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24Apr2015 Market Close: SP500 Sets New High On Low Volume, Investors Not Very Excited As Volume Was 'Normal'

Written by Gary

The SP500 squeaked past yesterday's high by 0.43 cents, again on very low volume and then fell to close at a new closing high. The only excitement for today's session was the volatility giving some traders room to trade.

By 4 pm the markets closed in the green, the $NDX up 1.33% and the $RUT down 0.3%.

Todays S&P 500 Chart

WTI oil is at 57.16 falling from morning highs of 57.87 (Chart Here), Brent has fallen to 65.30 from its high of 65.76 (Chart Here), and the U.S. Dollar lost ground now at 97.14, up from its high at 97.73 (Chart Here).

Our medium term indicators are leaning towards SELL portfolio of non-performers and the session market direction meter (for day traders) is 6 % bearish down from 21 % bearish during the morning. 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 flat, but remains above zero at +8.31. Watch the WTI oil prices as anything below $50 will be the first sign of a declining market in the works. Below $44 you had better put on your seat belt as the encroaching market roller coaster ride may be be very bumpy.

Having some cash on hand now is not a bad strategy as negative market changes are happening everyday, 99% of them are minor, it is that 1% I am worried about. 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'.

As of now, I do see some leading indicators that are warning of a 'long-term' reversal within six months. I believe one is most likely to occur later in 2015, but any market fluctuations we see now are more of a internal market rectification than a bear market. If you are not worried, then at least be cautious. A good rule is that one cannot be prepared for a situation if you do not anticipate the possibility of that situation materializing.

The Market in Perspective

Here are the headlines moving the markets. xxxxxxxxxxx

Nasdaq, S&P 500 end at record highs

NEW YORK (Reuters) - The Nasdaq and S&P 500 ended at record highs on Friday, propelled by strong results from tech behemoths Google, Amazon and Microsoft.

Charter Explores Bid for Time Warner Cable

Charter Communications is laying the groundwork for a potential bid for Time Warner Cable, according to people familiar with the matter.

Global Economic Dilemma: Too Much of Almost Everything

The global economy is awash in commodities, but also with capital and laborâ€"a glut that presents several challenges.

Nasdaq Soars To Record Highs On Dismal Data & Vapid Volume

Humor required...

Despite a quiet week for macro data, what there was a disaster (from PMIs to housing to durable goods)... US Macro at new 6 year lows...

Which can mean only one thing... This week was the best for most major stock indices since Bullard's mid-October "QE4" hint rescue...

On the day, early weakness was immediately BTFD and data just helped... with Nasdaq and S&P hitting new highs...

Trannies and Small Caps red today (but look how narrow today's range was in Dow and S&P)

The S&P needed 2117.3 for a record close...

Oil Prices Retreat

Oil prices retreated Friday as traders refocused on signs of oversupply.

Tesla Targets Pull Away From Profits

Analysts have cut their estimates for what Tesla will make over the next several years, but that doesn't mean they think anything less of the stock.

Nasdaq Traders (Summarized In 17 Seconds)

Warning, some high school students were injured in the making of this Nasdaq Trader analogy...


Ford recalling Fiesta, Fusion, Lincoln MKZ on door latch issue

DETROIT (Reuters) - Ford Motor Co said on Friday it is recalling about 390,000 Ford Fiesta and Fusion and Lincoln MKZ models in North America because of a potential door latch malfunction.

Entire Treasury Department Competes For Same Goldman Sachs Job Opening

Saying the company has received hundreds of résumés since posting the job opening to its website earlier this week, Goldman Sachs human resources manager David Browning reported Thursday that a high-level position with the investment bank had attracted applications from every official in the United States Treasury Department.

"Within just minutes of listing the open position on our jobs page, the flood of applications from treasury.gov email addresses started rolling in, and it hasn't slowed down since," said Browning, adding that most of the Treasury regulators who applied for the job highlighted their previous experience working closely with Wall Street financial firms and included a letter of recommendation from former Treasury Secretary Henry Paulson.

"All these applicants must realize what tough competition they're up against, but at the same time, I remember how it was back when I was just another government official who was ready to make the move to the private sector. We'll definitely keep the information of those candidates who don't get the job on file for future openings."

Browning added that the new hire was needed to take over the responsibilities of a former Goldman Sachs executive who had recently left for a high-ranking position in the Securities and Exchange Commission.

Source: The Onion

Orders of Durable Goods Rise, but Report Shows Drop in Investment

Excluding rising demand for commercial aircraft, orders for long-lasting manufactured goods fell for a sixth straight month.

Apple Watch launches quietly at handful of big-city boutiques

NEW YORK/TOKYO (Reuters) - The Apple Watch launched quietly around the world on Friday without the usual frenzy or fanfare for an Apple Inc rollout, as a handful of boutiques in major cities like Tokyo and Paris sold the timepiece - but not for purchase at its own stores.

Biogen's Tough Treatment from Wall Street

High expectations for Biogen's multiple-sclerosis drug are a significant obstacle for the stock.

Wynn Resorts Shareholders Back Move to Remove Elaine Wynn From Board

The vote ended the most public and awkward proxy battle in the company's 13-year history.

The Airline Industry Posts a Giddy First Quarter

One major air carrier after another has reported record profits, the result of lower fuel prices and strong demand for domestic air travel.

From Woking to Wall Street: UK day traders dream of glory in daily grind

WOKING, Britain (Reuters) - The British trader accused of sparking market chaos in 2010 cut his teeth in a drab building in a sleepy suburb that highlights how "day traders" dreaming of glory have to first tackle grim offices, zero glamour and high risk.

Dollar Falls for Second Week

The dollar declined against the euro and the yen, amid signs that falling business investment is weighing on the U.S. economy.

An Austrian Province Just Requested A State Bailout

One month ago we wrote about the ripple effects of the "mini-Greece going off in the heartland of Europe", referring of course to the Viennese black swan, the bailed-in implosion of the Austrian Heta bad bank which nobody had anticipated because the numbers were so thoroughly cooked, nobody had even the faintest clue just how bad the truth was. We said that "while the acute pain came and went for Heta bondholders who have seen a nearly 50% loss in just a few short months, the bigger and far more diffuse pain is only just starting.... The first casualty: the beautifully picturesque southern Austrian province of Carinthia."

As it was revealed in late March, the issues for Carinthia, the home province of doubly defunct lender Hypo Alpe Adria, is that the Heta bonds were guarante ...

Eurozone Ministers Admonish Greece for Slow Progress on Overhauls

Finance leaders criticized Athens for moving too slowly to improve the economy and take steps they see as necessary to avoid a default.

When To Put On Bill Gross' Big Bund Short: Citi Explains

Since the launch of PSPP (i.e. ECB QE) on March 9, quite a bit of attention has been paid to German Bunds. Under the program, national NCBs' share of monthly purchases is based on the ECB's capital key and as it turns out, it's going to quite difficult (if not impossible) for Germany to source enough purchasable assets given projected supply and Q€'s structural limitations. This has led to collapsing yields which have in turn forced the ECB and the Bundesbank to look further out in terms of maturities in order to avoid the -0.20% yield floor causing an epic flattening of the Bund curve as everything converges on the depo rate.

For all the visual learners out there, here's a table showing the shortage of purchasable assets in Germany…

...and as central bank purchases move further out…

...the curve flattens…

...and GC rates collapse

Euro zone warns Greece no cash till full reform deal

RIGA (Reuters) - Euro zone finance ministers warned Greece on Friday that its leftist government will get no more aid until it agrees a complete economic reform plan, as Athens lurches closer to bankruptcy.

France to 'talk again' with Renault but reaffirms vote plan

PARIS (Reuters) - French Economy Minister Emmanuel Macron said on Friday he would "talk again" with Renault boss Carlos Ghosn but reaffirmed his intention to boost the government's voting rights in the carmaker in defiance of Ghosn's wishes.

Market Closes Slightly Higher on Tech Earnings

Stock indexes edged up a bit, helped by gains in big technology companies including Google, Amazon and Microsoft.

HSBC looks at moving HQ from Britain as tax and regulations bite

LONDON (Reuters) - HSBC, Europe's biggest bank, has ordered a review into whether it should move its headquarters out of Britain and potentially back to its former home in Hong Kong, threatening London's reputation as a global hub for finance and investment.

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

gary@econintersect.com

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