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18Mar2016 Market Update: DOW Up Triple Digits, WTI Crude Falls To High $40's After Failed Attempt To Climb Higher, Markets Are Being Fueled By Investor Optimism

Written by Gary

Easing into the afternoon session the averages have been trading at the R1 level ($SPX 2050.50) making the SP500 2044 level a support paving the way to the next resistance of 2075/80. Short-term indicators are showing a slowing of further advancement in the markets and may be a signal of testing lows or worse.


Here is the current market situation from CNN Money

North and South American markets are mixed today. The IPC is up 1.15% while the S&P 500 gains 0.41%. The Bovespa is off 0.92%.

What Is Moving the Markets

Here are the headlines moving the markets.

China's Anbang primed to buy hotel chain Starwood after topping Marriott

(Reuters) - China's Anbang Insurance Group Co is primed to acquire Starwood Hotels & Resorts Worldwide Inc , the operator of Sheraton and Westin hotels, for more than $13 billion cash in what would be the largest ever deal by a Chinese company in the United States.

Luxury jeweler Tiffany's profit beats estimates as costs fall

(Reuters) - Upscale jeweler Tiffany & Co reported a better-than-expected profit for the holiday quarter as it raised prices and benefited from lower prices of diamonds, gold and silver.

Argentina, creditors agree $155 million more in default settlement: mediator

NEW YORK (Reuters) - Argentina settled with an additional 115 individual creditors holding defaulted sovereign bonds for $155 million, Daniel Pollack, the court-appointed mediator in the long-running case, said on Friday.

Oil sets new 2016 highs on production freeze, demand bets

NEW YORK (Reuters) - Oil rewrote its 2016 peaks on Friday, barreling into higher $40 territory and toward multi-week gains on expectations of a production freeze by major exporters and stronger seasonal fuel demand in the United States.

Wall St. adds to gains as financial stocks rise

(Reuters) - The S&P 500 edged into positive territory for 2016 on Friday as a gain in financial stocks added to a rally spurred by the Fed's tempered view on interest rates and rising oil prices.

Ford CEO's compensation jumped 17 percent to $17.4 million in 2015

DETROIT (Reuters) - Ford Motor Co Chief Executive Officer Mark Fields' salary, bonus and stock awards jumped 17 percent to $17.4 million in 2015, a year in which the auto maker earned a record pretax profit, the company said on Friday.

UK prosecutors granted arrest warrants for Euribor Five

LONDON (Reuters) - British prosecutors have been granted warrants for the arrest of four Germans and a Frenchman they want to bring to London to face charges of conspiracy to rig Euribor benchmark interest rates.

German court clears former Porsche CEO over VW bid

STUTTGART, Germany (Reuters) - A German court has acquitted Wendelin Wiedeking, a former chief executive of Porsche , of alleged market manipulation in the course of one of the auto industry's most controversial takeover battles.

Fed bank supervisors can curb but not eliminate failures: Dudley

NEW YORK (Reuters) - The army of supervisors from the Federal Reserve and other agencies can reduce but not eliminate the risk of bank failures, New York Fed President William Dudley said on Friday.

The European Banking Crisis is Here!

Veritaseum founder, Reggie Middleton, has accurately called the banking crisis, European sovereign debt crisis, the housing & CRE crash as well as several major tech paradigm shifts over the last 10 years. Click graphic above for a video synopsis of his track record.

The 2008 financial crisis and ensuing recessions have resulted in crisis in the global banking sector. Borrowers' inability to make pay back debt or even service debt due to an economic slowdown had hurt the banking system. Contrary to popular rhetoric, the European economy is still far away from recovery and so are the banks that are domiciled there. The sector is grappling with barrage of concerns including negative interest rates, elevated levels of NPL, China's synthetic growth engine facing the real reality of a slowdown, the softening of apparently elevated oil prices and impending regulatory and litigation costs.

Defensive Stocks Soar To Record High As Biotechs Battered To 2-Year Lows

If everything is so awesome, why is the defensive "personal and household goods" index spiking to record highs as exciting indices like Biotechs are collapsing to multi-year lows?

The Great Rotation out of momentum continues.

And everyone's favorite - Valeant - is crashing-er again today...

Down a stunning 60% this week...

Chart: Bloomberg

U.S. Stocks on Track for Fifth Straight Week of Gains

Stocks inched higher on both sides of the Atlantic, leaving major U.S. indexes on pace to notch their fifth straight week of gains.

Global Currencies Soar, Defying Central Bankers

Efforts by many of the world's central banks to weaken their currencies are failing, raising concerns about whether policy makers are losing the ability to wield control over financial markets.

Starwood Says Boosted Anbang Bid Tops Marriott Offer

Starwood received an increased takeover bid of about $13.2 billion from a group led by Chinese insurance giant Anbang that it said is superior to the deal it has in place with rival Marriott.

Market Snapshot: Dow gains 117 points, set for longest winning streak in 5 months

U.S. stocks rose Friday, on track for a fifth straight weekly gain, as a rally in health-care and financial stocks helped lift the main benchmarks.

Deep Dive: Unlikely stock market winners: oil companies with little debt

Industry survivors such as Helmerich & Payne and Exxon Mobil have risen as much as 29% in the past two months, writes Phil van Doorn.

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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