Mar. 4, 2015, 7:47 AM
- The open bars, oysters, prime rib, rowdy parties, and luxury hotel suites are a thing of the past at the annual Toronto gathering of the Prospectors and Developers Association of Canada, having instead given way to chips and dip and Airbnb rentals thanks to the years-long slump in the sector.
- "I’m really depressed that I have to drink bourbon versus single malt scotch, it just doesn’t do it for me," says Ben Cox, CEO of Aston Bay Holdings (check out a price chart; it's a bet his shareholders feel even worse). "Everyone is panicked in the industry. If you are not humbled this year, whether you work for a major or a junior or anyone in-between, you are insane."
- "Flat is the new up," says another attendee. The gathering is "a little bit depressing," but a sign of the times.
- ETFs: GDXJ, JNUG, XME, JDST, SILJ, IGE, JUNR, PICK
Apr. 4, 2014, 1:12 PM
- The selloff accelerates, with the Nasdaq 100 (QQQ) and Russell 2000 (IWM) each now lower by 2.3%. Little-changed earlier, selling comes to the S&P 500 (SPY -0.7%) and DJIA (DIA -0.4%).
- What's working? Emerging markets for one. Another area of green is the utility sector (XLU +0.9%). Healthcare (XLV -0.8%) would usually get a bid on these days, but it's being dragged down by the continuing liquidation of the biotechs. There are also some pockets of green in basic materials (XLB -0.7%).
- Utility ETFs: XLU, IDU, VPU, NLR, GRID, JXI, NUCL, DBU, IPU, RYU, UPW, PUI, FUTY, FXU, SDP, PSCU, AXUT, UTLT
- Healthcare ETFs: IYH, XLV, VHT, PJP, XPH, CURE, FXH, IHE, RXL, IRY, IXJ, PPH, IHI, IHF, FHLC, XHS, PSCH, RYH, XHE, PTH, DRGS, AXHE, RXD
- Basic Materials ETFs: XLB, VAW, UYM, IYM, IGE, SMN, MATL, FXZ, PYZ, FMAT, RTM, SBM, PSCM
Dec. 11, 2013, 10:02 AM
- "Warehouses over townhouses" is one of BAML's ten themes for 2014 - highlighting a potential shift away from consumer-driven stocks to industrial and commercial names.
- "If revenue growth continues to accelerate as we expect, corporations are likely to invest in their businesses by spending some of the cash accumulated on their balance sheets. This capex cycle, combined with improving global economic growth, is likely to benefit stocks in more industrial and cyclical parts of the economy over those that are more dependent on the consumer. In our view, this has already started, but probably is in its early stages."
- An attached chart shows this outperformance beginning to creep in in Q3.
- If the thesis is correct, investors may want to be sellers of Consumer Discretionary (XLY), Health Care (XLV), and Financials (XLF), and buyers of Tech (XLK), Energy (XLE), Industrials (XLI), and Materials (XLB).
- Related ETFs: FAS, XLF, IYH, FAZ, XLE, XLV, ERX, XLI, XLY, XLB, OIH, VHT, VDE, ERY, UYG, DIG, DUG, VFH, VCR, UYM, VAW, IYE, CURE, VIS, IGE, IYM, IYF, RXL, FXH, SEF, SMN, PXJ, IYG, PXI, IYJ, FXO, PFI, PSCH, KBWB, PSCE, FXD, UXI, MATL, PYZ, PRN, FXN, FXZ, RYE, RWW, FINU, FHLC, RYH, DDG, FXR, RCD, RTM, RYF, FIDU, SBM, SIJ, PSCF, PTH, FDIS, FENY, RGI, FNCL, RXD, PEZ, PSCD, PSCI, PSCM, FMAT, FINZ
May 14, 2012, 3:48 PM
Continued strength in the dollar weighs on commodities, sending the CRB Index -1.2%, its fifth straight loss and eighth in nine sessions. Crude oil -1.3% at $94.76/bbl, natural gas -3.2% at $2.43 per MMBtu, gold -1.4% at $1561.10/oz., silver -1.9% to $28.35/oz. CRB is now -5.5% YTD, trading at its lowest level since Aug. 2010 and below its 10-year average price of 289.3.| May 14, 2012, 3:48 PM
Mar. 20, 2012, 8:33 AM
The slides from the BHP presentation that's got markets spooked this morning. Slide 7 highlights the company's expectation that Chinese iron ore consumption - after more than quintupling between 2000 and 2012 - is not expected to be much higher in 2020 than it is today.| Mar. 20, 2012, 8:33 AM | 3 Comments
Mar. 20, 2012, 7:09 AM
Miners are leading declines in Europe following a BHP executive's comments that Chinese demand for iron ore is flattening out. Competitor Rio Tinto (RIO) quickly trotted out one of its execs to say solid growth continues in China, but the damage was done. BHP -2.9%, RIO -3.3% premarket. Aussie dollar -1.1%.| Mar. 20, 2012, 7:09 AM
Sep. 26, 2011, 10:12 AMThe powerful uptrend line from the 2008 bottom in commodities and commodity currencies have both been broken at the same time, notes Barclays technical guru Jordan Kotick. It suggests to him the post-2008 recovery is over. | Sep. 26, 2011, 10:12 AM | 4 Comments
Jun. 3, 2011, 3:50 AM
May 6, 2011, 5:25 PMIf the commodities bubble really is popping, that may not change the forecast for food - as grain traders are watching weather instead of tickers, and fundamental investors may see agriculture as "the odd one out, the attractive one in the bunch." | May 6, 2011, 5:25 PM | 5 Comments
May 5, 2011, 1:38 PM
Checking in on the great commodities fire sale (or, if you prefer, "blood bath"): the CRB index down 4.1%. Silver (down 7.8%) leading PMs downhill: gold -2.7% to $1,474.70, platinum -2.6%; copper -3.3%. Crude is falling the most the in two years, -6.7% on NYMEX to $101.98. Natgas -6% to $4.302. About the only signs of life: lean hogs up 0.5%, and ethanol's flat.| May 5, 2011, 1:38 PM
Feb. 28, 2011, 7:42 AM
A draft OECD report suggests commodity prices haven't been rising because of speculators, but because global demand is growing faster than supply. The report could accelerate efforts to boost global output of commodities, and deflect criticism that the Fed's QE2 is stoking inflation.| Feb. 28, 2011, 7:42 AM | 1 Comment
Nov. 3, 2008, 8:46 AM