Wall Street rarely does anything the way one expects it to do, or at least in the time frame you have picked. The markets did open flat and then proceeded to drift upward for an failed attempt testing the 2070 resistance. Volume has fallen off to anemic levels as investors remain unsure of market direction.
Here is the current market situation from CNN Money
North and South American markets are mixed. The S&P 500 is higher by 0.04%, while the Bovespa is leading the IPC lower. They are down 2.13% and 0.60% respectively.
$NYA200R chart below is the percentage of stocks above the 200 DMA and is always a good statistic to follow. It can depict a trend of declining equities which is always troubling, especially when it drops below 60% - 55%. Dropping below 40%-35% signals serious continuing weakness and falling averages.
(Reuters) - Valeant Pharmaceuticals International Inc's directors and key officers have received a cease-trade order by the securities regulator in the Canadian province of Quebec, on the company's request, Valeant said on Thursday.
(Reuters) - Uber Technologies Inc [UBER.UL] will use Progressive Insurance to provide coverage for drivers in Texas beginning on Friday, in a pilot that could lead the ride-hailing market leader to diversify its U.S. insurance purchasing from its current sole provider, Uber and Progressive executives told Reuters.
WASHINGTON (Reuters) - General Electric Co's GE Capital financing arm on Thursday asked the U.S. government to stop designating it as a "systemically important financial institution," a label for companies considered "too big to fail," now that it has less influence on the U.S. economy.
DETROIT (Reuters) - Ford Motor Co said on Thursday it will conduct three separate safety recalls including one of sport-utility vehicles with a defective engine heater that led to two fires in Canada, in which no one was injured.
ZURICH (Reuters) - Switzerland's takeover regulator still has concerns about some terms of Swedish private equity firm EQT's takeover of travel group Kuoni and rejected an appeal by a major shareholder over a planned share swap associated with the deal.
SEOUL (Reuters) - With its acquisition of Japan's Sharp Corp , Foxconn aims to gain access to promising technology for high-end OLED screens likely to be used in future devices from Apple Inc , the electronics assembler's biggest customer.
Yesterday, when we wrote that "Gartman remains bearish of stocks" we cited the "commodity king" as follows:
... we are still going to err bearishly of stocks and certainly we shall not err bullishly of them. We are, in our retirement account here at TGL long of gold in EUR and Yen related terms; we are long of a small position in the corn ETF and we are long of the bond market ETF, which tends to be a bearishly construed position. As of the close of trading yesterday we are +8.2% for the year-to-date, compared to the loss thus far this year of our International Index of 3.0% and compared to the small gain by the S&P of 0.5%... a gain that many shall tout as evidence of a great bull run. We shall not.
On the other hand, we said that "we shall expect another ~1% rise in the market." We were close.
In any case, after having flipflopped two weeks ago when Gartman against went bearish "of stocks" on March 16, by buying the VIX as stocks were about to take out their 2016 highs, Gartman has finally thrown in the towel. From his latest letter:
SHARE PRICES HAVE CONTINUED THEIR RUSH SKYWARD following Dr. Yellen's œAll-Clear ¯ signal to the investment world Tuesday when she spoke to the Economics Club of New York, telling the world that it was she and no one else at the Fed who was in charge of monetary policy and said, without equivocation that the Fed under here aegis will not be tightening monetary policy any time soon. This is, it seems, the best of all equity investment worlds where economic ...
According to new data derived from the monthly Current Population Survey (CPS), median annual household income in February 2016 was $57,129, not significantly different from the January 2016 median of $57,192. The Sentier Household Income Index for February 2016 was 99.7 (January 2000 = 100), 0.1 percentage point lower than last month. Median income remains slightly lower than the January 2000 level after adjusting for changes in prices.
Gold futures climbed Thursday, on track to mark their best quarterly performance since 1986 " a year when œTop Gun ¯ was the most popular movie, and Dionne Warwick and Friend's cover of ¯That's What Friends are For ¯ was the No. 1 song on the Billboard Hot 100.
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