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Daily Market Snapshot: Record-Breaking Day Continues in Financial Markets

It was another record-breaking day in financial markets yesterday as US indices and precious metals again notched up fresh all-time highs. The S&P notched up another record close and Silver joined in the party in precious metals as it joined Gold in hitting a new high.  US data came in stronger than expected and stocks…

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Tesla Squeezes Higher Ahead of October Events

Tesla (NYSE:TSLA) is moving higher and Goldman Sachs was touting call options ahead of the October events.  TSLA – Daily Chart The price of TSLA shares is now $260.50 after retaking the downtrend resistance line. The target on the upside would be $300 with some resistance just ahead around the $270 level.  Goldman Sachs recently…

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Daily Market Snapshot: Markets Expect Volatility from Rates, Data, and Speeches

US Stocks pulled back in trading yesterday as investors looked ahead to fresh data and evaluate the longer-term impact of China’s stimulus package. The dollar gained strongly to push up off annual lows and treasury yields jumped higher. Oil prices suffered as supply concerns out of Libya eased, but, yet again Gold rallied to another…

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Alibaba Looks to AI to Continue its Stimulus Rally

Alibaba (NYSE:BABA) shares rose with the broader market and the company has announced new AI initiatives.  BABA – Weekly Chart  BABA shares have broken above the $90.51 level on the ADR and the next target for the stock is at $102.62. A strong close above that level can open up the $110-120 levels.  Alibaba Group’s…

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Bank of America Pressured as Buffett Dumps More Stock

Bank of America (NYSE:BAC) could come under further pressure after Warren Buffett dumped more of the company’s stock.  BAC – Weekly Chart  BAC shares are weaker on a weekly basis and a bearish close could target the support at $38.57, with further support at $35.  Warren Buffett’s Berkshire Hathaway conglomerate has been steadily reducing its…

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Huge Government Stimulus Sends Chinese Stocks Soaring

Chinese stocks surged more than 7% after the government unveiled new stimulus measures. CH 50 – Daily Chart The price of the China 50 index surged to 12,316 on Tuesday, taking out four levels of resistance that were previously identified. The current level is the obstacle to further gains, with the May highs near 13,000 now in sight….

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AUDUSD Exchange Rate Awaits RBA Interest Rate Decision

The AUDUSD exchange rate will be in focus on Tuesday with the latest interest rate decision from the Reserve Bank of Australia. AUDUSD – Daily Chart The AUDUSD exchange rate trades above recent resistance at the 0.6798 level and is eyeing the larger obstacle at the pre-2024 high of 0.6870. The Reserve Bank of Australia releases its…

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