This week is definitely another profitable one and we are one step closer to 25% gains. I would like to express my utmost gratitude to all my 260 followers and 19 copiers for putting trust in me. I was informed by eToro that I temporarily cannot be copied by other traders anymore since my maximum AUM is reached. However, I will apply for popular investor in October 2018 to increase my AUM, so do follow me and I will inform you guys once I get approved as a popular investor.
For oil trading, the oil price again surged passed above $70 with all the bullish news since last Friday. Baker and Hughes reported down in oil rig count by ten last Friday, although this week API reported a small increase in storage, EIA reported a greater drawing than expected. Iran sanctions continue to play its role to bring the oil price up as well as easing of trade war.
For US stocks trading, there was a long rally with Nasdaq and S&P 500 both recorded new high following reassuring comments from Federal Reserve Chair Jerome Powell on the central bank’s policy-tightening path. New Nafta deal between US & Mexico and trade negotiations between US & Canada also made Nasdaq new high and S&P 500 broke 2900 for the first time. However, there was some pullback after Trump threatened to withdraw US from World Trade Organization. Besides, Trump supported additional tariffs on China goods and this had brought down Asia market as well. This week, few tech giants like Amazon, Apple and Microsoft recorded new high. Alphabet (Google) and Amazon surged tremendously after Morgan Stanley raised their target prices. This make Amazon one step closer to join Apple as the second company with trillion market cap as I expected earlier. Netflix had a strong come back since the big dip after its earning report since it was upgraded by Suntrust to “buy”, developing a system that could avoid paying commission that Apple charges on app related transactions. While other stocks that I’m holding like Facebook and Alibaba are doing good as well though Alibaba stocks get pulled down after Trump supported another series of trade war with China.
I bought in more Apple as they are going to announce their new products on 12 September. I expected the price to be bullish during this period before the announcement. Besides, I noticed that some Marijuana stocks like Cronos jumped tremendously recently due to the legalization in Canada. However, Cronos stock price seems very overvalued; therefore, I shorted Cronos and managed to grab some profits since it dropped almost 30% on Thursday and another 9% after market. I will be holding the selling position until Friday.
In Asia, market rallied earlier this week as China’s central bank, the People’s Bank of China (PBOC) reintroduced a policy adjustment aimed at supporting Yuan. However, Trump supported additional tariffs on China goods caused red in Asia market again on Friday.
Sources: CNBC, Investing.com