesterday’s Bullish Trading

When things were going better yesterday and investors and traders started seeing positive movement this week in the Asian market, the stocks fell, trimming the best two-month rally for the regional benchmark gauge since the start of 2012. This is happening amidst the speculation that the Federal Reserve may start paring stimulus sooner than previously forecast.

Major Losers

Today’s major lose was Honda Motor Co. which lost 0.6 percent. The company which claims to be Japan’s third-largest carmaker recently brought up its quarterly report for the second-quarter could not meet the estimates from investors and due to that its shares fell remarkably. The fall in motorcycles sales in Southeast Asia was a reason behind low profits.

Another major loser in today’s trading is Alacer Gold Corp. which sank 4.1 percent in Sydney. The falling prices of gold are a major reason behind its slower growth and consequent dismal performance in stock market. A similar trend was seen in the share of National Australia Bank Ltd. (NAB) which retreated 2.3 percent.

A major reason behind the fall of NAB’s share is attributed to an increase in expenses that climbed. Two major companies in Japan, Mitsubishi Heavy Industries Ltd. and Japan Airlines Co. are going to release their reports today, and may see a boost in sales and profit thatcould fuel the stock market tomorrow.

A similar trend was seen in China’s Shanghai Composite which declined 0.7 percent after the nation’s top four banks came up with reports that showed that they have been able to profit.

Indexes Drop

Whereas Japan’s Topix index lost 0.3 percent amidst the news that the Bank of Japan maintained its campaign of unprecedented monetary stimulus, the MSCI Asia Pacific Index dropped 0.4 percent to 142.63 as of 12:25 p.m. in Hong Kong. Fall in MSCI Asia Pacific Index is due to eight of the 10 industry groups retreating.

Earlier, the Bank of Japan Governor Haruhiko Kuroda’s board kept a pledge to expand the monetary base by $711 billion a year. There is a lot of speculation on the tapering of stimulus by the Fed and investors are still worried about the quantum despite the fact that the Fed has already realized that fiscal policy is “restraining economic growth.”

Market analysts believe that stimulus will continue but tapering is inevitable. In fact, a lot of market analysts believe that the odds of the Fed starting to taper its stimulus in January have increased a lot.

To contact the reporter of this story: Jonathan Millet at john@forexminute.com

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WTI Trades Lower amidst the Looming Libyan Oil Crisis

West Texas Intermediate or WTI is trading low as it traded hit a four-month low amidst the news that the Libya oil crisis may go haywire. However, a major issue that the WTI is facing is that there are huge crude stockpiles. The U.S. has gained crude stockpiles in huge quantities for a sixth week.

Reportedly, there is not much for WTI in the market as futures changed only a little in New York and in all probabilities will fall consecutively in the second month. Additionally, as supplies were projected to climb by 2.4 million, the crude prices are not expected to increase in the near future despite issues in Libya.

Low Internal Demand in the U.S.

According to some estimates, lower prices of crude are also due to lower demand for crude. Whereas U.S. refineries are producing with their 87.3 percent of capacity, up 1.4 percentage points from the prior week, the consumption of gasoline which peaks during the summer months goes down in September and October.

Currently, the U.S. has huge crude stockpiles which in fact have gone up to the highest level since June. It is up by 11 percent from the five-year average; however, the U.S. will still be the major client for oil as it has more than 21 percent of global oil demand this year which when compared with China’s stands double.

Oil Crisis in Libya

Protests in oilfields in Libya have become a terminal problem since Kaddafi was killed after a civil war. Early this week, Libya’s oil crisis deepened after protesters blocked western fields and denied that an eastern terminal would reopen, frustrating government efforts to end three months of disruptions.

Perennial protests have marred the oil production of the country and now it is able to export less than 10 percent of capacity or 90,000 barrels per day. Hariga Port which is in the heart of exporting activities will not be reopened. Earlier Hariga terminal in Tobruk issued a statement denying that the port was about to be reopened.

Libya, the holder of Africa’s biggest oil reserves, is in turmoil now as the Sharara oil field which started producing oil in tune of 330,000 barrels a day, has now been shut due to protests from the minority Tuareg. It has affected the daily oil production from OPEC which has gone down between 250,000 and 300,000 barrels.

To contact the reporter of this story: Jonathan Millet at john@forexminute.com

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Devastating Day for the Euro

The euro has lost more than 140 points against the U.S. dollar within 24 hours, as the economic indicators released on Thursday were quite terrible. The German retail sales contracted by 0.4% in the past month against the expected growth of 0.5%, while the German consumer climate dropped against its previously recorded figure of 7.1.

Moreover, the French consumer spending contracted by 0.1% in September and the European CPI Flash estimate for this year also dropped to 0.7% from 1.1%. The unemployment rate of the Eurozone remained at its record high level of 12.2% that is being considered as an alarming situation by the investors since there is no such improvement in the labor market for several months.

The Eur/Usd is currently trading at 1.3554 and has entered the bearish channel since it is way down the critical resistance level at 1.3665, but a bullish correction might be seen where the breaking of 1.3569 could shift the pair to 1.3618 that is its pivot point for today. And if it moves below 1.3522 then its next targets would be 1.3497 and 1.3473.

Pound relying on Fundamentals

The British pound is desperately looking forward to some good, healthy fundamentals that could buttress it in moving up because technically the pair has been bearish for the past 4 days and on Thursday the pair gained some confidence as the Housing Price Index of the U.K. economy grew by 1.0% in the past month hence giving positive economic activity in the housing market.

There is very strong psychological support at 1.6001 which if broken, could drag the pair down to its 2 weeks low at 1.5978 region, but a move above its today’s pivot point at 1.6035 could allow the bulls to take the pair to 1.6048 and 1.6063.

The Manufacturing PMI data is set to be released today in the European session that could certainly create volatility in the pair, plus the ISM Manufacturing PMI of the U.S. economy is due today in the U.S. session, after which good movement in the market could be seen and could be uni-directional.

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Saturday, November 2, 2013

U.S. Stocks Down, Asian Stocks Follow the Trend today

Bearish trading is continuing in Asian trade amidst the speculation that the Fed may taper stimulus to a great extent. Earlier, in yesterday’s trading, the U.S. stocks fell which led to a fall in the Standard & Poor’s 500 Index. It was the first first two-day slide in three weeks. Following the trend, Asian stocks opened lower today.

Speculation on the Fed’s decision to taper stimulus is paying havoc in Asian stocks as they fell apart today and their regional benchmark index was down. This in fact has overshadowed improving China manufacturing data which had earlier boosted Asian stocks this week; however, it does not seem to have any impact now.

The major loser in today’s trading was Sony Corp. which slumped 12 percent in Tokyo.

The company which was expected to fare better has disappointed its investors as it unexpectedly lowered its full-year profit forecast by 40 percent. Similarly, Sydney Airport slumped 3.3 percent as the largest shareholder Macquarie Group Ltd. Decided to give some of its stake to fellow investors.

In the gloomy trading week, some rare performances too have come to front; one of them is Panasonic Corp. whose stocks surged 5 percent on fifth day in row. The company got its performance upped when it doubled its full-year profit forecast. Whereas Japan’s Topix index lost 1.2 percent, Australia’s S&P/ASX 200 Index fell 0.2 percent. Similarly, Singapore’s Straits Times Index declined 0.3 percent.

Facebook, Boeing, Avon Products Inc. Gains

In yesterday’s trading in the U.S. stocks market, Visa Inc. lost 3.5 percent when it failed to meet the expected returns. On the other hand, amidst the news that possible fines related to foreign bribery probes may hurt earnings, Avon Products Inc. fell 22 percent. Some star performances came from Facebook Inc. and Exxon Mobil Corp.

Boeing Co. was also trading better as its stocks advanced 0.6 percent as the company is expected to increase its production to meet the requirements for its 737 jets. However, better performances from select companies did not boost the overall outlook of the market and the S&P 500 dropped 0.4 percent to 1,756.54 at 4 p.m. in New York.

Similarly, the Dow Jones Industrial Average fell 73.01 points, or 0.5 percent, to 15,545.75 and on a not so good trading day more than 7.2 billion shares changed hands on U.S. exchanges which is 21 percent above the three-month average.

To contact the reporter of this story: Jonathan Millet at john@forexminute.com

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