US stock future indexes are fractionally higher (SPY +0.1%) and the SP 500 is trading trading at noteworthy resistance levels (Nov '15, Apr '16 peaks). Yellen called the recent U.S. jobs numbers "concerning" but warned against attaching too much significance to the payrolls data in isolation. Bye-bye summer rate hike? The US Dollar, looking for a dead cat bounce then analysts are expecting it to go lower pushing crude price higher.
Here is the current market situation from CNN Money
European markets are mixed. The FTSE 100 is higher by 0.07%, while the DAX is leading the CAC 40 lower. They are down 0.45% and 0.26% respectively.
The June S&P 500 was higher overnight as it extends this year's rally. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term.
If June extends this year's rally, weekly resistance crossing at 2133.40 is the next upside target. Closes below the 20-day moving average crossing at 2075.91 are needed to confirm that a short-term top has been posted.
First resistance is Tuesday's high crossing at 2117.80. Second resistance is weekly resistance crossing at 2133.40. First support is the 10-day moving average crossing at 2100.08. Second support is the 20-day moving average crossing at 2075.91.
Shell further anticipates the potential for $20-25B of organic free cash flow - based on a $60 oil price environment - and 10% ROACE around the end of the decade. It also said its priorities were to reduce debt, pay dividends and achieve a "balance between capital investment and share buy backs."
BEIJING (Reuters) - As the United States and China wrapped up talks this week touting bilateral cooperation on strategic and economic issues, many in the U.S. business community say the annual dialogue is delivering diminishing returns in resolving commercial disputes.
MILAN (Reuters) - World stocks struggled to build on six-week highs on Wednesday after mixed Chinese data, weighed down by a weaker session in Europe and political concerns that sent Germany's 10-year government bond yield to a record low.
(Reuters) - U.S. stock index futures were little changed on Wednesday, a day after the S&P closed at a near 11-month high, as oil prices rose for the third straight day and investor worries of an immediate interest rate hike eased.
EASTERN DESERT, Egypt (Reuters) - Careering around Egypt's rocky Eastern Desert, Alexander Nubia CEO Mark Campbell peers from his jeep and sees hills so rich with gold they could lure billions in investments and jumpstart the ailing economy. His company just has to find it.
SHANGHAI (Reuters) - China's central bank slashed its forecast for exports on Wednesday, predicting a second straight annual fall in shipments, but said the economy will still grow 6.8 percent this year.
FRANKFURT (Reuters) - Commerzbank, one of Germany's biggest lenders, is examining the possibility of hoarding billions of euros in vaults rather than paying a penalty charge for parking it with the European Central Bank, according to sources familiar with the matter.
(Reuters) - Lululemon Athletica Inc's quarterly profit narrowly missed analysts' estimate due to higher costs, a week after its founder Chip Wilson criticized the Canadian yoga-wear retailer's leadership for failing to keep up with market trends.
HONG KONG (Reuters) - China's Ministry of Commerce has removed restrictions on Wal-Mart Stores Inc's deal in 2012 to raise its stake in online supermarket Yihaodian, and said the move would not impact the already competitive market.
Betweeen Doha hopes (and nopes), Nigerian supply 'disruptions' which apparently cannot be stopped (conveniently for many oil producers, equity bulls, and central bank inflation watchers), and non-transitory Chinese 'demand', WTI crude has topped $51 this morning - almost doubling off the February lows. While still down YoY, oil prices have recovered to 11-month highs, soothing credit-driven anxiety in markets (even though bankruptcies continue) and enabling hedgers to pile in (crushing the crude curve). With rig counts rising once more (and global GDP being slashed), one questions how sustainable this frothy bounce will be...
A larger than expected inventory draw from API last night sparked the latest impulse...
Along with China trade data, sending WTI to 11-month highs...
"The market sentiment is positive; the trend and the momentum points to further gains," said Carsten Fritsch, commodities analyst at Commerzbank. As Reuters reports,
Supply disruptions caused by a string of attacks by the Niger Delta Avengers militant group in Nigeria have brought the oil exporter's production to its lowest level in 20 years.
The group said on Wednesday it had attacked another oil well o ...
In an unexpected development, in his latest note the best market inflection point indicator alive, Dennis Gartman, has decided to pick on none other than billionaire Bill Ackman. This is the result:
We wish to talk once again about the incredible collapse of Valeant's shares and the damage being wrought upon the reputation of those hedge fund managers still caught long of this company's shares, with the leading example remaining the demise of the once sterling reputation of Mr. Bill Ackman of Pershing Square Capital. Here we have one of the true giants of the hedge fund industry; a gentleman once worth billions who ran billions more; a leader in the performance race for many years and now rather obviously a gentleman, who like Icarus of Greek mythology fame, flew too close to the sun and is now falling into oblivion.
Pershing Square's assets are down 18.6% for the year as of the end of May we are told. We see no sense in being vindictive for there is nothing to be gained in being so; rather we wish simply to point out that the Rules of Trade are meant to be adhered to and that thefirst among equal of our rules of trading is the first: that one is never, ever, under any circumstance to average down into a trade. As our old friend, Paul Tudor Jones, says in this regard,Losers average losers.
When one averages down into a long position ¦ or averages up into a short position ¦ only one thing can be happening to the equity in one's account: it must, by definition, be falling. If you buy a company's stock at $25/share and it goes to $20/share, you are worth less than you were before. It cannot be otherwise. It is simple arithmetic. On the other hand, if you buy a company's shares at $25/share and they go to $30/share your equity can only be larger. Why, we ask, woul ...
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