FREE NEWSLETTER: Econintersect sends a nightly newsletter highlighting news events of the day, and providing a summary of new articles posted on the website. Econintersect will not sell or pass your email address to others per our privacy policy. You can cancel this subscription at any time by selecting the unsubscribing link in the footer of each email.

21Jul2015 Market Close: Markets Close Lower, Oil Steady, U.S. Dollar Stops Fall, Short-Term Indicators Bullish

Written by Gary

U.S. stocks fell today after weak earnings reports from International Business Machines and United Technologies dragged down the Dow Jones Industrial Average. The U.S. dollar has stopped its fall and gold is testing its lows again.

Todays S&P 500 Chart

The Market in Perspective

Here are the headlines moving the markets.

VIX signals that an S&P 500 breakout may be delayed

CINCINNATI (MarketWatch) — While the Nasdaq Composite has knifed to uncharted territory, several other widely-tracked U.S. benchmarks have reached major technical hurdles.

Perhaps most notably, the S&P 500 has nailed major resistance at record territory — S&P 2,130 — against the backdrop of excessive investor complacency as measured by the Volatility Index. More plainly, the S&P 500's breakout attempt may take time against the current backdrop.

Before detailing the U.S. markets' wider view, the S&P 500's hourly chart highlights the past two weeks.

As illustrated, the S&P has rallied to its final technical hurdle at record territory.

Significant resistance spans from 2,130 to 2,134, an area matching its all-time highs, and overhead at the June peak. Conversely, near-term support rests at 2,117, and is followed by the 50-day moving average, currently 2,103.

Read More > >

Facebook must hand over New York users' info to prosecutors, court rules

(Reuters) - Facebook Inc cannot challenge search warrants New York prosecutors used to get information from its site on hundreds of users suspected of Social Security fraud, a state appeals court said on Tuesday, in a decision likely making it harder for New Yorkers to keep their digital lives private.

SEC official rips proposed brokerage fee limits as 'nanny-statism'

WASHINGTON (Reuters) - A top U.S. securities regulator on Tuesday blasted a proposed Labor Department rule that aims to make it harder for brokers who offer retirement advice from steering clients into higher-fee products, calling the plan "rampant nanny-statism."

Citi ordered to pay $770 million over credit card practices

(Reuters) - Citigroup Inc's consumer bank has been ordered to pay $700 million in relief to borrowers for illegal credit card practices, the U.S. Consumer Financial Protection Bureau said.

Verizon Feels AT&T's Pain

Verizon's quarterly results suggest it is experiencing similar discount-driven pain to what AT&T endured last year.

United Technologies Takes the Elevator Down

China cast a pall over United Technologies' second-quarter results.

You Are Here

"The only thing we have to fear is the lack of fear itself..."

30 Year average 'VIX'

Charts: Bloomberg

S&P Upgrades Greece

Standard & Poor's lifted Greece's credit rating by two notches, although it remains in junk territory, citing last week's bailout deal. S&P estimated the possibility of Greece leaving the eurozone has fallen to below 50%.

Iran's Discount Deal for Global Oil

Lifting sanctions will bring more oil, and it will be cheap too, reinforcing pressure on oil prices in two ways.

Deeper back-to-school discounts to hurt teen clothing retailers

(Reuters) - U.S. teenage apparel retailers face another tough back-to-school season as they are forced to discount more to lure customers who are flocking to trendier shops and embracing online shopping.

Bits Blog: Security Researchers Find a Way to Hack Cars

Early next month, two security researchers plan to detail how they were able to hack into a Jeep remotely and control the lights, brakes and steering from the Internet. Their discovery impacts some cars sold by Fiat Chrysler from late 2013 to 2015.

China's Market Plunge: Where Only 3% of Firms Could Trade

During China's selloff and subsequent rebound, the number of stocks freely trading was sharply constrainedâ€"and not just by suspensions.

United Tech cuts outlook on aerospace, elevator pressures

(Reuters) - United Technologies Corp , which agreed on Monday to sell its Sikorsky helicopter business, cut its full-year profit outlook on Tuesday as it warned of pressures in its aerospace systems and Otis elevators businesses.

As Local Job Markets Improve, Job Seekers Shun Relocation For New Employment

by Challenger Gray and Christmas

The percentage of job seekers relocating for new positions declined in the first half of 2015, suggesting that as the recovery spreads, individuals are able to find better employment opportunities in their local market.

Wall Street lower as IBM, United Tech results weigh

(Reuters) - U.S. stocks fell on Tuesday in the wake of results from IBM and United Technologies which curbed some optimism over earnings season while investors awaited quarterly profits from tech giants including Apple and Microsoft.

Verizon cuts revenue outlook as price war continues

(Reuters) - Verizon Communications Inc on Tuesday lowered its full-year revenue target as it fends promotions from its competitors.

Oil-Sensitive Currencies Hit by Commodity Slump

Currencies in Norway, Canada, Russia and Nigeria have fallen sharply against the U.S. dollar this month on oil-price declines.

Trucking Tonnage Index Softness Continues in June 2015.

Econintersect: The American Trucking Associations' (ATA) trucking index decreased 0.5% following a downwardly revised increase of 0.8% in May.

Greek PM Tsipras rallies Syriza backing before bailout vote

ATHENS (Reuters) - Greek Prime Minister Alexis Tsipras tried to rally his leftwing Syriza party on Tuesday ahead of a vote in parliament on the second package of measures demanded by international creditors as a condition for opening talks on a new bailout deal.

The One Trick Pony Market

By Nicholas Colas of Convergex

The One Trick Pony Market

The S&P 500 is up 3.4% year to date, but over half that return comes from one sector: Health Care, which is up 13% YTD, and at a 15% weighting constitutes 57% of the S&P's total gain on the year. In fact, half of the S&P 500's industry groups are down on the year. Think Energy (-9.7%), Industrials (-2.9%) or Utilities (-8.6%). So where is the sector leadership coming from for the second half of 2015? Our monthly look at the "VIX of" different sectors and asset classes has an answer: Technology (+5.6% YTD) and Financials (+2.8% YTD). They both have solid weightings in the S&P 500, at 20% and 17%, respectively, and their individual "Fear Indices" (based on the same math as the CBOE VIX Index) are declining. And one bit of potentially bad news for gold (not that it hasn't had enough lately): the VIX of the yellow metal has been rising as prices drop, but there is still a lot of relative complacency surrounding this price move. "Implied vol" in gold-based ETFs is still well below levels seen earlier this year and tells us the bottom isn't in yet.

* * *

The definition of a "One Trick Pony" is someone or something that only does one task especially well. The origins of the phrase go back to old-time carnivals with animal acts. A pony that could only do one impressive trick obviously wasn't an especially useful addition to the troupe. The Oxford English Dictionary lists its first time in printed usage as dating to 1905: "The marvels that were seen at the first one-tent, one-clown, one-trick-pony, pioneer Oregon circus." The phrase almost died in common parlance until 1980, when Paul Simon released an album and starred in a movie of the same name. Fun fact: Lou Reed, t ...

Summary of Economic Releases this Week

Real Time Economic Calendar provided by

Earnings Summary for Today

Earnings Calendar provided by

leading Stock Positions

Leading Stock Quotes powered by

Current Commodity Prices

Commodities are powered by

Current Currency Crosses

The Forex Quotes are powered by

To contact me with questions, comments or constructive criticism is always encouraged and appreciated:

Click here for Historical Releases Listing

Make a Comment

Econintersect wants your comments, data and opinion on the articles posted.  As the internet is a "war zone" of trolls, hackers and spammers - Econintersect must balance its defences against ease of commenting.  We have joined with Livefyre to manage our comment streams.

To comment, using Livefyre just click the "Sign In" button at the top-left corner of the comment box below. You can create a commenting account using your favorite social network such as Twitter, Facebook, Google+, LinkedIn or Open ID - or open a Livefyre account using your email address.

You can also comment using Facebook directly using he comment block below.

Econintersect Live Market


Print this page or create a PDF file of this page
Print Friendly and PDF

The growing use of ad blocking software is creating a shortfall in covering our fixed expenses. Please consider a donation to Econintersect to allow continuing output of quality and balanced financial and economic news and analysis.

Take a look at what is going on inside of
Main Home
Analysis Blog
Taking a Wrench to Healthcare
Rising Tide Does Not Lift All Ships
News Blog
Consequences Of Rising Income Inequality
America's Most Competitive Renters: Why Many Are Choosing To Rent
Historical Echoes: The Bank Teller Action Figure, Or It's All In The Packaging
Infographic Of The Day: The Oil Market Is Bigger Than All Metal Markets Combined
U.S. 2016 Election Divides Advanced And Emerging Economies
Which Countries Read The Most
The World's Most Expensive Retail Locations
How To Help Energy Demand Match Renewable Supply
Music Subscriptions Revive Revenue
How The Space Station Avoids Junk In Space
Infographic Of The Day: The Most Popular Jobs In A Decade
Early And Late Cycle Verdicts Are Baseless
The Surprising Divergence Of Employment And Capacity Utilization
Investing Blog
FinTech Is Taking A Bite Out Of Banks
Options Early Assignment - Should You Worry?
Opinion Blog
The Beer Goggles Stock Market
US 2016 Election: Will US-China Relations Change
Precious Metals Blog
Preparing For Post-Election Social Unrest
Live Markets
21Oct2016 Market Close: Major US Indexes Close Flat On Low Volume, Crude Prices Resume Climb, US Dollar Stabilizes In Mid 98 Handle, Yes, Most Investors Are Worried Which Way This Market Will Go
Amazon Books & More

.... and keep up with economic news using our dynamic economic newspapers with the largest international coverage on the internet
Asia / Pacific
Middle East / Africa
USA Government

Crowdfunding ....



Analysis Blog
News Blog
Investing Blog
Opinion Blog
Precious Metals Blog
Markets Blog
Video of the Day


Asia / Pacific
Middle East / Africa
USA Government

RSS Feeds / Social Media

Combined Econintersect Feed

Free Newsletter

Marketplace - Books & More

Economic Forecast

Content Contribution



  Top Economics Site Contributor TalkMarkets Contributor Finance Blogs Free PageRank Checker Active Search Results Google+

This Web Page by Steven Hansen ---- Copyright 2010 - 2016 Econintersect LLC - all rights reserved