Scalper1 News
Major averages finished mixed on Friday on light half-session volume, though volume was higher on a same-time basis than the day before. Oils and commodities plunged as OPEC decided not to lower oil production, keeping ts production rate pat. Growth in oil-related jobs which have been strong over the last few years could be threatened. So while lower oil prices are good for the consumer, oil-related jobs could come under pressure, thus contribute to unemployment. Over in Japan, Moodyâs Investors Service downgraded Japanâs government debt rating citing âheightened uncertaintyâ over Japanâs ability to cut its fiscal deficit after Prime Minister Abe decided last month to delay an increase in the national sales tax scheduled to take effect in October 2015. It was the first downgrade by Moodyâs since 2011. Abe decided to postpone the tax rise after a similar increase in April contributed to two consecutive quarters of contraction in Japanâs economy. Abe has been a staunch supporter of quantitative easing to spur Japan’s flagging economy as he hopes to end deflation that has plagued Japan since the 1990s. Futures are slightly lower at the time of this writing as commodity prices continue to fall, and downbeat economic data out of China contributes to the somewhat bearish tone. Tesla Motors (TSLA) is set to gap just below its 50-day moving average, bringing that moving average into play as a guide for a tight trailing stop for an existing short position taken higher up in the pattern, or as an initial entry using the moving average as a tight upside stop. We currently have a position in the stock. Scalper1 News
Scalper1 News