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23Jun2015 Market Update: Averages Mostly Mixed In Afternoon Trading, WTI Oil Melt Up, Greece Problem Still A Problem

Written by Gary

U.S. stocks were little changed in early afternoon trading, having trimmed earlier gains after comments from Federal Reserve Governor Jerome Powell that the economy could be ready for interest rate increases twice this year.

Crude futures rallied around 2 percent on Tuesday, latching onto a rebound in oil products ahead of U.S. inventory data expected to show strong demand for gasoline.


Here is the current market situation from CNN Money

North and South American markets are mixed today. The Bovespa is up 0.49% while the IPC gains 0.33%. The S&P 500 is even.

Traders Corner - Health of the Market

Index Description Current Value
Investors.com Members Sentiment: % Bullish (the balance is Bearish) 61%
CNN's Fear & Greed Index Above 50 = greed, below 50 = fear 44%
Investors Intelligence sets the breath Above 50 bullish 55.4%
StockChart.com Overbought / Oversold Index ($NYMO) anything below -30 / -40 is a concern of going deeper. Oversold conditions on the NYSE McClellan Oscillator usually bounce back at anything over -50 and reverse after reaching +40 oversold. +10.92
StockChart.com NYSE % of stocks above 200 DMA Index ($NYA200R) $NYA200R chart below is the percentage of stocks above the 200 DMA and is always a good statistic to follow. It can depict a trend of declining equities which is always troubling, especially when it drops below 60% - 55%. Dropping below 40%-35% signals serious continuing weakness and falling averages. 54.69%
StockChart.com NYSE Bullish Percent Index ($BPNYA) Next stop down is ~57, then ~44, below that is where we will most likely see the markets crash. 61.27%
StockChart.com S&P 500 Bullish Percent Index ($BPSPX) In support zone and rising. ~62, ~57, ~45 at which the markets are in a full-blown correction. 63.00%
StockChart.com 10 Year Treasury Note Yield Index ($TNX) ten year note index value 23.82
StockChart.com 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 78.17
StockChart.com NYSE Composite (Liquidity) Index ($NYA) Markets move inverse to institutional selling and this NYA Index is followed by Institutional Investors 11,140

What Is Moving the Markets

Here are the headlines moving the markets.

Treasury Yields Climb

U.S. Treasury bonds pulled back on Tuesday for a second consecutive session, sending the yield on the benchmark 10-year note to near the highest level since September.

Crude up 2 percent as U.S. oil products jump; eyes on Iran

NEW YORK (Reuters) - Crude futures rallied around 2 percent on Tuesday, latching onto a rebound in oil products ahead of U.S. inventory data expected to show strong demand for gasoline.

Wall St. little changed after trimming earlier gains

(Reuters) - U.S. stocks were little changed in early afternoon trading, having trimmed earlier gains after comments from Federal Reserve Governor Jerome Powell that the economy could be ready for interest rate increases twice this year.

U.S. says Takata vehicle recall size includes double counting

(Reuters) - U.S. auto safety regulators said on Tuesday their estimate for the millions of vehicles affected by the Takata Corp air bag recall will likely be revised because cars with two front air bags were double-counted.

Instagram Takes On Twitter With an Updated Photo Feed

An upgrade to the service's Explore button will show users the most important photos from trending events.

Greek offer to creditors stirs angry backlash at home

ATHENS (Reuters) - Greek lawmakers reacted angrily on Tuesday to concessions Athens offered in debt talks and parliament's deputy speaker warned the proposals might be rejected, puncturing optimism that a deal to pull Greece back from the abyss might be sealed quickly.

Platinum Slammed by Supplies

Platinum tumbled to a six-year low, weighed down by a surge in supplies since miners returned to work last year after a strike.

China may buy 50-70 Airbus A330 jets: sources

PARIS (Reuters) - Airbus is in talks to sell some 50-70 A330 wide-body jets to China as part of plans to set up a new industrial plant in the world's fastest-growing aviation market, sources familiar with the discussions said on Tuesday.

Facing "Full Blown Crisis", Bank Of Greece Enlists Security Firm To Ensure ATMs Stay Stocked

On Monday, we brought you a firsthand photographic account of a Greek ATM refill in progress.

The nice fellow shown above filling the cash machine at Arnie's Place restaurant in Nidri Greece works for G4S, a security services firm which is working with the Bank of Greece to coordinate the Greek bank run.

In essence, it's the Bank of Greece's job to accept stodgy collateral (including unsecured bonds issued by the banks themselves and backed by the full faith and credit of the insolvent Greek government) for newly-minted German TARGET2 claims euros and it's G4S's job to determine how those euros should be allocated to ensure that the ATMs don't r ...

Euro Falls as Greek Deal Appears Close

The euro fell as Greece appeared to close in on a deal with its creditors, while European stocks extended the previous session's rise.

With Phones Lagging, BlackBerry Reports $28 Million Loss

The smartphone maker said that it sold only 1.1 million phones during its first quarter, a decline of 500,000 from the previous quarter.

Wall Street faces toughest regulatory challenge yet on new loan review

NEW YORK (Reuters) - Big investment banks are facing their toughest test yet in the current 2015 Shared National Credit (SNC) review, months after regulators warned the banks that the quality of U.S. leveraged loans that they arranged was not as good as the banks claimed, sources said.

Lending Club's Unlikely Partners: Small Banks

More than 200 community banks have signed on to a deal with Lending Club on pitching consumer loans.

"The End Of The Road" - Debt-Funded Buyback Boosts Are Finite

Submitted by Lance Roberts via STA Wealth Management,

I penned an article recently discussing the many measures that corporations have used in recent years to "beat" Wall Street estimates. Of course, the beating of Wall Street estimates, so adamantly adored by mainstream media, always ignores the fact that estimates are continually reduced so that companies to "beat" them. This is the equivalent of moving the "target to the arrow."

This "target moving" can be clearly witnessed by the quarterly movement in estimates over time. Dr. Ed Yardeni regularly publishes the trend in earnings estimate revisions over time. From the initial to the final estimates, the overstatement has been roughly 33% on average.

Yardeni-earnings-est-062215

Most importantly, notice that ...

Greece Soars 16% In 2 Days (Just Like It Did Before Collapsing In December, February, & May)

Because hope is a strategy after all...

And while Greek Bank Bonds have bounced, they are not even back to 1 week highs...

Charts: bloomberg

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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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