New All-Time Highs Validates Our Bullish Outlook We continue to view the latest pullback to the 100-day MA on the S&P 500 as healthy and normal within the ongoing bull market, and our bullish outlook (since early-November 2023) remains intact. Throughout the last week of April, we discussed the possibility that further downside was limited (4/23/24 Compass) and the mounting evidence that led us to believe the lows were likely in for this pullback (4/30/24 Compass). Market dynamics remain health...
Bullish Breadth Divergences Persist The S&P 500 is just below 4165-4200 support, and the Nasdaq 100 (QQQ) is just below $350-$355 support. Given they were only 1%-1.5% below these supports at last week's lows, we cannot call them "decisive" breakdowns quite yet. Regardless, these levels are now resistance (in addition to the 200-day MA on SPX), and they are important lines-in-the-sand moving forward. We cannot be bullish if the SPX and QQQ are below the aforementioned levels, but it would be bu...
The crude tanker market remained volatile in 2022 YTD. While the year began on a sluggish note for tankers amid the Omicron-led demand concerns and high oil prices which limited seaborne trade, the market turned favourable for shipowners after the Russia-Ukraine conflict that led to higher spot TCE rates of tankers in general and of mid-sized crude carriers and product tankers, in particular. This supported the uptrend in the Drewry crude tanker equity index that gained 25.2% between the last we...
S&P 500 Testing 3900; Commodities Topping? Major equity indexes remain in pullback mode, consistent with our narrative of the past two weeks. Key supports are currently being tested at 3900-3910 on the S&P 500, $293 on the Nasdaq 100 (QQQ), and $177-178 on the Russell 2000 (IWM). We see a bounce as possible at these levels, but breaks below these levels would virtually guarantee a test of the YTD lows -- or worse... see charts below. Commodity Prices Topping? We believe sustained lower commodi...
Don't Fight the Fed After a substantial rally, the S&P 500 was unable to break above its 200-day MA and market indexes have violated steep 5-week uptrends; we view this pullback as a critical test. This is where the rubber meets the road as we get to see if prior breakout levels/important moving averages hold and market indexes make a higher low, or if this was nothing more than a bear market rally and we are headed back to new lows. Barring a Fed pivot, and with Treasury yields and the U.S. do...
Tsakos Energy Navigation (TNP) owns and operates a fleet of 66 vessels which includes two VLCCs, 14 Suezmaxes, three DP2 Suezmax shuttles, 22 Aframaxes, 11 Panamaxes, six MRs, six Handysizes and two LNG carriers. Nearly 54% of TNP’s operating days are locked on time charter at healthy rates. With the provision of profit sharing on 11 vessels, nearly 66% of operating days have exposure to the potential upside in the tanker market as oil consumption and trade are expected to improve over the next ...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
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