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18Jun2015 Market Update: Nasdaq Makes New Historical High, European Financial Woes Still Remain To Dog Investors

Written by Gary

Nasdaq made new high this morning, the DOW is up 200 points and short term indicators are bullish. Grexit and EU woes mask serious financial issues facing U.S. markets. WTI oil fluctuating and U.S. dollar rising off support may signal market reversal in the works.

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 1.47% while U.S.'s S&P 500 is up 1.07% and Mexico's IPC is up 0.53%.

Traders Corner - Health of the Market

Index Description Current Value Members Sentiment: % Bullish (the balance is Bearish) 58%
CNN's Fear & Greed Index Above 50 = greed, below 50 = fear 28%
Investors Intelligence sets the breath Above 50 bullish 54.8% Overbought / Oversold Index ($NYMO) anything below -30 / -40 is a concern of going deeper. Oversold conditions on the NYSE McClellan Oscillator usually bounce back at anything over -50 and reverse after reaching +40 oversold. -9.44 NYSE % of stocks above 200 DMA Index ($NYA200R) $NYA200R chart below is the percentage of stocks above the 200 DMA and is always a good statistic to follow. It can depict a trend of declining equities which is always troubling, especially when it drops below 60% - 55%. Dropping below 40%-35% signals serious continuing weakness and falling averages. 52.91% NYSE Bullish Percent Index ($BPNYA) Next stop down is ~57, then ~44, below that is where we will most likely see the markets crash. 61.11% S&P 500 Bullish Percent Index ($BPSPX) In support zone and rising. ~62, ~57, ~45 at which the markets are in a full-blown correction. 61.60% 10 Year Treasury Note Yield Index ($TNX) ten year note index value 23.74 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

78.05 NYSE Composite (Liquidity) Index ($NYA) Markets move inverse to institutional selling and this NYA Index is followed by Institutional Investors


What Is Moving the Markets

Here are the headlines moving the markets.

Nasdaq Composite Hits Intraday Record As Stocks Soar

The Nasdaq Composite Index climbed to its first intraday record in more than 15 years Thursday, lifted by a broad rally in stocks.

Dollar Daze Not Over for Inflation

Low inflation levels look likely to persist, with businesses having little ability to raise prices.

Consumer Prices Jump; Jobless Claims Decline

U.S. consumer prices in May recorded their largest increase in more than two years as gasoline prices surged, suggesting the impact of lower oil prices on inflation probably was fading.

Fitbit Shares Surge 52 Percent in Market Debut

Shares of the maker of wearable fitness-tracking devices opened at $30.40 on Thursday morning, up sharply from the I.P.O. price of $20.

Gasoline lifts U.S. consumer prices; economy picks up speed

WASHINGTON (Reuters) - U.S. consumer prices in May recorded their largest increase in more than two years as gasoline prices surged, suggesting the impact of lower oil prices on inflation probably was fading.

Wall St. Is Higher as Harley-Davidson Share Buyback Buoys Investors

Shares of Oracle were down after its earnings report missed expectations.

House Sends Trade Bill Back to Senate in Bid to Outflank Foes

The vote is part of a strategy to advance prospects for a trans-Pacific accord by uncoupling the measure from a worker-assistance provision.

Bank withdrawals surge, revenue slumps as Greece defies creditors

LUXEMBOURG/ATHENS (Reuters) - Bank withdrawals accelerated and government revenue slumped as Greece defied its international creditors on Thursday, escalating a debt crisis that may reach a climax at a European Union summit next week.

Arianna Huffington Renews Contract for Four Years

Ms. Huffington's contract had expired this year, and there was speculation she might leave after the publication's parent company, AOL, was acquired by Verizon.

Former AIG Chief Asks Court to Revive 'Backdoor Bailout' Claims

Former AIG Chief Executive Hank Greenberg will appeal not just the parts of a federal court ruling that didn't go in his favor, but is seeking to revive claims that had been dismissed in 2013, his legal team said.

Exclusive: Apple mines big profits from Watch band

San Francisco (Reuters) - Nearly 20 percent of Apple Watch buyers are not only shelling out hundreds of dollars for the timepiece but are springing for a spare band too, giving the tech giant a profitable second dip into customers' wallets, according to data provided exclusively to Reuters.

Foreign Funds Do Greek Deals as Tensions Mount

Greece's financial future might be on a knife edge, but some of the world's biggest investors see opportunities still see opportunities to pursue.

Airbus pips Boeing in Paris after last-minute Wizz deal

PARIS (Reuters) - Airbus won more business than rival Boeing at this week's Paris Airshow, helped by a last-minute deal with Eastern European low-cost carrier Wizz Air and buoyed by demand from Asian customers.

Nasdaq breaks record-high set during dotcom boom

(Reuters) - The Nasdaq Composite index surpassed the 15-year all-time high it set during the peak of the dotcom bubble on Thursday as more data showed the U.S. economy was gathering steam.

Oil up on weak dollar, reports of new U.S. crude draws

NEW YORK (Reuters) - Oil prices rose for a third straight day on Thursday, helped by a weaker dollar and data showing draws this week at the delivery point for U.S. crude futures.

Amundi IPO Is Capital Trade for French Banks

Initial public offering for Europe's biggest asset manager will give Société Générale a small but necessary capital boost.

Fed Caution Stings Dollar

The Federal Reserve's signal that it is likely to go slow with any interest-rate increases has reinforced Wall Street's doubts about the dollar.

Fitbit Shares Surge in Debut

Fitbit shares soared in their stock-market debut. The stock opened at $30.40, 52% above its initial public offering price of $20.

Dow Jones Begins New Round of Layoffs

It is not clear how many cuts the company will make, but reporters and editors in the New York office of The Wall Street Journal have been bracing for a more brutal round than usual.

Memo to Fed: Let the Economy Overheat

Chief economics commentator Greg Ip says Janet Yellen and the Fed would do well keep rates low and let the economy overheat a bit.

Rail Week Ending 13 June 2015: Soft Data Continues But Intermodal At Record Levels

Econintersect: Week 23 of 2015 shows same week total rail traffic (from same week one year ago) contracted according to the Association of American Railroads (AAR) traffic data. Intermodal traffic expanded year-over-year, which accounts for half of movements - but weekly railcar counts continues in contraction. It should be noted that the level of contraction is the same as the previous week.

May 2015 Leading Economic Index Rate of Growth Strongly Improves Again

Written by Steven Hansen

The Conference Board Leading Economic Index (LEI) for the U.S. "increased sharply again" this month - but the authors believe the outlook is for more economic expansion in the second half of the year.

Goldman Sachs Tells Interns to End the Late, Late Show

Goldman Sachs has told its new crop of investment-banking interns to head home by midnight, much like Cinderella.

June 2015 Philly Fed Manufacturing Strong Improvement

Written by Steven Hansen

The Philly Fed Business Outlook Survey growth improved strongly. Consider that this is the sixteenth month in a row of expansion. Key elements are positive.

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