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11Mar2016 Market UpdateMarkets In The Green, Up Over 1%, Crude May Start A Sharp Reversal, Investors Wary Of Continued Gains

Written by Gary

US markets opened higher as expected and continued to trade in a sideways, narrow zone on diminishing volume. WTI crude climbed to the high 38's and stopped short of going into the 39's. Appears to be a residual resistance effect holding crude from climbing higher. The DOW is up 200 points, the SP500 1.3% and the NASDAQ up 1.3%. A late afternoon selloff is not expected.


Here is the current market situation from CNN Money

North and South American markets are broadly higher today with shares in U.S. leading the region. The S&P 500 is up 1.28% while Mexico's IPC is up 0.91% and Brazil's Bovespa is up 0.31%.

What Is Moving the Markets

Here are the headlines moving the markets.

Oil up as IEA sees tighter supply; Goldman says rally premature

NEW YORK (Reuters) - Oil rose up to 2 percent on Friday, with U.S. crude headed for a fourth week of gains, after the world's energy watchdog said the market may have hit bottom, although Goldman Sachs said the 50 percent rally in under two months was "premature."

Wall Street rally boosted by higher oil prices

(Reuters) - Wall Street rallied on Friday as steadying oil drove energy shares, putting the three major indexes on track for their fourth straight weekly gains for the first time in more than four months.

Special Report: The final days and deals of Aubrey McClendon

OKLAHOMA CITY (Reuters) - The night before Aubrey McClendon died, the oil-and-gas pioneer was expected at a private dinner here with potential business partners. Among them: Vicente Fox, the former president of Mexico.

Oil, stocks gain; IEA sees floor for oil market

NEW YORK (Reuters) - Oil prices rose on Friday, boosting world stock markets, after an energy organization said the oil market may have found a floor, while the euro eased.

Jailed Libor trader to return to London court in battle over assets

LONDON (Reuters) - Tom Hayes, a former trader serving an 11-year jail sentence for conspiracy to rig Libor interest rates, will next week return to a London court in a multi-million pound battle against prosecutors over assets that include a seven-bedroom country house.

GM buys Cruise Automation to speed self-driving car strategy

(Reuters) - General Motors Co is buying Cruise Automation, a San Francisco self-driving vehicle startup, the latest move by the auto giant in its effort to outflank Silicon Valley in the race to develop shareable, autonomous vehicles.

U.S. import prices fall, but downward trend nearing end

WASHINGTON (Reuters) - U.S. import prices fell in February for an eighth straight month, weighed down by declining costs for petroleum and a range of other goods, but the pace of decline is slowing as the dollar's rally fades and oil prices stabilize.

Malware suspected in Bangladesh bank heist: officials

DHAKA (Reuters) - Investigators suspect unknown hackers managed to install malware in the Bangladesh central bank's computer systems and watched, probably for weeks, how to go about withdrawing money from its U.S. account, two bank officials briefed on the matter said on Friday.

ECB defends 'Super Mario' after investor backlash

FRANKFURT (Reuters) - The European Central Bank embarked on a rearguard action to win over skeptical investors on Friday, a day after chief Mario Draghi unveiled a new stimulus package but blunted its impact by suggesting the ECB would not cut interest rates again.

US Rig Count Tumbles To Record (41-Year) Lows

In April 1999, the total US oil and gas rig count was 488, today, after dropping 9, the total rig count is 480- an all-time record low (since records began in 1975). Oil rigs dropped 3 to 386 (lowest Since Dec 09), the 12th weekly drop in a row (16th of 17 and 17th and 26th of the last 28 weeks). With production up last week, it remains to be seen when the rig count matters once again.

A record low in total oil and gas rigs... (-6 in oil, -3 in gas)

Oil rig counts continue to track a lagged oil price almost perfectly...

Are we close?

Charts: Bloomberg

Gold's Best Year Since 1974 Sparks Record Inflows Into ETFs

Gold is up 19% year-to-date, by far the best performing asset-class, making this the best start to a year since 1974.

"Negative rates in Japan and Europe coupled with weak global growth have prompted a surge in interest," notes one trader as Gold-backed exchange-traded funds saw a record inflow of $7.2bn in February, surpassing the previous high set in 2009, according to BlackRock.

BlackRock's ETF (IAU) - which saw creation halted due to th einability to meet excess demand for physical has not had one outflow this year...

And GLD inflows are soaring...

This year $9.2bn has gone into gold-backed exchange-traded products, BlackRock said.

And it appears as The Fed remains on ist rate-hiking-narrative path (and the rest of the world goes deeper and deeper into NIRP) perhaps this chart - showing the Dow/Gold ratio breaking significant support - suggests gold will contionue to outperform...

U.S. Stocks Rise on ECB, Economy

U.S. stocks rallied Friday as investors reassessed the impact of the European Central Bank's latest stimulus measures and the health of the U.S. economy.

Oil Prices Rise on Hopes Glut Will Ease

The U.S. oil benchmark flirted with a new high for the year Friday after an international energy monitor said the market rout of the last two years may have finally bottomed out.

How the ECB Woke Up to Banks' Profits Nightmare

The eurozone's central bank has put support for the sector into its expanded monetary policy efforts

Amazon to tackle high delivery costs with air cargo network

Amazon's massive shipping expenses will be reduced over time with planes, trailers and Prime Now hubs.

Market Snapshot: Oil rally powers sharp Wall Street advance

U.S. stocks posts sharp gains, and the S&P 500 and Dow industrials look on track to record modest weekly gains for a fourth straight week.

Earnings Summary for Today

Earnings Calendar provided by Investing.com.

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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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