econintersect.com
       
  

FREE NEWSLETTER: Econintersect sends a nightly newsletter highlighting news events of the day, and providing a summary of new articles posted on the website. Econintersect will not sell or pass your email address to others per our privacy policy. You can cancel this subscription at any time by selecting the unsubscribing link in the footer of each email.



10Mar2015 Market Open Commentary: Closing Market Commentary: Markets Open Down 1% Now Trading Sideways And High U.S. Dollar Detriment To Growth According To White House

Written by Gary

Averages open down as expected. DOW and small caps down 1% as volume remains moderate. The two main events of the day, namely the start of QE in the eurozone and also further tension surrounding Greece look to be more "slow burn" affairs

By 10:30 am the Apple Watch news does little to excite the Chinese and U.S. Small business confidence picks up in February. The White House admits that a strong U.S. Dollar is a headwind for growth.


Here is the Market Open from CNN Money

North and South American markets are broadly lower today with shares in Brazil off the most. The Bovespa is down 3.59% while U.S.'s S&P 500 is off 1.21% and Mexico's IPC is lower by 0.99%.

Our medium term indicators are leaning towards Hold portfolio of non-performers and the session market direction meter (for day traders) is 32 % bearish. We remain mostly conservatively bullish, but with a bearish slant. I am very concerned any downtrend could get very aggressive in the short-term and any volatility may also promote sudden reversals that will only please the day traders. The SP500 MACD has turned down, but remains above zero at +6.02.

Having some cash on hand now is not a bad strategy as negative market changes are happening everyday. Many investors are starting to take in some profits from 'high-fliers' as a precaution and to build a better cash base for the 'dips'.

Investing.com members' sentiments are 75 % Bearish.

Traders Corner - Health of the Market

Index Description Current Value
CNN's Fear & Greed Index Above 50 = greed, below 50 = fear 58
Investors Intelligence sets the breath Above 50 bullish 60.3
StockChart.com Overbought / Oversold Index ($NYMO) anything below -30 / -40 is a concern of going deeper. Oversold conditions on the NYSE McClellan Oscillator usually bounce back at anything over -50 and reverse after reaching +40 oversold. -40.27
StockChart.com NYSE % of stocks above 200 DMA Index ($NYA200R) $NYA200R chart below is the percentage of stocks above the 200 DMA and is always a good statistic to follow. It can depict a trend of declining equities which is always troubling, especially when it drops below 60% - 55%. Dropping below 40%-35% signals serious continuing weakness and falling averages. 54.11%
StockChart.com NYSE Bullish Percent Index ($BPNYA) Next stop down is ~57, then ~44, below that is where we will most likely see the markets crash. 62.98
StockChart.com S&P 500 Bullish Percent Index ($BPSPX) In support zone and rising. ~62, ~57, ~45 at which the markets are in a full-blown correction. 73.60
StockChart.com 10 Year Treasury Note Yield Index ($TNX) ten year note index value 21.33
StockChart.com Consumer Discretionary ETF (XLY) As long as the consumer discretionary holds above [66.88], all things being equal, it is a good sign for stocks and the U.S. economy 74.96
StockChart.com NYSE Composite (Liquidity) Index ($NYA) Markets move inverse to institutional selling and this NYA Index is followed by Institutional Investors 10,744

What Is Moving the Markets

Here are the headlines I think are moving the markets.

Credit Suisse poaches Prudential's Thiam for Asia push

ZURICH/LONDON/HONG KONG (Reuters) - Credit Suisse has swooped on Prudential boss Tidjane Thiam to replace chief executive Brady Dougan - seen to have failed in reforming the Swiss bank fast enough - in order to push into wealth management of a growing multi-millionaires club in Asia.

Square Feet: Bon Appétit Moves to a New Home and Into the Kitchen You've Always Wanted

Condé Nast, which owns the magazine, last year began relocating some brands from 4 Times Square to 1 World Trade Center, which includes a 2,126-square-foot kitchen.

U.S. small business confidence ticks up in February

WASHINGTON (Reuters) - U.S. small business optimism edged up in February amid signs of tightening labor market conditions, bolstering the view that a recent slowdown in economic activity will be temporary.

February 2015 CBO Monthly Budget Review: Deficit Is $10 billion More than the Shortfall Recorded in the Same Span Last Year

from the Congressional Budget Office

The federal government ran a budget deficit of $386 billion for the first five months of fiscal year 2015, CBO estimates-$10 billion more than the shortfall recorded in the same span last year. CBO expects that, if lawmakers enact no further legislation affecting spending or revenues, the deficit in 2015 will end up at about $486 billion, roughly the same as the deficit incurred in 2014. (For more details about CBO's most recent budget projections, see Updated Budget Projections, 2015 to 2025.)

Apple Watch not yet setting Chinese pulses racing

BEIJING (Reuters) - Apple Inc had China front and center at the San Francisco launch of its smart Apple Watch, trumpeting a new store in Hangzhou city and demo-ing hit Chinese messaging app WeChat.

White House Admits "Strong Dollar Is Headwind For Growth" As Greenback Surges At Fastest Pace In 34 Years

Forget 2013's "taper tantrum", FX markets are roiling over a full-blown "rate-hike-rage" as the USD Index surges to a new 12 year high, rising 23% in the last 8 months - the fastest surge since 1981. Not only is this dramaticaly bad for the US equity earnings picture but the carnage being unleashed across developed and emerging market currencies is almost unprecedented. Despite reassurance from The Fed that a strengthening dollar is positive for US jobs, The White House has now issued a statement that a "strengthening USD is a headwind for US growth."

The USD Index has risen at the fastest pace in 34 years...

Despite previous reassurances from Bullard, Fisher et al.

Sharp gains in the U.S. dollar are good for the U.S. labor market, a top Federal Reserve official said on Friday, downplaying a crescendo of complaints from top executives over the dent to their profits.

"CEOs that have international operations complain about it," Dallas Fed President Richard Fisher told Reuters in an interview. "I hear from every one of them - it offsets their powerful earnings here domestically."

Fisher takes those complaints with a grain of salt.

"It brings to my mind the vision of Edward Munch's painting 'The Scream'," he said, adding, "It's not the end of the world."

Fisher, who plans to retire from his post in March, holds views that ...

Bookstore chain Barnes & Noble's profit rises 14 percent

(Reuters) - Barnes & Noble Inc , the largest U.S. bookstore chain, reported a 14 percent rise in quarterly profit, helped by cost cutting in its Nook digital business.

Eurozone QE starts

After the drama of Friday, we saw a relatively subdued start to the week in FX markets. The two main events of the day, namely the start of QE in the eurozone and also further tension surrounding Greece look to be more "slow burn" affairs, rather than having an instant impact. Indeed, both have many unresolved issues. For the ECB's QE program, it is how to deal with buying bonds with negative yields and the resulting losses that risk ending up hitting the central bank's bottom line. This is most pertinent for Germany, where yields are negative out to the 6 year maturity. We also have to find out to what degree overseas sellers are going to be selling bonds and repatriating cash, with the resultant downward push on the single currency.

We saw a pause in dollar strength yesterday, which allowed sterling and the dollar bloc currencies (CAD, AUD, NZD) to recover the most. Most of this has been given up overnight, with the dollar index making new highs (once again). The Aussie is closest to making new lows for the year, with USDJPY exploring new territory, having pushed above the December highs. There are no major data releases for today, although several UK MPC members are scheduled to speak later in the day. Greece is also not likely to be far from the headlines. Note that the kiwi rate decision will happen overnight tomorrow, where rates are seen holding steady at 3.50%. The kiwi has declined for the past four sessions, but remains above the year's lows of 0.7177.

Read the rest of the article Eurozone QE starts

Wikipedia Founder Sues NSA, Demands "End To NSA's Dragnet Surveillance Of Internet Traffic"

By Jimmy Wales, the founder of Wikipedia, is a board member of the Wikimedia Foundation, of which Lila Tretikov is the executive director, first posted in the NYT.

Stop Spying on Wikipedia Users

TODAY, we're filing a lawsuit against the National Security Agency to protect the rights of the 500 million people who use Wikipedia every month. We're doing so because a fundamental pillar of democracy is at stake: the free exchange of knowledge and ideas.

Our lawsuit says that the N.S.A.'s mass surveillance of Internet traffic on American soil â€" often called "upstream" surveillance â€" violates the Fourth Amendment, which protects the right to privacy, as well as the First Amendment, which protects the freedoms of expression and association. We also argue that this agency activity exceeds the authority granted by the Foreign Intelligence Surveillance Act that Congress amended in 2008.

Most people search and read Wikipedia anonymously, since you don't need an account to view its tens of millions of articles in hundreds of languages. Every month, at least 75,000 volunteers in the United States and around the world contribute their time and passion to writing those articles and keeping the site going â€" and growing.

On our servers, run by the nonprofit Wikimedia Foundation, those volunteers discuss their work on everything from Tiananmen Square to gay rights in Uganda. Many of them prefer to work anonymously, especially those who work on controversial issues or who live in countries with repressive governments.

These volunteers should be able to do their work without having to worry that the United States ...

Earnings Summary for Today

Earnings Calendar provided by Investing.com.

leading Stock Positions

Leading Stock Quotes powered by Investing.com

Current Commodity Prices


Commodities are powered by Investing.com

Current Currency Crosses

The Forex Quotes are powered by Investing.com.



To contact me with questions, comments or constructive criticism is always encouraged and appreciated:

gary@econintersect.com

Click here for Historical Releases Listing










Make a Comment

Econintersect wants your comments, data and opinion on the articles posted.  As the internet is a "war zone" of trolls, hackers and spammers - Econintersect must balance its defences against ease of commenting.  We have joined with Livefyre to manage our comment streams.

To comment, using Livefyre just click the "Sign In" button at the top-left corner of the comment box below. You can create a commenting account using your favorite social network such as Twitter, Facebook, Google+, LinkedIn or Open ID - or open a Livefyre account using your email address.



You can also comment using Facebook directly using he comment block below.





Econintersect Live Market

search_box

Print this page or create a PDF file of this page
Print Friendly and PDF


The growing use of ad blocking software is creating a shortfall in covering our fixed expenses. Please consider a donation to Econintersect to allow continuing output of quality and balanced financial and economic news and analysis.


Take a look at what is going on inside of Econintersect.com
Main Home
Analysis Blog
Joan Robinson’s Critique of Marginal Utility Theory
The Truth About Trade Agreements - and Why We Need Them
News Blog
Early Headlines: Asia Stocks Mixed, Oil Steady, Bank Mafia, Trump To Remain TV Producer, US Life Expectancy Down, India Stocks Suffering, Park Impeached, China Struggles To Support Yuan And More
Heavy Metal And Hard Rock Albums That Went Certified Diamond Status
Down The Drain: Wastewater With The Most Cocaine
Apple's App Store Set For 5 Million Apps By 2020
How Can The UK Government Meet Its Legal Air Pollution Targets?
Most Gun Deaths In The United States Have A Tragic Motive
What We Read Today 08 December 2016
Five Mysterious Space Diseases That Could Kill Astronauts Before They Get To Mars
03 December 2016 Initial Unemployment Claims Rolling Average Insignificantly Worsens
November 2016 CBO Monthly Budget Review: Down by 3 Percent in the First Two Months of Fiscal Year 2017
Putting Grassroots Terrorism In The Proper Perspective
Crude Oil Prices: "Random"? Hardly. The More Emotional The Market, The More Predictable It Is.
Infographic Of The Day: Job-Hopping
Investing Blog
Are Your Trade Entries Patient Enough?
Investing.com Technical Summary 08 December 2016
Opinion Blog
Looking At Everything: Trump's $1 Trillion Infrastructure Plan
The Global Financial Mess Is Due To Political Failure
Precious Metals Blog
Silver Prices Rebounded Today: Where They Are Headed
Live Markets
08Dec2016 Market Close: Wall Street Closes Higher, But Not Without Pause For Indicators That Spell CAUTION In Capital Letters
Amazon Books & More






.... and keep up with economic news using our dynamic economic newspapers with the largest international coverage on the internet
Asia / Pacific
Europe
Middle East / Africa
Americas
USA Government



Crowdfunding ....






























 navigate econintersect.com

Blogs

Analysis Blog
News Blog
Investing Blog
Opinion Blog
Precious Metals Blog
Markets Blog
Video of the Day
Weather

Newspapers

Asia / Pacific
Europe
Middle East / Africa
Americas
USA Government
     

RSS Feeds / Social Media

Combined Econintersect Feed
Google+
Facebook
Twitter
Digg

Free Newsletter

Marketplace - Books & More

Economic Forecast

Content Contribution

Contact

About

  Top Economics Site

Investing.com Contributor TalkMarkets Contributor Finance Blogs Free PageRank Checker Active Search Results Google+

This Web Page by Steven Hansen ---- Copyright 2010 - 2016 Econintersect LLC - all rights reserved