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10Jul2015 Market Close: Markets End Week Higher On Hopes This Global Financial Fairy Tale Will End Well

Written by Gary

Markets closed up over one percent as buying investors are betting next week will continue this bull trend. Many savvy investors are sitting on their hands to see how this volatile situation plays out as there isn't positive conformation that China, Greece or the EU will play out as they hope.

Todays S&P 500 Chart

The trend is still below the resistance and the averages must go higher in any effort to sustain a bull run to higher number. The 'tea-leaves' are showing more negative than positive, so we will see.

The Market in Perspective

Here are the headlines moving the markets.

Achtung! Don't get too giddy on Greece hope

Investors and traders are euphoric following Greek Prime Minister Alexis Tsipras's near capitulation to creditor demands late Thursday. Although global stock markets took flight, investors might want to take it down a notch. That is until they hear from German Chancellor Angela Merkel.

The road to an agreement has always gone through Berlin, not Athens or Brussels. And even though Tsipras has set up what could be a career-ending fight with the left wing of his own party, it isn't yet clear Germany will view Greece's efforts as sufficient.

Merkel on Thursday said there was no way Europe could offer Greece a "classic haircut." Meanwhile, her finance minister, Wolfgang Schäuble, said he agreed with the International Monetary Fund's assessment that Greece's debt can't be made sustainable without a relief, but reiterated that such haircuts aren't allowed under

European Union rules that forbid one country from taking on another's debts. Schaeuble didn't close the door entirely, but he emphasized there was little leeway.

Read More >>

U.S. Government Bonds Post Biggest Two-Day Selloff Since 2013

U.S. Treasury bonds posted the biggest two-day selloff in two years as fears retreated over turbulence in China's stock markets and Greece's debt crisis.

Exclusive: Mexico could be first in world to limit Uber cars

MEXICO CITY (Reuters) - Mexico City could become the first city in the world to limit the number of Uber cars, draft regulation shows, in the latest potential hurdle for the ride-hailing service that has spurred a regulatory backlash around the globe.

Lehman's Fuld defeats employee lawsuit over retirement losses

NEW YORK (Reuters) - A federal judge on Friday dismissed a lawsuit by former Lehman Brothers Holdings Inc employees seeking to hold onetime Chief Executive Richard Fuld liable for their retirement plan losses as the Wall Street bank plunged into its 2008 bankruptcy.

China's Margin Debt Is "Easily The Highest In The History Of Global Equity Markets"

Back in March, when not many outside of China had actually noticed the ridiculous Chinese asset bubble, and when the PBOC had yet to announce the arrest of malicious stock buyers (come to think of it, it still hasn't), we posted "That Ain't No Margin Debt: THIS Is Margin Debt" in which showed the catalyst behind China's unprecedented stock market move higher: a gargantuan increase in margin debt (a reorientation of shadow banking whose conventional conduits were closed since late-2014) which allowed every local illiterate tom, dick, farmer and grandma to participate in the great wealth transfer from the lower and middle classes to corporations and insider sellers.

But so what: the NYSE margin debt at half a trillion is greater, some say and indeed, in isolation China's stock market leverage was no ...

American to retire US Airways brand on October 17

(Reuters) - US Airways will become history on Oct. 17, as the carrier's flight reservations move over to American Airlines in one of the last steps in the creation of the world's largest airline.

Delta Air Lines pilots reject tentative contract: union

(Reuters) - Delta Air Lines Inc's pilots have voted against a tentative agreement approved by their union and the airline's management, leaving the company without a new contract, the pilots union said Friday.

Greek PM Tsipras seeks party backing after abrupt concessions

ATHENS (Reuters) - Greek Prime Minister Alexis Tsipras appealed to his party's lawmakers on Friday to back a tough reform package after abruptly offering last-minute concessions to try to save the country from financial meltdown.

How The SEC Engineered Every Stock Market Bubble Since 1982

Submitted by Daniel Drew via Dark-Bid.com,

Many Americans have discovered that those entrusted to protect us often become the most dangerous threats. Whether it's corrupt cops, bogus journalists, or even Ponzi-scheming church elders, it's not difficult to understand why trusting authorities has seemed like a risky proposition. Now, another institution deserves extra scrutiny. A closer look at the Securities and Exchange Commission reveals a single moment in time when the future of the country was transferred from the middle class to the uber-rich.

The story of the SEC begins with power and corruption. Joseph Kennedy became the first chairman of the SEC in 1934. Before joining the SEC, he was a manager at Hayden, Stone and Company. Kennedy left the company to trade his own account and made his fortune by manipulating the stock market. After becoming SEC chairman, he outlawed the manipulative tactics that made him rich.

Joseph Kennedy

In 1981, President Ronald Reagan appointed . . .

Exclusive: RBS looking to sell $5 billion Greek shipping loan business

LONDON/ATHENS (Reuters) - Royal Bank of Scotland is winding down its Greek operation and is putting its $5 billion shipping loans portfolio up for sale as the group scales back on non-core activities, finance sources familiar with plans said on Friday.

Chesapeake Energy ordered to pay $379.7 million in bond dispute

NEW YORK (Reuters) - A U.S. federal judge on Friday ordered Chesapeake Energy Corp to pay $379.7 million to bond investors, after the natural gas company waited too long to tell them of its plan to redeem their $1.3 billion of bonds six years early.

Bitcoin Soars By 10%: Does Someone Know Something?

Despite the exuberance in US and European equity markets, it appears Bitcoin is sending a different (avoid the looming capital controls) message... Does someone know something?

Bitcoin is soaring on heavy volume...

This is the highest level in 4 months...

Source: Bitcoinwisdom

China's Market Isn't Fixed And Why The Global Bubble Will Keep Imploding

Submitted by David Stockman via Contra Corner blog,

China's stock market is purportedly all fixed and the last two day's 10% bounce is just the beginning. Indeed, Goldman Sachs has already reiterated that the whole thing is on the level, and that the red chips will again be taking flight:

China's biggest stock-market rout since 1992 has done nothing to erode the bullish outlook of Goldman Sachs Group Inc.........Kinger Lau, the bank's China strategist in Hong Kong, predicts the large-cap CSI 300 Index will rally 27 percent from Tuesday's close over the next 12 months as government support measures boost investor confidence and monetary easing spurs economic growth. Leveraged positions aren't big enough to trigger a market collapse, Lau says, and valuations have room to climb.

Right. The Chinese economy is in an obvious deepening swoon and the median company on the Shanghai exchange had a PE ratio of 60X before the recent break. But no matter. Not only does everything financial race the skyscrapers to the sky in the land of red capitalism, but valuation upside is apparently whatever the comrades in Beijing want it to be.

Says Goldman's chief stock tout for China,"It's not in a bubble yet.".

Why? Because "China's government has a lot of tools to support the market."

To be sure, the confident Mr. Kinger Lau was still in diapers when Mr. Deng proclaimed that it was glorious to be rich. Or s ...

Wall St. jumps in broad rally on Greece hopes

NEW YORK (Reuters) - U.S. stocks rose broadly on Friday, with major indexes up more than 1 percent on hopes Greece would be able to secure fresh funding at an upcoming weekend meeting, which would allow it to avert bankruptcy and remain in the euro zone.

Greeks Take To The Streets To Protest Brussels "Blackmail" - Live Feed

Thousands of Greeks have once again taken to the streets in a show of solidarity as PM Alexis Tsipras attempts to rally support in Parliament for a deal with creditors that looks nearly identical to the proposal the Greek people voted against last weekend.

If all goes according to Tsipras' plan, the deal will be pushed through at a Eurogroup meeting on Saturday in Brussels and the PM will have officially sold out the voters who just last Sunday rallied behind his impassioned (and perhaps disingenuous) plea for a "no" vote.

(live feed)

Fed Chair Yellen Sees Federal Funds Rate Rise Later This Year

by Federal Reserve

-- Speech by Chair Janet L. Yellen At the City Club of Cleveland, Cleveland, Ohio

Communicating with the public is an important part of my job. A few weeks ago, I held a news conference after the latest meeting of the Federal Open Market Committee (FOMC). Next week I will deliver the Federal Reserve's semiannual report on monetary policy and answer questions from members of Congress at public hearings of the House and the Senate.

Yellen says expects rate hike this year, but cites labor weakness

CLEVELAND (Reuters) - Federal Reserve chair Janet Yellen on Friday said she expects the Fed to raise interest rates at some point this year, but pointed strongly to her concerns that U.S. labor markets remain weak and that more workers could be encouraged back into the job market with stronger growth.

IEA Says Oil Prices May Fall More

The world's appetite for oil will continue to grow but at a slower pace this year and next, the International Energy Agency said, warning that crude prices could dive again.

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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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