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17Jun2015 Market Update: U.S. Markets Fall Off Morning Highs To Flat And Mixed, Investors Remain Concerned Regarding A Possible Grexit And European Ramifications

Written by Gary

Crude falls on Cushing and gasoline inventory reports this morning. U.S. dollar rose then pulled back fractionally as the U.S. markets fell somewhat, but remain mixed and flat.

Oil prices dropped on the news despite a very modest drop in production (-0.2%) which was all Alaska, but the Lower 48 saw production rise.

Here is the current market situation from CNN Money

North and South American markets are mixed today. The IPC is up 0.07% while the S&P 500 gains 0.05%. The Bovespa is off 1.23%.

Traders Corner - Health of the Market

Index Description Current Value Members Sentiment: % Bullish (the balance is Bearish) 55%
CNN's Fear & Greed Index Above 50 = greed, below 50 = fear 28%
Investors Intelligence sets the breath Above 50 bullish 54.6% Overbought / Oversold Index ($NYMO) anything below -30 / -40 is a concern of going deeper. Oversold conditions on the NYSE McClellan Oscillator usually bounce back at anything over -50 and reverse after reaching +40 oversold. -15.16 NYSE % of stocks above 200 DMA Index ($NYA200R) $NYA200R chart below is the percentage of stocks above the 200 DMA and is always a good statistic to follow. It can depict a trend of declining equities which is always troubling, especially when it drops below 60% - 55%. Dropping below 40%-35% signals serious continuing weakness and falling averages. 52.25% NYSE Bullish Percent Index ($BPNYA) Next stop down is ~57, then ~44, below that is where we will most likely see the markets crash. 60.82% S&P 500 Bullish Percent Index ($BPSPX) In support zone and rising. ~62, ~57, ~45 at which the markets are in a full-blown correction. 61.00% 10 Year Treasury Note Yield Index ($TNX) ten year note index value 23.76 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 76.78 NYSE Composite (Liquidity) Index ($NYA) Markets move inverse to institutional selling and this NYA Index is followed by Institutional Investors 10,989

What Is Moving the Markets

Here are the headlines moving the markets.

Greece's future in EU in doubt if talks fail, central bank warns

ATHENS (Reuters) - A warning by Greece's central bank that the country risked being driven from the euro zone and, ultimately, the European Union failed to break a deadlock with creditors before a potentially decisive meeting of European finance ministers.

Beyond basics: 'More feminine' styles key to reviving Gap brand

(Reuters) - The world didn't end in 2012, but things haven't been the same since then for Gap Inc's flagship clothing chain.

Uber Contests California Labor Ruling That Says Drivers Should Be Employees

The ride-hailing company has long positioned itself as a "logistics company" and said its drivers are contractors, not employees.

Networked factories key to Daimler's productivity drive

SINDELFINGEN, Germany (Reuters) - Having standardized the layout of its factories and connected them to a shared computer network, Daimler is now crunching data from them to identify the most efficient way of making a car, its head of production told Reuters.

4 Microsoft Executives to Leave in Top-Level Shake-Up

Those departing include Stephen Elop, the former Nokia chief executive, and Mark Penn, a former campaign strategist for Hillary and Bill Clinton.

Uber drivers are employees, not contractors: California Labor Commission

(Reuters) - A San Francisco-based driver for smartphone-based ride-hailing service Uber is an employee, not a contractor, according to a ruling by the California Labor Commission.

Wal-Mart uses tax havens to cut taxes on foreign units: advocacy group

(Reuters) - Wal-Mart Stores Inc has built a network of 78 subsidiaries and branches in 15 offshore tax havens to minimize taxes on its operations outside the United States, said a report by tax reform advocacy group Americans for Tax Fairness released on Wednesday.

DAX Pump-And-Dump As Greeks Won't Budge On Pension Cuts

The algo reaction to "Greece is willing to make concessions," was a immediate vertical ramp higher... which was quickly obliterated when the humans read further that Greece "will not cut its existing pensions," thus meaning no deal is close as the EU demands just that. EURUSD has been weaker all morning...

The Reuters headline that caused it...

Greece is willing to make concessions to strike a deal with creditors as long as it is "economically viable", but will not cut its existing pensions, a top Greek negotiator told Reuters on Wednesday.

The reaction - algo idiocy in DAX, not much in Euro...

and close up on DAX Futures... as the headline hit

Charts: Bloomberg

U.S. Restricts Six Banks Over Mortgage Problems

The Office Comptroller of the Currency imposed restrictions on the mortgage-servicing operations of six banks, including the national bank arms of J.P. Morgan Chase & Co. and Wells Fargo & Co., for failing to fully comply with enforcement orders related to home foreclosure abuses.

Crude Tumbles On Cushing, Gasoline Inventory Build, Lower 48 Production Rise

Following last week's major inventory draw (and last night's less than expected API-reported inventory draw), DOE reports a 2.68 million barrel draw (slightly less of a draw than expectations of 2.79 million barrels). End products saw inventories rise considerably more than expected (Gasoline +460k vs -800k exp) and Cushing saw a build (+112k vs -850k exp.). Oil prices dropped on the news despite a very modest drop in production (-0.2%) which was all Alaska (as the Lower 48 saw production rise).

While the overall inventory saw a draw, Cushing and Gasoline saw notable builds...

And production rose (in the Lower 48) once again...

The reaction is clear...

Charts: Bloomberg

Global Regulators Admit Funds Are Not Like Banks

IOSCO, the world's biggest committee of market regulators, admitted that an attempt to supervise large funds similarly to large banks is mistaken, since funds don't pose the same size of risk to financial systems.

Hedge-Fund Bet Hits Pensions

U.S. companies from Ford Motor to supermarket chain Kroger have boosted their pension plans' bets on hedge funds, a shift that left many of them on the short end of a stock-market rally.

Excluding All That Is Bad, Things Are Good

Who said only corporate earnings are non-GAAP, i.e., excluding - and adding back - all the bad stuff and only focusing on the good? According to the following BMO "analysis" while market breadth has been tumbling in recent months, this indicator which many have focused on to show lack of participation in the most recent rangebound market is actually really great... if only one excludes all the stocks that are destroying the bullish narrative.

To wit, from BMO equity strategist Luigi Di Pede:

U.S. Equity Market Still in Good Shape

Despite a reduction in market breadth, in part due to weakness in energy and interest rate sensitive sectors, the U.S. equity markets remain very healthy (compared to prior peaks) as evidenced by strong sector trends and fund manager positioning.

Equity breadth, which can be characterized as the percent of stocks going up remains strong at 66%. Although the trend has weakened since 2013, equity breadth is still higher than in October 2007 or March 2013. Moreover, unlike prior peaks, the market is showing much broader leadership.

The kicker:

Looking under the hood, excluding Energy and rate sensitive sectors such as Telecom and Utilities, which have been bringing down the average, most sectors continue to show very strong breadth. In particular, Healthcare, Consumer Discretionary and Financial stocks continue to show very strong uptrends.

Coming soon: the double seasonally-adjusted S&P500, which is up every time the plain-vanilla unadjusted (if Fed-rig ...

Senate panel to hold June 23 hearing on Takata recall

WASHINGTON (Reuters) - A U.S. Senate panel will hold a June 23 hearing on the ongoing investigation into Takata Corp's recall of defective air bags, the Senate Commerce, Science, and Transportation Committee said in a statement on Wednesday.

Export-Import Bank Divides Once-Supportive Republicans

Many congressional leaders are siding with Tea Party conservatives against the 81-year-old bank, in the party's latest debate over government's role in the economy.

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