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20Apr2016 Market Update: US Markets Skyrocketing Higher, DOW Up 75 Points And Climbing, Possible SP500 Right Shoulder In The Making, WTI Crude Passing Through High 43's

Written by Gary

US markets open higher, made the morning dip deep into the red and then climbed to new highs not seen since November 2015 and doesn't seem to be finished climbing. WTI crude is also climbing with abandon, passing Dec, 2015 high marks. The Spooz appears to be making a right shoulder that could spell 'doom' to the bulls, now passing R1 (2,106).


Here is the current market situation from CNN Money

North and South American markets are mixed. The S&P 500 is higher by 0.27%, while the Bovespa is leading the IPC lower. They are down 0.72% and 0.54% respectively.

Traders Corner - Health of the Market

Index Description Current Value
Investors.com Members Sentiment: % Bullish (the balance is Bearish) 74%
CNN's Fear & Greed Index Above 50 = greed, below 50 = fear 75%
Investors Intelligence sets the breath Above 50 bullish 61.8%
StockChart.com Overbought / Oversold Index ($NYMO) anything below -30 / -40 is a concern of going deeper. Oversold conditions on the NYSE McClellan Oscillator usually bounce back at anything over -50 and reverse after reaching +40 oversold. 41.31
StockChart.com NYSE % of stocks above 200 DMA Index ($NYA200R) $NYA200R chart below is the percentage of stocks above the 200 DMA and is always a good statistic to follow. It can depict a trend of declining equities which is always troubling, especially when it drops below 60% - 55%. Dropping below 40%-35% signals serious continuing weakness and falling averages. 67.04%
StockChart.com NYSE Bullish Percent Index ($BPNYA) Next stop down is ~57, then ~44, below that is where we will most likely see the markets crash. 67.99%
StockChart.com S&P 500 Bullish Percent Index ($BPSPX) In support zone and rising. ~62, ~57, ~45 at which the markets are in a full-blown correction. 78.00%
StockChart.com 10 Year Treasury Note Yield Index ($TNX) ten year note index value 18.10
StockChart.com Consumer Discretionary ETF (XLY) As long as the consumer discretionary holds above [66.88], all things being equal, it is a good sign for stocks and the U.S. economy 80.07
StockChart.com NYSE Composite (Liquidity) Index ($NYA) Markets move inverse to institutional selling and this NYA Index is followed by Institutional Investors 10,535

What Is Moving the Markets

Here are the headlines moving the markets.

In riposte to Riyadh, Russia says ready to ramp up oil output

MOSCOW (Reuters) - Russia said on Wednesday it was prepared to push oil production to new historic highs, just days after a global deal to freeze output levels collapsed and Saudi Arabia threatened to flood markets with more crude.

Wall St. edges up as oil rebounds

(Reuters) - U.S. stock indexes were slightly higher on Wednesday as a recovery in oil added to the boost from earnings reports that beat tempered expectations.

Mitsubishi Motors admits manipulating fuel economy data, shares tumble

TOKYO (Reuters) - Mitsubishi Motors Corp admitted to manipulating test data to overstate the fuel economy of 625,000 cars sold in Japan, knocking its shares down more than 15 percent and wiping $1.2 billion off its market value on Wednesday.

Daily Mail says hasn't submitted bid for Yahoo's internet assets

(Reuters) - The parent of Britain's Daily Mail said on Wednesday it had not submitted a bid to buy Yahoo Inc's core Internet business, but was in talks with potential suitors of the American company.

Oil up as smaller U.S. crude build offsets end of Kuwait strike

NEW YORK (Reuters) - Oil prices rebounded on Wednesday after a smaller-than-expected U.S. crude build offset glut worries stirred by the end of a Kuwaiti oil workers strike.

U.S. existing home sales surge; supply improves

WASHINGTON (Reuters) - U.S. home resales rebounded more than expected in March, suggesting the housing market recovery remained intact despite signs that economic growth probably stalled in the first quarter.

Exclusive: Investor Gabelli says he expects 10-day blackout of Viacom on Dish

(Reuters) - Mario Gabelli, the largest owner of voting shares in Viacom Inc behind Sumner Redstone's family, told Reuters on Wednesday he expects a 10-day blackout of Viacom's programming on Dish Network Corp as a midnight deadline looms on their distribution deal.

EU hits Google with second antitrust charge

BRUSSELS - The European Union charged Google on Wednesday with using its dominant Android mobile operating system to squeeze out rivals, opening a second front against the U.S. technology giant that could result in large fines.

Exclusive: U.S. regulators query banks on their 'Brexit' contingency plans - sources

LONDON (Reuters) - U.S. financial regulators are demanding regular updates from Wall Street banks about their contingency plans should Britain vote to leave the European Union, banking and regulatory sources told Reuters.

Treasury Removes Jackson From $20 Bill, Will Replace Him With Harriet Tubman

Presenting an artist's impression of what your new $20 bill will soon look like.

It's official.

Moments ago Politico reported that the U.S. Treasury will announce that it plans to replace former President Andrew Jackson on the $20 bill with Harriet Tubman, the sources said. There will also be changes to the $5 bill to depict civil rights era leaders.

Not every dead president is being scraped however: treasury Secretary Jack Lew on Wednesday will announce a decision to keep Alexander Hamilton on the front of the $10 bill and put leaders of the movement to give women the right to vote on the back of the bill.

Lew's decision comes after he announced last summer that he was considering replacing Hamilton on the $10 bill with a woman. The announcement drew swift rebukes from fans of Hamilton, who helped create the Treasury Department and the modern American financial system. Critics immediately suggested Hamilton take Jackson off the $20 bill given the former president's role in moving native Americans off their land.

Jackson may remain on the $20 bill in some capacity, but will clearly be demoted.

Lew told POLITICO last July that Treasury was exploring ways to respond to critics. "There are a number of options of how we can resolve this," Lew said. "We're not taking Alexander Hamilton off our currency."

* * *

Confused? Disturbed? Angry? You are not alone. The following rant by Mac Slavo expressed many feeling about the prop ...

Fed Inspector General: "We Discovered Issues That Warrant Immediate Attention"

The Fed's troubling, recurring and perhaps criminal data "leakage" problem has been thoroughly documented over the past years: from Tim Geithner telling bank CEOs what the Fed will do will in advance of it becoming before, to early leaks of Fed Minutes, to breached embargoes, to the release of material non-public information to consultants such as Medley (which the FBI has been supposedly probing for the past year, and which cost Pedra da Costa his WSJ job), to the Fed's cozy relationship with the WSJ's Hilsenrath over the years, by now everyone knows that when it comes to giving advance looks of critical information to various preferred parties, the Fed has had no qualms.

It appears that finally changed a week ago, when the Fed's Inspector General already having had put his foot down on assuring there would be no more future leaks, got infuriated when the WSJ again managed to leak the story about the Fed failing various bank's "living wills" before it was released. As a Reuters reported, "the Federal Reserve and Federal Deposit Insurance Corporation are investigating how the Wall Street Journal came to report that the two agencies were giving failing grades to some U.S. banks' "living wills" the day before the regulators officially announced their determinations.

Stocks, Oil Continue Soaring On Fake OPEC Meeting "Headline" That Was Just Denied

It has become a daily farce.

Having soared above yesterday's highs on the Iraqi' deputy oil minister's comments on renewed production freeze meetings, not even 10 minutes later Russia immediately poured cold water all over it:


RUSSIA SAYS NO AGREEMENT ON OIL MEETING IN MAY IN RUSSIA

But no reaction in crude as the HFT algos' upward momentum has already been ignited, which was the only purpose behind the leak in the first place... as $43 stops taken out

Stocks likewise continue to surge.

Which is funny, because seconds before Noval issued his rejection, we tweeted the following:

When Iraq says "major oil producers" will meet in Russia it means Iraq, Venezuela and Ecuador. Not even Russia will be present.

— zerohedge (@zerohedge) April 20, 2016

Following promptly by this: RUSSIAN ENERGY MINISTER NOVAK SAYS HAS NO INFORMATION ABOUT MEDIA REPORTS ON OPEC MEETING IN RUSSIA IN MAY

Oil Surges As "OPEC Production Cut" Headlines Make Triumphal Return

Here we go again...OIL PRODUCERS MEETING TO REVIVE OUTPUT FREEZE PROPOSAL: IRAQ

Seriously - are we really going to start this again!???


*OPEC, OTHER PRODUCERS TO MEET IN RUSSIA POSSIBLY IN MAY: IRAQ

*IRAQ SEES OIL PRICES RISING SLOWLY DESPITE DOHA TALKS OUTCOME

*IRAQ OIL EXPORTS TO STAY AT 3.9M B/D IN MAY: DEP. OIL MINISTER

Of course the algos love it...

Of course, it is perhaps a little odd that this meeting in Russia wasn't mentioned this morning by Russia's Novak who instead noted that Russia was never going to cut outpout!!

The Very Good News In Goldman Sachs's Bad Earnings Report

Goldman Sachs had a lousy first quarter. But Wall Street isn't as troubled as it seems

Why Mitsubishi Motors' Fuel-Economy Problems Won't Clear Quickly

If Volkswagen is a model, investors shouldn't place much hope in a quick restart for Mitsubishi Motors.

Lexmark Shareholders Clear Paper Jam With China Deal

For Lexmark shareholders, a bid from Chinese Apex Technologies is a timely deliverance after a rough ride.

March 2016 Existing Home Sales Improved?

Written by Steven Hansen

The headlines for existing home sales say "closings came back in force last month as a greater number of buyers - mostly in the Northeast and Midwest - overcame depressed inventory levels and steady price growth to close on a home". Our analysis of the unadjusted data shows that home sales declined, and the rolling averages degraded. Sales price rate of growth was mixed.

The Ratings Game: Yahoo's looming sale keeps stock afloat

Yahoo reported a sharp decline in revenue, but the potential sale of its business is keeping analysts bullish.

The Margin: Snapchat's half-baked Bob Marley blackface filter gets slammed

The creative minds at Snapchat thought it'd be a good idea to allow users to transform themselves into legendary pot smoker Bob Marley, complete with dreads, the iconic cap and darker skin tone. The virtual PC police were all over this one

London Markets: FTSE 100 rises for third day in row as oil rallies

U.K. stocks finish higher for a third straight session Wednesday, with a rally by oil prices getting credit for early losses fading.

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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