Nasdaq sailed to new historic highs (5198.73) boosted by strong earnings from Google while the DOW and SP500 tanked and are looking to melt further down. The U.S. dollar rose above it resistance and WTI is currently below its resistance, both bearish indicators.
Here is the current market situation from CNN Money
North and South American markets are lower today with shares in Brazil off the most. The Bovespa is down 0.94% while Mexico's IPC is off 0.35% and U.S.'s S&P 500 is lower by 0.09%.
$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.
(Reuters) - Google Inc's shares surged as much as 15.7 percent on Friday, adding nearly $63 billion to its market value, as strong growth in mobile ad revenue allayed concerns its YouTube business could be hurt by Facebook Inc's push into video.
WASHINGTON (Reuters) - Boeing Co said on Friday it will take a $536 million after-tax charge in its second-quarter results to deal with problems in the fuel system on the KC-46 aerial refueling tanker it is developing for the U.S. Air Force.
Submitted by David Stockman via Contra Corner blog,
The preposterous Gong Show in Brussels over the weekend was the financial "Ben Tre" moment for the Euro and ECB. That is, it was the moment when the Germans—-imitating the American military on that ghastly morning in February 1968——set fire to the Eurozone in order to save it.
Some day history will judge good riddance........but that get's ahead of the story.
According to an American soldier's first hand recollection of the Vietnam event, it was a Major Booris who infamously told reporter Peter Arnett, "It became necessary to destroy the town to save it".
After the massacre of Greek democracy in the wee hours Monday morning, Angela Merkel said the same thing—even if her language was a tad less graphic:
It reflects the basic principles which we've followed in rescuing the euro. It now hinges on step-by-step implementation of what we agreed tonight."
Now no one in their right mind could think that lending another $96 billion to an utterly bankrupt country makes any sense whatsoever. After all, the Greek economy has shrunk by 30% since 2008 and is wreathing under what is objectively a $400 billion public debt already in place today.
That figure follows from the fact that on top of Greece's acknowledged $360 billion of general government debt there's at least another $25 billion loa ...
WASHINGTON (Reuters) - U.S. consumer prices rose for a fifth straight month in June as the cost of gasoline and a range of other goods increased, further signs of firming inflation that strengthen the case for an interest rate hike this year.
BERLIN (Reuters) - German lawmakers gave their go ahead on Friday for the euro zone to negotiate a third bailout for Greece, heeding a warning from Chancellor Angela Merkel that the alternative to a deal with Athens was chaos.
Google's result were good (even if the top-line revenue missed), but what investors were looking for, and what had pressured GOOG's stock price for the past year, was concern that runaway hiring and spending were eating away at the bottom line. And that is precisely what Ruth Porat, who was poached from Morgan Stanley in March, decided to give to investors when she said just two words on the call: "expense management."
For those who thought $70M was too rich for a CFO... All Ruth Porat said was "expense management" and Google's market cap soars $56B.
â€" Erik Schatzker (@ErikSchatzker) July 17, 2015
What happened next is the single biggest surge in GOOG market cap in history: at last check the stock was up 14% on the day, equivalent to about $55 billion increase in market cap in just one day.
Putting this in perspective, just today, the value of Google has increased by more than the market cap of 415 S&P 500 companies!
Below is a representative sample showing how the $55 billion intraday increase stacks relative to the market cap of some other S&P 500 companies.
The University of Michigan preliminary Consumer Sentiment for July came in at 93.3, a decrease from the 96.1 June final reading. Investing.com had forecast 96.1 for the July preliminary. This is the eighth month above 90 since the 2003 to 2005 expansion.
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