Streetbeat News

Assets

SPY

UNG

USO

The latest US Baker Hughes Rig Count shows a slight decrease to 623 from 626 in the previous count. The number of rotary oil rigs has also decreased to 501 from 503, while the number of gas rigs remained unchanged at 119.

Portfolio Pulse from Benzinga Newsdesk

December 15, 2023 | 6:09 pm

SPY

Atlanta Fed President Raphael Bostic anticipates two quarter-percentage-point interest rate cuts in 2024, with the first expected in the third quarter, contingent on continued progress on inflation.

Portfolio Pulse from Benzinga Newsdesk

December 15, 2023 | 6:03 pm

NWG

NatWest Group (NYSE:NWG) has seen a 20% increase in short interest since the last report, with 2.54 million shares sold short, representing 0.06% of available shares. It would take about 1.61 days to cover all short positions. While an increase in short interest can indicate bearish sentiment, it does not necessarily predict a near-term price drop. Compared to its peers, NWG has a lower short interest as a percentage of float (0.06% vs. peer average of 0.84%).

Portfolio Pulse from Benzinga Insights

December 15, 2023 | 6:00 pm

ETHUSD

On Thursday, 9,635.34 Ether (ETH) valued at $21.49 million was burned due to the EIP-1159 upgrade implemented on August 5th, 2021, which introduced a variable base fee for transactions that is permanently removed from circulation. This has led to a net annualized issuance rate of -11.86% for Ether, with expectations that the Ethereum 2.0 upgrade will further reduce the issuance rate and potentially make ETH a deflationary currency.

Portfolio Pulse from Benzinga Insights

December 15, 2023 | 6:00 pm

COIN

The SEC has rejected Coinbase Global Inc.'s petition for rulemaking regarding a clearer regulatory framework for digital assets. Coinbase had submitted a 30-page document to the SEC, which was initially ignored until Coinbase sought judicial intervention. SEC Chair Gary Gensler supported the rejection, stating that current securities laws apply to crypto markets, the SEC is proactive in addressing crypto through rulemaking, and the SEC prioritizes maintaining discretion in its rulemaking agenda.

Portfolio Pulse from Murtuza Merchant

December 15, 2023 | 5:24 pm

DIA

Quadruple witching, now effectively triple witching due to the absence of single stock futures trading in the U.S. since 2020, refers to the simultaneous expiry of stock options, index futures, and index futures options. Occurring quarterly, this event can lead to increased trading volumes and market volatility. The SPDR Dow Jones Industrial Average ETF Trust (DIA) experienced heavy trading volumes and is up 14.8% since the end of October. The recent dovish pivot by the Federal Reserve may also contribute to market volatility as traders adjust their positions.

Portfolio Pulse from Neil Dennis

December 15, 2023 | 4:33 pm

CSCO

Cisco Systems (NASDAQ:CSCO) is analyzed against competitors in the Communications Equipment industry. Cisco has a lower P/E and P/B ratio than the industry average, suggesting undervaluation, but a higher P/S ratio, indicating potential overvaluation based on sales. The company's ROE is below the industry average, but it has significantly higher EBITDA, gross profit, and revenue growth, demonstrating strong financial performance. Cisco's lower debt-to-equity ratio compared to its top 4 peers suggests a stronger financial position with less reliance on debt.

Portfolio Pulse from Benzinga Insights

December 15, 2023 | 4:01 pm

AAL

FM

The Panamanian government has ordered the shutdown of First Quantum Minerals' Cobre Panama copper mine due to a Supreme Court ruling and protests. This closure, which affects a significant portion of Panama's GDP and employment, exacerbates the global copper deficit, with potential impacts on prices and economic growth. The copper market is already facing a projected deficit due to increased demand, particularly from the electric vehicle sector, and production cuts from other major miners like Anglo American.

Portfolio Pulse from Stjepan Kalinic

December 15, 2023 | 3:33 pm

BTCUSD

ORDI

The Bitget's 2024 Bitcoin Report forecasts significant growth in the Bitcoin ecosystem, predicting a potential surge in Bitcoin (BTC) and ORDI (ORDI) values. The report anticipates a 1,200% increase in ORDI's market cap and Bitcoin's price potentially reaching $100,000. It highlights the Lightning Network's role in payment adoption and increased earnings for Bitcoin miners due to the Ordinals protocol. However, it also notes challenges such as Bitcoin's scalability and complexities in channel management. Bitget's Managing Director Gracy Chen expects spot Bitcoin ETFs to be approved by the SEC, potentially by January next year, and predicts Bitcoin could reach $150,000 in the next bull market.

Portfolio Pulse from Murtuza Merchant

December 15, 2023 | 3:32 pm

AAPL

AMZN

GLD

GOOG

META

MSFT

NVDA

QQQ

SLV

SPY

TSLA

USO

Market sentiment has become extremely positive, which is often a contrary indicator signaling a potential sell-off. SPDR S&P 500 ETF Trust (SPY) is at the low band of the top resistance zone, with room to run higher despite overbought conditions. Quadruple witching is causing volatility with over $5 trillion in options expiring, potentially leading to a market maker gamma squeeze. New York Fed President John Williams is attempting to moderate expectations after Powell's dovish comments. Records are being set with 44% of S&P 500 stocks overbought and small caps' rapid rise. Money flows are mixed in major tech stocks and ETFs like SPY and QQQ. The momo crowd is buying, while smart money's actions are undisclosed. Gold, oil, and Bitcoin are experiencing volatile trades. Investors are advised to maintain protection bands to balance risks and opportunities.

Portfolio Pulse from The Arora Report

December 15, 2023 | 3:27 pm