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13Jul2015 Market Close: Markets Close Up On Quiet Trading, Investors Remain Euphoric For The Time Being

Written by Gary

Today's markets closed after continuing to melt up fractionally from the opening bell. The SP500 closed below the 50 DMA and the DOW just above it. The U,S. Dollar has touched 97 (resistance) several times today, but has NOT seemed to have the 'clout' to rise above that mark which in theory would be bearish for the markets. Short-term indicators are mildly bearish and trading trends are neutral.

Todays S&P 500 Chart

The Market in Perspective

Here are the headlines moving the markets.

The Survey Of Consumer Expectations Turns Two!

by Liberty Street Economics

-- this article authored by Giorgio Topa, Olivier Armantier, Wilbert van der Klaauw, and Basit Zafar

The Federal Reserve Bank of New York's Survey of Consumer Expectations (SCE) turned two years old in June. In this post, we review some of the key findings from the first two years of the survey's history, highlighting the most noteworthy trends revealed in the data. [note that Econintersect published the June survey results today]

Greece faces tough conditions under deal with euro zone

BRUSSELS/ATHENS (Reuters) - Euro zone leaders made Greece surrender much of its sovereignty to outside supervision on Monday in return for agreeing to talks on an 86 billion euro bailout to keep the near-bankrupt country in the single currency.

Greece Just Lost Control Of Its Banks, And Why Deposit Haircuts Are Still Coming

Yes, Greek banks may have been insolvent - something that was clear since the first bailout of 2010 - but at least the Greek state had control over them: as such it could have mandated margers, recapitalizations, even depositor bail-ins (perhaps the harshest lesson to the ordinary Greek population as a result of this latest crisis is that deposits are not "cash in the bank" but liabilities of insolvent financial organizations).

Starting on Wednesday that will no longer be the case.

Because while Greek banks will maintain their capital controls for months and withdrawals will be limited to €60 or less for months (the ECB is well aware that any boost to the ELA will result in a promptly surge in deposit outflows until the new ELA ceiling is reached, and so on ad inf) the one key change on Wednesday when the Tsipras government, whose coalition no longer has a majority in parliament and will have to rely on opposition votes, votes through the humiliating Greek "pre-deal" to unlock negotiations for the promised €86 billion in bailouts (which will be used almost entirely to repay the Troika) is that it will hand over the keys of Greek banks to the ECB.

Here is Reuters with this little known fact:

One of the preconditions imposed on Greece for a deal is that it signs into law European rules that would put euro zone authorities at the ECB and in Brussels, rather than Athens, in charge of identifying and closing or breaking up sick banks.

This in turn could lead to a shake-up of the sector that could ...

Consumers Expectations June 2015 Shows Cautious Optimism about the U.S. Economic Outlook

from the New York Fed

The results from the June 2015 Survey of Consumer Expectations generally show a slightly more positive outlook of the U.S. economy. Median consumer inflation expectations at both the short and medium term horizon continue to be stable. Home price change expectations rose to 3.5 percent, their highest level this year. Median earnings growth as well as household spending growth expectations increased from the prior month. Labor market expectations (such as voluntary quits and likelihood of finding a job) also continued to improve. Credit availability expectations were largely unchanged.

Wall Street surges on Greek deal; tech stocks rally

(Reuters) - U.S. stocks surged on Monday, with the Dow Jones industrial average re-emerging in positive territory for the year after euro zone leaders reached a tentative deal to bail out Greece.

Dewey executives cooked books, ex-finance director says at trial

NEW YORK (Reuters) - Former top executives at defunct law firm Dewey & LeBoeuf, including chairman Steven Davis, conspired to falsify income statements in an attempt to forestall its collapse in 2012, the firm's former finance director testified Monday in New York.

Yellen's Fed Flounders in Political Arena

Almost 18 months after taking the helm at the central bank, Fed Chairwoman Janet Yellen is struggling to manage an increasingly strained relationship with Congress.

Wall St. Rises as Deal With Greece Lifts Markets

Shares of Comcast rose after the giant cable TV company said it would start a streaming video service this summer.

SEC Escalates Financial Penalties

The regulator has more than doubled the typical fine against individuals over the past decade amid pressure to prove the agency is tough on Wall Street.

Wal-Mart takes on Amazon's 'Prime Day' with online sale

(Reuters) - Wal-Mart Stores Inc will launch a three-month online sale on Wednesday to take on Amazon.com Inc's "Prime Day", a highly publicized shopping event for members of Amazon Prime shipping and digital content service the same day.

Argentina As A Model For Greece

Submitted by Erico Matias Tavares via Sinclair & Co.,

An interview with Miguel Ferreyra

Miguel Ferreyra de Bone is a finance professional and guest lecturer of Macroeconomics at the Universidad del Salvador in Buenos Aires, ARG, from which he has a degree in Business Administration and Commerce. During the course of his studies, he also completed coursework at the University of Vermont focused on International Economics and Latin Markets. Presently, he is engaged in research at Universidad del Salvador to determine an appropriate discount rate for investments in emerging markets.

His current and past work experience includes an economist position at Ámbito Financiero, the leading financial newspaper in Argentina, an advisory role at Banco Galicia, the largest private bank in Argentina by AUM and as a commodities analyst at both Cargill and Ledesma. He also collaborates with Global Risk Insights as an economic analyst focused on Latin America. He is well versed in the economies of South America and how they impact the global markets.

Erico Tavares: Thanks for being with us today Miguel. As we're seeing this Greek tragedy unfolding, it occurred to us that should they decide to leave the Euro Argentina might give them some ideas of what to do next.

As an Argentinean economist and professor focused on the Latin American markets, can you please share with us some of the factors which have led to the very repressive foreign exchange regime currently in place in your country?

Miguel Ferreyra de Bone: A dramatically overvalued exchange rate, where the Argentinean Peso had been pegged to the US dollar at 1, faulty fiscal and economic p ...

UAW, Detroit Three could revise healthcare packages in talks: WSJ

(Reuters) - Healthcare packages and profit-sharing agreements could be revised in talks for new contracts between the United Auto Workers (UAW) and the Big Three U.S. automakers, the Wall Street Journal reported, citing people familiar with the negotiations.

'Near-suicidal' Libor trader Hayes says anger drove plea change

LONDON (Reuters) - Tom Hayes, the ex-trader charged with manipulating Libor, told a London court on Monday he had been near-suicidal when he initially agreed to cooperate with investigators and plead guilty, but anger over his fate led him to change his mind.

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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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