US NATGAS: FERC Opens Comment Period for Streamlining LNG Projects
Nov-20 18:59
FERC voted to seek comments from stakeholders to establish procedures for blanker authorizations for LNG plants and hydroelectric projects, per the Commission’s website
- “Energy infrastructure needs to be built now, and existing projects need to be maintained efficiently to ensure grid reliability today and in the future. We are taking a hard look at our processes and ways we can simplify certain activities,” FERC Chairman Laura Swett said.
- The comment period is open for 60 days after the vote is published in the Federal Register.
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COMMODITIES: Precious Metals Fall Sharply, Crude Ticks Higher
Oct-21 18:58
- Precious metals sold off sharply on Tuesday, with spot gold currently down by 5.6% at $4,113/oz and silver down by 7.7% at $48.4/oz, albeit off session lows. Platinum and palladium have also fallen by 5-6%.
- There was no obvious trigger for today’s weakness, which has allowed an overbought condition to swiftly unwind.
- As noted earlier, the moves have been largely isolated to precious metals, supporting the idea that they have been flow/momentum driven, with profit-taking at play after an extremely strong rally since August.
- For gold, today’s losses have rapidly narrowed the gap to key support at $4,030.4, the 20-day EMA. A break of this would open $3,819.6, the Oct 2 low.
- For silver, the move unwinds some of the recent liquidity squeeze, with price piercing initial support at $49.037, the 20-day EMA. A clear break of this level would open the next support at $45.135, the 50-day EMA.
- Elsewhere, WTI has risen today, having recovered from earlier losses. Geopolitical developments weighed against the supply/demand outlook as seaborne crude in transit continues to rise.
- WTI Nov 25 is up by 0.5% at $57.8/bbl.
- Despite the move, a bearish theme in WTI futures remains intact, with sights still on $54.89 next, the May 5 low. Initial firm resistance is seen at $61.61, the 50-day EMA.
US STOCKS: Late Equities Roundup: DJIA Outperforms After New Record High
Oct-21 18:50
- Stocks remain mixed late Tuesday, the DJIA outperforming after managing to mark a new record high of 47,125.66 in the first half. A couple social media posts by President Trump tempered risk sentiment, however.
- Stocks whipsawed off early session highs after Pres Trump social media post warning retribution "if Hamas continues to act badly, in violation of their agreement with us." Stocks reacted negatively a second half post by President Trump that while he anticipates having "a good deal with Xi" the meeting in S Korea at end of the month may NOT happen.
- While Treasury futures drift near highs (10Y yield fell to 3.9455%), equities have managed to stay off early lows. A noticeable exception: mining stocks underperformed after Gold fell sharply (appr -240.0 at 1050ET to 4115.0, appr -6.3% from session highs).
- Currently, the DJIA trades up 280.59 points (0.6%) at 46,988.65, S&P E-Minis up 6.5 points (0.1%) at 6,781, Nasdaq down 16.9 points (-0.1%) at 22,974.59.
- In addition to Materials and Utility Services sector share underperformed: Newmont Corp -8.97%, Philip Morris Int -5.45%, Albemarle Corp -3.93%, Constellation Energy -3.62% Vistra Corp -3.19% and NRG Energy -2.23.
- On the positive side, Consumer Discretionary and Industrials sector shares outperformed in the first half, General Motors surged +15.5% after reporting better than expected Q3 earnings, Lululemon Athletica +6.08%, Ford Motor +5.30%, CarMax +4.58% and Aptiv +3.86%..
- Supporting the Industrials sector: RTX +8.42%, 3M Co +6.09%, Carrier Global +3.68%, Builders FirstSource +3.44% and Stanley Black & Decker +3.29%.
- Reporting earnings after the close: Netflix, Capital One Financial, Mattel, Western Alliance Bancorp (in the hot seat last week after announcing bad loan losses), Omnicom, EQY and Texas Instruments.
USDJPY TECHS: Hammer Candle Reversal Signal
Oct-21 18:30
- RES 4: 154.39 76.4% retracement of the Jan 10 - Apr 22 bear leg
- RES 3: 153.82 1.618 proj of the Sep 17 - 26 - Oct 1 price swing
- RES 2: 152.61/153.27 High Oct 14 / 10 and the bull trigger
- RES 1: 152.17 High Oct 21
- PRICE: 151.76 @ 15:41 BST Oct 21
- SUP 1: 149.38 Low Oct 17
- SUP 2: 148.94 50-day EMA
- SUP 3: 147.82 High Oct 3
- SUP 4: 147.14 Trendline support drawn from the Apr 22 low
The recovery from last Friday’s low in USDJPY is beginning to highlight a stronger bullish signal. The pair has found support below the 20-day EMA and note that Friday’s price pattern is a hammer candle formation. If correct, the pattern signals the end of a corrective pullback that started Oct 10, and highlights the fact that support at the 50-day EMA, at 148.94, remains intact. The bull trigger is at 153.27, the Oct 10 high. The 50-day EMA is key support.
