World stocks hit record highs on Tuesday, with investors' relief at centrist Emmanuel Macron's victory in the first round of the French presidential election supported by speculation about U.S. tax reform.
Crude oil prices fell on Friday as oversupply concerns resurfaced, while the euro and stocks slipped ahead of the first round of the French presidential election on Sunday. Crude oil prices slid more than 2.0% on Friday, on track for the biggest weekly drop in a month, on renewed concerns that increasing U.S. production and high inventories will thwart OPEC's attempts to reduce the global crude glut.
The S&P 500 futures are trading beneath several key trendlines, and volume trends look neutral to bearish. To me there is no major indication of a big reversal higher, however, we may be stuck in a range for the near-term. The 2320 area is key support, and the next major level is the breakout point from the beginning of this year at approximately 2290.
European shares edged up on Wednesday and gold fell as questions hung over the 'reflation' trades that had lifted markets since Donald Trump became U.S. president, while sterling held near a six-month high after Tuesday's calling of a snap UK election.
Shares and the dollar fell on Tuesday as a snap general election call in Britain added to a lengthening list of uncertainties for investors already on edge over tensions simmering from North Korea to France.
We’ll begin by looking at the issue in the news, South American “Conflict Gold.” An innocuous little Bloomberg/Businessweek article from March 9, 2017 (“How to Become and International Gold Smuggler”) came to our attention at the time – highlighting one less-than-notorious yet very enterprising and very young (21-year-old at the time he began his exploits) college student who decided to go after the “real money” represented by smuggling illegal gold out of Peru.