Prepaid Digital Currency Blackcard Leading Maker to Triple-Digit Gains
Daily Stock Market Summary: Another day, another round of geopolitical volatility for the stock market. The market started off the session with sharp downward momentum after the US President canceled a heavily hyped June summit with North Korea, with bellicose rhetoric between the two states resuming. Markets have posted an impressive show of confidence since the poor open, however, recovering close to zero at the time of this writing.
Best Buy (NYSE:BBY) was among the day’s headliners, falling just over 8% at the time of this writing. BBY actually bested in-store sales projections for the quarter but is the latest stock to fall victim to brutal competition from online retailers: its online sales numbers disappointed investors, leading to the selloff.
We continue profiting through the unpredictable churn of the current market environment. In fact, research suggests that news-based trading approaches actually perform better when volatility is higher. Why? Because more volatile action leads to greater separation between stocks moving in response to specific news events and the broader “buy-and-hold” market. You can learn more about the principles driving quantitative, news-based trading strategies in one of our totally free learning sessions. Just sign up using the button below.
Today’s Top Performer: Simex (AMEX:ARGB)
Simex, which operates an international “digital asset platform,” is posting dramatic gains today after announcing the new Simex Black Mastercard. The card is tied to user accounts to facilitate financial transactions in both digital and conventional currency. ARGB intends the Black Mastercard as a powerful solution for their number one priority in fleshing out a full-featured currency platform: “an elaborate a tool to facilitate deposit, transfer, and withdraw capabilities.”
The card will be available in four currencies (USD, GBP, EUR, JPY). Because it does not extend credit, relying on prepayment, the card maintains a high degree of anonymity and does not require a credit history or bank account information for an application.
The stock has posted some dramatic price action since the announcement, up 275% at the time of this writing. The blockchain sector continues to be a lucrative source of profits for news-based traders. Whether you’re a “believer” in this technology or a skeptic, news-based analytics help capitalize on the price momentum generated by this -reward sector while avoiding buy-and-hold risk.
Keep checking the News Quantified blog for a small sample of the 1000’s of profitable news alerts issued to our investors each and every week.