After a brief spike of 'sheeples' pre-orders moving the markets up fractionally (Bull Trap), the averages have moved solidly down into negative territory which may or may not be the lows for the day. Traders love it and investors loath the volatility, but that is what is to be expected for now. The BTFDers are starting to buy in as they think this is the low for the day.
Here is the current market situation from CNN Money
North and South American markets are lower today with shares in Brazil off the most. The Bovespa is down 0.86% while Mexico's IPC is off 0.30% and U.S.'s S&P 500 is lower by 0.21%.
$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.
(Reuters) - JPMorgan Chase & Co, the biggest U.S. bank by assets, reported a better-than-expected rise in first-quarter profit, with a rebound in bond trading bolstering Chief Executive Jamie Dimon's argument that size and diversification are advantages.
NEW YORK (Reuters) - U.S. stocks rose modestly on Tuesday as investors digested the initial major earnings of the first-quarter reporting season, which showed some weakness despite companies topping lowered expectations.
LONDON (Reuters) - International investors are getting increasingly anxious that stock markets may be due a downward lurch with more of them rating equities as "overvalued" than at any time since 2000, a global survey said on Tuesday.
Despite all the money-printing, bond-buying, ponzi-scheming; the looming reality of a possible Greek default is spreading rapidly across the rest of peripheral European bonds. Greek 3Y bond yields are up 167bps, breaking over 23% today. The last week has seen Italian, Portuguese, and Spanish bond risk rise 12-16bps - a dramatic move off such low Qâ‚¬-driven bases. Already there is chatter that Spain's resurgent Podemos party will look to negotiate restructuring their debt, which merely confirms the fact that for all the bluster, EU leaders are scared stiff of the implications of 'allowing' Greece to exit...
Greek bonds are dumping...
And peripheral European bond risk is contagion-ing...
NEW YORK (Reuters) - The municipal bankruptcies in Detroit and Stockton, California, may foretell more widespread problems in the United States than is implied by current bond ratings, a top Federal Reserve official said on Monday.
WASHINGTON (Reuters) - U.S. retail sales rose in March for the first time since late last year as consumers stepped up purchases of automobiles and other goods, suggesting a sharp slowdown in economic growth in the first quarter was temporary.
Remember back at the turn of the year when NFIB Small Business Optimism was surging and the mainstream media proclaimed that jobs were coming back thanks to small business, and Obama stated "the shadow of crisis is behind us." Well, if March's Small Business Optimism index is to be believed... it's not. At 95.2 (missing expectations for the 3rd month in a row), this is the least optimistic small businesses have been in 9 months. Worse still, all those jobs that were going to be created by this optimism.. Hiring Plans dropped to 6-month lows.
TOKYO (Reuters) - The yen is fairly valued around current levels, a key economic adviser to Prime Minister Shinzo Abe said on Tuesday, a day after comments he made were taken to mean the yen was too weak.
LONDON (Reuters) - Citigroup Inc is seeking a buyer for its retail forex brokerage CitiFX Pro as part of efforts to streamline the banking world's biggest currency trading operation, a source familiar with the situation told Reuters on Tuesday.
After 3 months of missed expectations and the first consecutive drop in retail sales since Lehman, retail sales rose 0.9% in March (missing expectations of +1.1%), following a revised 0.5% drop in February. While the 0.9% rise is the biggest since March last year, this is now the worst streak of missed expectations in retail sales since 2008/9. Ex-Autos, retail sales also mised expectations (rising just 0.4% vs 0.7% exp).
This is the worst March YoY growth in retail sales (control group) since 2009...
The breakdown shows what we already know: courtesy of soaring non-revolving loans, auto sales spiked in March...
... however offset by modest increases in other category, with electronics, food and online sales posting a decline. Too warm outside to spend money on Amazon.com?
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