Saturday, August 12, 2023
"Finance responds to the news of opening outlets to sell the dollar to every Iraqi citizen with a specific monthly ceiling", 13 AUGUST
Finance responds to the news of opening outlets to sell the dollar to every Iraqi citizen with a specific monthly ceiling
Today, the Iraqi Ministry of Finance clarified news about opening outlets to sell US dollars with a monthly ceiling of $1000 per citizen on communication platforms and media channels.
The Ministry confirmed that as of the statement’s preparation date, it had neither received nor issued directives regarding the matter.
She emphasized that any instructions from the Council of Ministers regarding this matter will be announced on the ministry’s official websites and platforms.
"MOMENTUM ALERT: 3 TOP RANKED STOCKS PRIMED FOR A BREAKOUT, 12 AUGUST
After rallying almost straight up for nearly four months the stock market has taken a much-needed breather over the last couple of weeks. Rather than a sharp downward correction, many stocks have corrected in time and built out some sideways action.
For investors that like trading momentum breakouts, these sideways consolidations provide perfect setups to measure trades from.
With inflation continuing to ease, the US economy growing at an accelerating pace, and the Federal Reserve laying out a path for lower interest rates, many bullish factors are aligning for what could be an extended bull market.
Amazon (AMZN - Free Report) , Sherwin Williams (SHW - Free Report) , and Caterpillar (CAT - Free Report) are three premier US stocks that are forming A+ trade setups. Each of these stocks have considerably outperformed the broad market over the last 10 years, enjoy top Zacks Ranks, have momentum at their back, and are building convincing technical chart patterns.
Amazon.com
Amazon has made a stunning comeback from the bear market of 2022, rallying 65% YTD. And with some very powerful upward revisions to its earnings estimates, AMZN has jumped onto the Zacks #1 Rank.
During the last quarterly earnings report Amazon surprised to the upside by 43%, showing just how effective its restructuring has been this last year. Current quarter earnings estimates have been upgraded by 43.6% and are projected to climb 180% YoY to $0.56 per share. FY23 earnings estimates have been revised higher by 38.5% and forecast to grow 204% YoY to $2.16 per share.
Additionally, sales are projected to grow over 10% across time frames and EPS are expected to increase by 34% annually over the next 3-5 years.
Reflecting the drastically improving business performance, AMZN stock is setting up a compelling technical chart pattern. Over the last week price action in the stock has formed a tidy bull flag.
If Amazon can trade above the $139.50 level, it should initiate a breakout and draw in a rush of buyers sending the stock higher. However, if it loses the $136 level investors should remain cautious as the signal is invalid, and the stock may want to fill the earnings gap below.
Image Source: TradingView
Sherwin Williams
Currently sitting in the top 2% of the Zacks Industry Rank, Sherwin Williams stock looks primed for another move higher in the coming weeks. Bolstered by a strong economy, and upward trending earnings revisions, I think investors must keep an eye on this classic American stock.
Sherwin Williams stock has built out a prototypical cup and handle pattern, with a tight bull flag forming over the last couple of weeks.
If SHW price can break out above the $274.50 level, it should begin its next leg higher. Alternatively, if the stock can’t hold the $270 level of support, investors should wait for another opportunity as the setup is invalid.
Image Source: TradingView
Sherwin Williams has begun to see steady earnings estimate upgrades, as analysts have unanimously agreed on upward revisions. Because of this earnings revision trend, SHW has a Zacks Rank #1 (Strong Buy) rating.
Current quarter earnings estimates have been revised higher by 8.7% to $2.75 per share, while FY23 estimates have been revised higher by nearly 10% to $9.56 per share.
Image Source: Zacks Investment Research
Caterpillar
Caterpillar stock gapped up to new all-time highs last week, following a huge earnings beat. Since the report the stock has held the gap and formed a neat bull flag consolidation to trade from.
If CAT stock can breakout above the $288.50 level, a rush of buying should propel the stock to another new all-time high. But, if the price loses the support of the $278 level, it could fill that earnings gap, so investors should be caution below there.
Image Source: TradingView
The incredibly strong construction market has been a major boon for Caterpillars stock sending sales and earnings estimates much higher and giving it a Zacks Rank #1(Strong Buy) rating.
Current quarter earnings estimates have been revised higher by 10% and are forecast to grow 14% YoY to $4.50 per share. FY23 earnings estimates have been revised higher by 8.4% and are expected to climb 39% YoY to $19.25.
Additionally, current quarter sales are projected to grow 8% YoY to $16.2 billion and FY23 sales are set to increase 11.6% YoY to $66.3 billion.
Image Source: Zacks Investment Research
Bottom Line
Here I have shared some very clean trade setups, however investors should always keep risk management top of mind. Even the best setups can fail, so we should always be aware of our max risk stop-loss and respect the trading plan.
"It is not time for the dinar to dismount", 12 AUGUST
It is not time for the dinar to dismount
As an Iraqi, I waited for the Security Council to review and lift the unjust sanctions imposed on my country. However, the semi-annual sessions only presented arguments for extending the blockade, causing hope to fade away among the millions of people struggling to survive.
In 1996, the Memorandum of Understanding known as Oil for Food and Drug caused the market to shake, the dollar to fall, and the dinar to slightly recover. People were joyful while shopping, amazed by the comparisons between yesterday’s and today’s products, but the dinar’s improvement negatively affected the merchants. Parents disowned their children to avoid the debts owed by those in hiding, and “disavowal” advertisements appeared in newspapers.
Only a small portion of oil exports, which we have no control over, affects the dinar positively. What if the blockade was lifted completely? We’ve been pondering this question.
Thirteen years have passed, and we are still under blockade. Our lives are depleted by permanent austerity and subsistence living. We content ourselves with rationed food and medicine.
The big change happened in 2003 when Iraqis eagerly anticipated the new edition of the dinar currency. Some even speculated that it could challenge the dominance of the US dollar. This optimism was fueled by explosive budget growth due to surging oil prices. However, these expectations were not met in the end.
Billions of hard currency did not boost the dinar, unlike the Kuwaiti dinar after the 1991 war or the German mark after World War II.
After the war and the siege, the dinar remained in the room of the Iraqi Central Bank’s auction recovery. From time to time, we heard about the project of deleting zeros, which was expected to be an alternative solution to the recovery of the dinar. Economists and analysts were scrambling to find a way out for the dinar. However, with every crisis that shook the market, the currency market appeared as the only way to preserve the livelihood of the dinar before its collapse.After the war and the siege, the dinar remained in the room of the Iraqi Central Bank’s auction recovery. From time to time, we heard about the project of deleting zeros, which was expected to be an alternative solution to the recovery of the dinar. Economists and analysts were scrambling to find a way out for the dinar. However, with every crisis that shook the market, the currency market appeared as the only way to preserve the livelihood of the dinar before its collapse.
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Concerning the dollar crisis.. Al-Fateh: The US treasury is “manipulating” the fate of the people
A member of the Al-Fateh Alliance, Ali Al-Zubaidi accused the US Treasury of manipulating the Iraqi economy by deepening the crisis of the high exchange rate of the dollar in the local market. He emphasized the need for Iraq to achieve economic independence away from US hegemony.
Al-Zubaidi stated that it is unfair to continue depositing the country’s funds in the US Federal Bank. He added that Washington lacks credibility in the treaties and charters that are agreed upon.
He stated that Iraq could solve the dollar crisis by ending US-imposed hegemony over oil sales. He pointed out that the US Treasury is exacerbating the crisis by manipulating exchange rates in local markets.
Al-Zubaidi stated that the US imposes Chapter VII restrictions on Iraq to serve its own interests. He also emphasized the need for Iraq to achieve economic independence from American influence.
During an interview with Al-Information Agency, Member of Parliament Kazem Al-Touki stated that the Central Bank’s measures were unable to withstand the decisions made by the US Treasury regarding the dollar. He further emphasized that the sanctions imposed by the US Treasury will prevent the stability of the dollar exchange rates in local markets.
Weekend News with MarkZ 08/12/2023
JUDY NOTE, 12 AUGUST
Projected Timeline
Sat. 12 Aug. drop dead deadline for the RV as decided last Fri. by BRICS nations.
QFS Dates, Dr Scott Young: Aug. 20ish Back Wall for Financial, Sept. 15, Back Wall for Political: https://www.youtube.com/watch?v=6-UuQ4XHN5w
DROP 101: How many days in the large Military worldwide Operation starting Wed. 9 Aug.? 10 What day is the BRICS Summit announcement of a new Gold backed world? 22 Aug. Which is what? Nesara Gesara public announcement. Looks about right.
On Aug. 22-24 BRICS’ original five members – Brazil, Russia, India, China and South Africa – were due to convene in Johannesburg and formally announce the Global Currency Reset during their Summit meetings.
Rumors on the Global Currency Reset Judy Note:
On Tues. 1 Aug. the first wave of liquidity started.
On Thurs. 3 Aug. evening FedNow was activated as the EBS merged with the Global Financial System.
On Sun. 6 Aug. Banks synched up with the Central Bank of Iraq, Iraq shut down any news going out of the country.
By Mon. 7 Aug. the Iraqi Parliament had approved their budget with the new Iraqi Dinar Rate in it and published it in the Gazette the next day Tues. 8 Aug.
On Thurs. 10 Aug. the direct payment system was activated to send funds internationally person to person.
The BRICS nations have set a (Alleged) Back Wall for the RV set for Sat. 12 Aug.
Tier 4b should be notified to receive appointments to exchange foreign currencies and redeem Zim bonds within 48 hours of Bond Holders. The Gold/asset-backed USN should be announced between Aug.18-21.
Russia will launch central bank digital currency tests with 13 banks next week.