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13Apr2015 Market Update: Markets Climb Into The Green On Falling Volume As Investors Seem To Want To Wait Out This Session

Written by Gary

Markets opened lower and climbed smartly into the green within minutes of the opening bell on falling volume. WTI oil remains elevated, but is now trending down in a very volatile session. The U.S. Dollar has also fallen fractionally, but appears to have leveled off trading sideways in a volatile session.

The averages have for for now stopped their ascent and have begin trading sideways as some investors wait on the sidelines awaiting Mr. Markets next move.

Here is the current market situation from CNN Money

North and South American markets are broadly higher today with shares in Brazil leading the region. The Bovespa is up 1.03% while Mexico's IPC is up 0.35% and U.S.'s S&P 500 is up 0.15%.


Traders Corner - Health of the Market

Index Description Current Value Members Sentiment: % Bullish (the balance is Bearish) 56%
CNN's Fear & Greed Index Above 50 = greed, below 50 = fear 63
Investors Intelligence sets the breath Above 50 bullish 60.8% Overbought / Oversold Index ($NYMO) anything below -30 / -40 is a concern of going deeper. Oversold conditions on the NYSE McClellan Oscillator usually bounce back at anything over -50 and reverse after reaching +40 oversold. +23.72 NYSE % of stocks above 200 DMA Index ($NYA200R) $NYA200R chart below is the percentage of stocks above the 200 DMA and is always a good statistic to follow. It can depict a trend of declining equities which is always troubling, especially when it drops below 60% - 55%. Dropping below 40%-35% signals serious continuing weakness and falling averages. 61.62% NYSE Bullish Percent Index ($BPNYA) Next stop down is ~57, then ~44, below that is where we will most likely see the markets crash. 66.61% S&P 500 Bullish Percent Index ($BPSPX) In support zone and rising. ~62, ~57, ~45 at which the markets are in a full-blown correction. 72.20% 10 Year Treasury Note Yield Index ($TNX) ten year note index value 19.42 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 76.73 NYSE Composite (Liquidity) Index ($NYA) Markets move inverse to institutional selling and this NYA Index is followed by Institutional Investors 11,119

What Is Moving the Markets

Here are the headlines moving the markets.

Crude Pumps'n'Dumps After Hedge Funds Storm Back In

WTI Crude broke back above $53 (twice) this morning (having tested down to $50 on Friday) following what BofA calls "the strongest pace of buying by hedge funds since the selloff began." But as the US equity market opened, sellers re-appeared...

BofA reports...

Large specs bought Crude contracts for a second week increasing net long positioning.

The pace of buying was strongest in six months since the selloff in June 2014 began.

Positioning remains stretched to the downside and both MAA and technicals indicate buying should continue.

Time running out on Greek debt talks, says top EU official

ROME (Reuters) - Greece is not moving fast enough to draw up and implement structural reforms and there is limited time to prevent it running out of cash, European Commission Vice President Valdis Dombrovskis said on Monday.

Oil rises towards $59, supported by U.S. drilling slowdown

LONDON (Reuters) - Brent crude rose towards $59 a barrel on Monday as a slowdown in U.S. drilling continued to support prices, offsetting a drop in Chinese oil imports.

Nasdaq Tops 5000 As Daily Stop Hunt Sends Stocks Vertical On Open

A gap open in AAPL has sparked a vertical stop-hunt in US equity indices driving Nasdaq back above 5,000 for the first time in3 weeks. Algo buying-panics are being seen across all US equity indices as the US equity open is clearly a fundamentally bullish thing...

AAPL is...

and so Nasdaq soars past 5000...

and the US Open (and NYSE Direct Feed break) has enabled a melt-up at the open...

As "The QE Trade" makes a re-appearance...

Proxy War Escalates: Russia Lifts Ban On Selling Anti-Aircraft Missiles To Iran


We showed yesterday the web of interconnected rifts and relationships among The Middle East's local and proxy war members and it seems this morning tensions are escalating once again. As Bloomberg reports, Russian President Vladimir Putin signed a decree on Monday lifting a ban on the delivery of S-300 anti-missile rocket systems to Iran. The ban was introduced by former President Dmitry Medvedev in 2010 under pressure from the West following UN sanctions imposed on Iran over its nuclear program.

As Haaretz reports,

Russia says it cancelled a contract to deliver the advanced missile system to Iran in 2010 under pressure from the West following UN sanctions imposed on Iran over its nuclear program, but world powers and Tehran have now reached an interim deal on curbing Iran's nuclear work.

[The presidential] decree lifts the ban on transit through Russian territory, including airlift, and the export from the Russian Federation to the Islamic Republic of Iran, and also the transfer to the Islamic Republic of Iran outside the territory of the Russian Federation, both by sea and by air, of air defense missile systems S-300," ...

Greece casts shadow as ECB money printing buoys euro zone

FRANKFURT (Reuters) - European Central Bank policymakers gathering on Wednesday will examine possible further emergency funding for Greece's banks as they take stock of a wider economic picture showing early signs of improvement.

Key Global Events In The Coming Week

While today's macro calendar is empty with no central bank speakers or economic news (just the monthly budget (deficit) statement this afternoon), it's a fairly busy calendar for us to look forward to this week as earnings season kicks up a gear in the US as mentioned while Greece headlines and the G20 finance ministers meeting on Thursday mark the non-data related highlights.

The calendar starts off on the slower side this morning however with just Italian industrial production due in Europe and no releases scheduled for the US.

It's a different story on Tuesday headlined by the UK CPI/PPI/RPI readings for March where the market is expecting the headline inflation reading to stay at 0.0% yoy. Inflation data out of Italy is also due while industrial production for the Euro-area is scheduled. In the US, March retail sales are the highlight while PPI, NFIB small business optimism survey and business inventories are all expected.

We start in China on Wednesday where retail sales, industrial production, fixed assets and most importantly Q1 GDP are all expected. In Japan industrial production and capacity utilization are expected. Inflation data will be the highlight in the European timezone with the final March CPI reading for Germany due as well as the preliminary number in France. The ECB meeting is also due to take place as well as the February trade data for the region. In the US on Wednesday we've got industrial production, empire manufacturing, capacity utilization, manufacturing production, NAHB housing market index and the release of the Fed's Beige Book all due.

There is little in way of data in the Asi ...

Exclusive: Fed's Williams sees less risk of rate retreat after lift-off

SAN FRANCISCO (Reuters) - As the U.S. job market improves, the risk is receding that an unexpected setback could derail the recovery once the Federal Reserve raises interest rates, San Francisco Fed President John Williams told Reuters.

The Changing World Of Work I: America's Nine Classes

Submitted by Charles Hugh-Smith of OfTwoMinds blog,

Eight of the nine classes are hidebound by backward-looking conventions, neofeudal and neocolonial arrangements and a spectrum of perverse incentives and false choices.

My theme this week is the changing world of work. The goal of this week's five-part look at the changing world of work is to look forward, rather than dwell with misty-eyed longing for what is now firmly in the past.
Let's start by establishing a socio-economic context for the discussion: the class and income structure of the U.S.

The conventional class structure is divided along the lines of income, i.e. the wealthy, upper middle class, middle class, lower middle class and the poor.

A few years ago I suggested that a more useful scheme is to view America through the lens not just of income but of political power and state dependency, as a Three-and-a-Half Class Society (October 22, 2012).
But this 3.5-class structure did not capture the changing nature of employment, income and wealth/political power, so last year I subdivided America's socio-economic spectrum into nine classes.
This nine-class structure is not feudal, in the sense of extremely limited social and economic mobility; only the Oligarchy Class is nearly impervious to upward social mobility, and even this class can be cracked open by anyone amassing billions of dollars in productive assets.
It is however neo ...

Brazil's iPhone investment falls short on promises of jobs, lower prices

ITU, Brazil (Reuters) - The Brazilian iPhone was meant to mark a new era.

Amazon Lawsuit Takes On Fake Reviewers

In an online discussion last week, the retail industry insiders on RetailWire's BrainTrust largely supported Amazon's move to battle fake review mills.

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