Markets opened higher then fell into the red on low volume. By 11 am Mr. Market had enough and started to push upward where the Nasdaq set, again, a new historic high in an 8-day bull run for $SPX futures and CFDs. Matches longest run in 17mths: Last 9-day plus July 2013. Short-term indicators are modestly bearish and a downturn would delight traders.
Here is the current market situation from CNN Money
North and South American markets are mixed today. The IPC is up 0.68% while the S&P 500 gains 0.18%. The Bovespa is off 2.05%.
Gold prices plunged as much as 4 percent to their lowest in more than five years today as sellers in top consumer China offloaded the metal. Oil is seriously challenging its support and the U.S. dollar is making wide swings, sea-sawing at its old support remaining at the low 98 range. Prospects of dollar moving higher is projected.
$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.
Submitted by Joseph Calhoun via Alhambra Investment Partners,
All that we see or seem is but a dream within a dream.
Edgar Allan Poe
All things are subject to interpretation. Whichever interpretation prevails at a given time is a function of power not truth.
I was walking down the street wearing glasses when the prescription ran out.
I think one of the hardest things to learn as an investor is that your opinion isn't worth all that much. You can believe anything you want but the market doesn't care. The only thing that matters at any given moment is what the majority believes and is willing to bet their hard earned dollars on. You can think the "Chinese stock bubble" doesn't matter and you can believe that the "Greek debt crisis" doesn't matter but if everyone else thinks those things matter then you are going to have to accept that and the market volatility that comes with it. People believe what they want to believe, see what they want to see and at times it seems as if everyone you pass is wearing Steven Wright's glasses. But that's the way things are, the reality in which we have to operate and you might as well get used to it.
I don't know whether the "Chinese stock market bubble" was a bubble or not or whether it was important to the global economy or markets. My logical side says probably not on the latter but I don't think most people would agree with that perception and as the Chinese market stabilized last week, US stocks found a bid, up over 2% on the week. Considering the lengths to which the Chinese ...
WASHINGTON (Reuters) - The Federal Reserve will meet on Monday to adopt a new rule for the eight largest U.S. banks to hold more equity capital, amid fears on Wall Street that the measure may make it less profitable.
ATHENS (Reuters) - Greece reopened its banks and ordered billions of euros owed to international creditors to be repaid on Monday in the first signs of a return to normal after last week's deal to agree a tough new package of bailout reforms.
WASHINGTON (Reuters) - Lockheed Martin Corp said Monday it would buy Sikorsky Aircraft, the helicopter unit of United Technologies Corp , for $9 billion, and would review the possible sale or spinoff of $6 billion in other information technology and services businesses.
Yesterday, just before the Chinese market opened, precious metals but mostly gold, flash crashed in milliseconds with a violent urgency never before seen. We documented the unprecedented event last night, but for those who missed it, the following chart from Nanex clearly lays out just how sudden the "out of nowhere" selling was, which led to not one but two 20-second halts in the gold futures market spaced out precisely 30 seconds apart as a result of a Velocity Logic (or lack thereof) event.
For those following the gold market, last night's event was not surprising: after all just on this website we have documented at least three occasions when furious algorithmic gold selling broke the gold futures market for at least 10 seconds, to wit:
September 12, 2013: Vicious Gold Slamdown Breaks Gold Market For 20 Seconds
October 11, 2013: "Stop Logic" Gold Slam Was So Furious It Shut Down CME Trading Again
and January 6, 2014: Gold Flash Crashes, Halts Trading As "Velocity Logic" Circuit Breakers Triggered
What was most notable about the last "velocity logic" ...
LONDON (Reuters) - British publisher Pearson is exploring the sale of its Financial Times newspaper after receiving interest from potential buyers, Bloomberg reported on Monday, citing people familiar with the matter.
(Reuters) - PayPal Holdings Inc shares jumped as much as 11 percent in their highly anticipated return to the Nasdaq after more than a decade in eBay Inc's fold, valuing the digital payment processor at about $52 billion.
(Reuters) - Private equity firms Blackstone Group LP and Corsair Capital have agreed to acquire a majority stake in First Eagle Investment Management, valuing the company at around $4 billion including debt, First Eagle announced on Monday.
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