Gold bugs is down

 

Asian stocks were little changed today, as the European markets are up. Many of the biggest companies reported earnings that beat estimates in Europe today. Nokia jumped 7% earlier today after naming a new CEO.

 

There was a lot of earnings reports, and many of them was better than estimated. So far so good, but the real big challenges now is Ukraina which is still unstable. LG Electronics Inc jumped 3,9% after posting first-quarter operating profit that doubled analysts estimates.

Samsung forecast profit will rally in Q2, lifted by strong sales of its new Galaxy S5. Q1 operating profit fell 3,3%. Operating profit at Samsung`s mobile division fell 1,2%. They shipped 113M phones and tablets, and margins were unchanged at 19,8%.

 

China is risky, but the Chinese government has made it clear it will do what it takes to make sure the economy doesn`t go too much on the wrong side. That makes investors less worried, because they have come through and shown it will act.

 

Japan markets were closed today for a holiday. The MSCI Asia Pacific (excluding Japan) Index traded at 12,3 times estimated earnings. S&P 500 Index traded at 15,9 times estimated earnings. The FED will probably announce a fourth straight stimulus cut at the conclusion of a two-day meeting tomorrow.

HUI 28.04.2014

(HUI Gold bugs Index)

 

Gold futures slipped and mining companies was among shares that fell today. Australia`s biggest gold producer, Newcrest Mining Ltd, slid 3,1% in Sydney. HUI slid yesterday too. Down -2,23%, closing at 223,65.

 

The next weeks is very important in the stock market. You all know the words «Sell in May and go away», but what puzzles investors is the lack of a fundamental trigger for a bigger drop in the stock market. Let`s follow the news in the coming weeks.

 

Todays reports is interesting. S&P/Case Shiller tells us about the change in the selling price of single-family homes in 20 metropolitan areas. It`s a leading indicator of the housing industry`s health.

 

Consumer Confidence is a survey of about 5000 households. It`s a leading indicator of consumer spending, which accounts for a majority of overall economic activity. Forecast is 82,9, and that`s up from previous 82,3.

 

Reports today:

 

09:00 a.m EST S&P/CS Composite-20 HPI y/y

10:00 a.m EST CB Consumer Confidence

 

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Shiny bull. The author has made every effort to ensure accuracy of information provided; however, neither Shiny bull nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in precious metal products, commodities, securities or other financial instruments. Shiny bull and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

 

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