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09Mar2016 Market Close: Markets Close In The Green, Spinning Top Candlestick Indicating A Down Day Tomorrow, Crude Settles Higher

Written by Gary

We didn't see the afternoon rally, but the averages closed modestly in the green with the small caps averaging a plus 0.6%. WTI crude settled at or slightly above its resistance ($38.20). The DOW closed above 17,000 and the Spooz just below 2,000, close but no cigar. The bad news is the candlestick for today is a spinning top - a possible reverse in direction.

Todays S&P 500 Chart

The Market in Perspective

Here are the headlines moving the markets.

Cleanup of Massachusetts Chipotle complete after norovirus illnesses

BILLERICA, Mass./LOS ANGELES (Reuters) - A health official on Wednesday commended Chipotle Mexican Grill Inc for its handling of norovirus infections at a Boston-area restaurant, saying employees prevented more problems by calling in sick rather than report to work and that a cleanup of the restaurant was done.

Oil prices rally, boosting world stocks

NEW YORK (Reuters) - Oil prices resumed a month-long rally on Wednesday, helping to lift world stock markets, while bond prices weakened ahead of this week's European Central Bank meeting.

Exclusive: Teva set to win EU okay for $40.5 billion Allergan deal - sources

BRUSSELS (Reuters) - Teva Pharmaceutical Industries is expected to win EU antitrust approval for its $40.5 billion bid for Allergan's generics unit after agreeing to sell off some of its products to appease regulators, three people familiar with the matter said on Wednesday.

Another up day for oil helps Wall Street extend its rally

(Reuters) - Wall Street built on a nearly month-old rally on Wednesday as a strong recovery in oil prices sent energy shares sharply higher.

Valeant gives Pershing Square one board seat, adds two other directors

(Reuters) - Embattled Valeant Pharmaceuticals International Inc said on Wednesday it has added a representative from shareholder Pershing Square Capital Management to its board of directors as well as two other new directors.

Exclusive: Teva set to win EU okay for $40.5 billion Allergan deal - sources

BRUSSELS (Reuters) - Teva Pharmaceutical Industries is expected to win EU antitrust approval for its $40.5 billion (24.4 billion pounds) bid for Allergan's generics unit after agreeing to sell off some of its products to appease regulators, three people familiar with the matter said on Wednesday.

China's ZTE says suppliers need to apply for U.S. export licence

HONG KONG (Reuters) - Chinese telecommunications equipment maker ZTE Corp said on Wednesday its suppliers must seek licences to provide materials, in line with newly imposed U.S. restrictions on the company.

Amazon to start air delivery network with leasing deal

(Reuters) - Amazon.com Inc said on Wednesday it had signed a deal to lease 20 Boeing 767 widebody freighter aircraft to handle more of its own deliveries in the United States.

Signs of life for Apple's stock as Wall St. eyes new iPhone

SAN FRANCISCO (Reuters) - After months of declines in Apple's stock, sentiment appears to be mending as investors focus on steady earnings expectations and bet that the expected launch of a new iPhone will add badly-needed fuel to sputtering sales.

This Is Jeff Gundlach's Favorite (& Scariest) Chart

According to DoubleLine's Jeff Gundlach, this is his favorite chart - backing his persepctive that equity markets have "2% upside and 20% downside) from here.

In his words: "These lines will converge..."

Chart: Bloomberg

It should be pretty clear what drove the divergence, and unless (and maybe if) The Fed unleashes another round of money-printing (or worse), one can't help but agree with Gundlach's ominous call.

Kiwi Plunges As New Zealand Announces "Surprise" Rate Cut, Warns On China

They don't call it a "currency war" for nothing.

Moments ago, the RBNZ cut rates by 25 bps to 2.25% in the latest shot across the bow in what is now a years-long race to the bottom.

Here are the bullets:

NEW ZEALAND CUTS KEY INTEREST RATE TO 2.25% FROM 2.50%

RBNZ SAYS FURTHER EXCHANGE RATE DEPRECIATION IS APPROPRIATE

RBNZ SEES INFLATION REACHING 2% IN 1Q 2018 VS 4Q 2017

RBNZ SEES 4Q 2016 ANNUAL INFLATION AT 1.1% VS 1.6%

Cue the kiwi plunge:

RBNZ governor Graeme Wheeler apparently made up his mind last week:



WHEELER: DECIDED TO CUT RATES LAST FRIDAY

But someone forgot to tell the PhD's because 15 out of 17 economists surveyed by Bloomberg expected New Zealand to stand pat.

We don't blame them. After all, who could have foreseen competitive easing in this environment?

Meanwhile, the RBNZ is going full-Kyle Bass on China:


RBNZ SAYS DRAMATIC BUILD-UP IN CHINA CORPORATE DEBT TO "ENORMOUS" LEVEL

RBNZ SAYS CHINA BUILDING AND MANUFACTURING SECTORS "VERY MUCH UNDER STRESS

RBNZ SAYS CHALLENGE WITH CHINA IS IT IS BUILDING UP A NUMBER OF SERIOUS IMBALANCES

The "Smart Money" Is Quietly Getting Out Of Dodge: Sells For A Sixth Straight Week As Buybacks Soar

One week ago, when looking at the latest BofA client flow trend monitor, we noticed something strange: despite the S&P's surge higher due to either a record short squeeze or because it is merely another bear market rally, the smart money was selling.

In fact, as BofA's Jill Hall calculated, the three groups that make up the so-called "smart money" basket, hedge funds, BofA's institutional clients as well its private clients, had been selling aggressively every week for the prior five. As she explained on March 1, "last week, during which the S&P 500 climbed 1.6%, BofAML clients were net sellers of US stocks for the fifth consecutive week, in the amount of $1.5bn. This was the biggest weekly outflow since mid-December." Someone clearly was very grateful for the selling opportunity that this squeeze was providing.

Well, we can now add one more week to the total: in BofA's latest note, "last week, during which the S&P 500 rallied 2.7%, BofAML clients were net sellers of US stocks for the sixth week."

She explains that "similar to the prior week, hedge funds, institutional clients, and private clients were all net sellers, though sales last week were led by private clients (vs. hedge funds the week prior). Our hedge fund clients remain the biggest net sellers of US stocks year-to-date."

The full breakdown below:

Clients were net sellers of stocks in five of the ten sectors last week and net buyers of the remaining five, as well as ETFs. Tech and the co ...

U.S. Stocks Inch Higher

U.S. stocks ticked higher, led by a rise in energy shares. The session's gains were fairly small, however, as investors appeared reluctant to jump in ahead of policy meetings scheduled for the European Central Bank and the Federal Reserve in the coming days.

Oil Hits Three-Month High

Oil prices surged to a three-month high after data showed demand for gasoline and diesel fuel was far higher than bullish expectations.

Linn Energy Looks to Ease Tax Hit on Investors

The master limited partnership is exploring a change to its corporate structure that could shield investors from the fallout of a likely debt restructuring.

Atlantic City could go bust in one month

Moody's warns that the resort is running out of cash, and needs drastic measures from New Jersey.

The Tell: Why the bull market's birthday isn't a reason to celebrate

The S&P 500 index bull market celebrated a birthday Wednesday, but it didn't get much love from two Bank of America Merrill Lynch analysts: One recommended dumping Wall Street, while another suggested cautious stock plays.

Deep Dive: These 'Dividend Aristocrat' stocks have risen up to 24% a year for a decade

Having a long-term outlook can settle the mind, especially with these rock-solid companies, says Phil van Doorn.

Summary of Economic Releases this Week

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Earnings Summary for Today

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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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