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29Mar2016 Market Close: Ms. Yellen's Dovish Deluge Sends Wall Street Higher, US Dollar Slumps And Gold Rests At Higher Level

Written by Gary

Markets closed higher, DOW up almost 100 points and the SP500 closed at its resistance (2055). Many analysts are claiming this resistance point is the highest the Spooz will go before it turns down. Short term indicators are bullish and maybe we will see higher levels achieved if these analysts are incorrect.

Todays S&P 500 Chart

The Market in Perspective

Here are the headlines moving the markets.

Fed's Yellen touts caution given global risks to the U.S.

NEW YORK (Reuters) - Federal Reserve Chair Janet Yellen said on Tuesday the U.S. central bank should proceed "cautiously" as it looks to raise interest rates, because inflation has not yet proven durable against the backdrop of looming global risks to the U.S economy.

SunEdison at risk of bankruptcy, unit says; shares plummet 60 percent

(Reuters) - U.S. solar energy company SunEdison Inc , whose aggressive acquisition strategy has saddled it with almost $12 billion of debt, is at "substantial risk" of bankruptcy, one of its two publicly listed units warned on Tuesday.

Casino agent in Philippines says high-rollers brought in heist money

MANILA (Reuters) - A Chinese junket operator in Manila said on Tuesday that two high-rollers from Beijing and Macau were responsible for bringing $81 million stolen by hackers from Bangladesh's central bank into the Philippines.

Wells Fargo to pay California $8.5 million for privacy law violations

(Reuters) - A Wells Fargo & Co unit will pay $8.5 million to California and five of the state's counties to settle charges that it violated customers' privacy due to not disclosing in a timely fashion that it was recording their calls.

Wall Street rises as Yellen pleases investors

(Reuters) - The S&P 500 lifted into positive territory on Tuesday after Federal Reserve Chair Janet Yellen said the central bank should proceed "cautiously" on raising interest rates - music to Wall Street's ears.

Probe of Exxon's climate change disclosures expands

WASHINGTON (Reuters) - The attorneys general of Massachusetts and the U.S. Virgin Islands said on Tuesday they will investigate whether Exxon Mobil Corp misled investors and the public about the risks of climate change, joining counterparts in New York and California. The announcements come just a few months after New York Attorney General Eric Schneiderman subpoenaed Exxon to demand extensive financial records and emails in connection with its climate change disclosures.

Deere acquires stake in U.S. leader in high-clearance sprayers

(Reuters) - Deere & Co said on Tuesday it has acquired a majority stake in Hagie Manufacturing, allowing the farm and construction machinery manufacturer to enter the high-clearance sprayer market.

Apple's encryption battle with United States still alive in Brooklyn

SAN FRANCISCO (Reuters) - The U.S. Department of Justice will disclose over the next two weeks whether it will continue with its bid to compel Apple Inc to help access an iPhone in a Brooklyn drug case, according to a court filing on Tuesday.

U.S. FTC sues Volkswagen over diesel advertising claims

WASHINGTON (Reuters) - The U.S. Federal Trade Commission on Tuesday sued Volkswagen Group of America, saying the U.S. arm of the German automaker falsely advertised more than a half million diesel vehicles as environmentally friendly when it knew they were emitting excess pollution.

The Doha Dilemma - Prolonging The Agony Deeper & Longer

Submitted by Eugen von Bohm-Bawerk via Bawerk.net,

Another month, another flight to Hamad international airport for 17th April after initial agreement to hold 'upstream horses' in February 2016. While it's no doubt great fun getting back into the OPEC 'masters of the oil universe' routine, second time round, the stakes are rapidly rising in Doha given another supposed 'freeze' announcement would actually be read as outright OPEC / Russia failure without clear signals the market will see actual cuts. That opens a very complex can of worms for what's at stake here. We'll do OPEC politics first, followed by market 'realities' second. On both counts, timing is crucial. And bluntly put, OPEC couldn't have picked a worse window for another ad hoc meeting.

Leading up to Doha, market expectations will inevitably grow for some kind of cut that's likely to put a few dollars on the barrel. Ironic given this remains a classic case of OPEC / non-OPEC heavyweights 'talking peace, but preparing for war' in terms of longer term volumes strategies. Obviously it's all bluff for now, but the fact Kuwait claims it can do 3.2mb/d, Iraq has inched up to 4.8mb/d, Venezuela is holding firm at '2.6mb/d', while Russia is full steam ahead at 10.9mb/d serves as a reasonable proxy for where everyone is likely to go in a low price environment; volumes plays. Iran has certainly made clear it's insisting on pre-sanction production levels before it's even willing to sit at the OPEC table. Nobody was ever realistically going to hold that against Iran given market problems everyone else has got themselves into this far down the line. But in the interim, the key space to watch on 17th April is whether the mar ...

Sell In March And Go Away? There's Something About April During Election Years

We will be the first to admit that in the current centrally-planned world, where nothing but the words and deeds of central bankers matter, fundamentals, seasonals, technicals and charts are a laughable anachronism from days gone by when the market - as traded by humans and not vacuum tubes with laser beams - could drop 10% without the Federal Reserve collapsing into a panicked mess.

However, there are those who still believe that what used to work in the past still does, and trade according to the patterns observed in the Trader's Almanac.

While that is clearly folly (as it does not account for what any given central banker had for dinner the night before - a key variable in this "New Normal", ridiculous age) for their benefit we point out something curious about the month of April, traditionally the strongest month of the year... except during presidential election years, when it slides from the best month to the second worst.

Additionally, as Evercore ISI technician Rich Ross points out, there are several other patterns which suggest that, in the absence of central bankers, one would be advised to trade, and tread, carefully in the coming months.

This is what Ross writes in a note explaining why he maintains his defensive, bearish stance:

We transition from the best 6 month stretch for the S&P since 1950 into the worst 6 month stretch which commences in May. Moreover, while April has been the best month for the Dow over the past 65 years (+2.0%)...

... during Presiden ...

Google: Scaling Ahead of Cloud Burst

Signs of spending discipline help ahead of what could be an expensive push into the cloud business.

Paychex Gives Sneak Peek at Jobs Report

Payroll-services firm Paychex's quarterly report and views on the economy will offer a glimpse into Friday's jobs report.

Yahoo Board Finally Getting Serious About a Sale

A looming proxy fight may be having a desired effect on Yahoo's board.

Trucking Tonnage Improved in February 2016

Truck shipments are reported up in February - with one index showing significant year-over-year growth whilst the other showing year-over-year contraction.

Currencies: Dollar drops as Yellen implies rates will stay lower for longer

The dollar slumped against its main rivals Tuesday after Federal Reserve Chairwoman Janet Yellen explained why the central bank needs to be cautious about raising interest rates.

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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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