Bank stocks led Wall Street lower this morning, mirroring global markets, as bond markets rallied and oil prices fell. The DOW is down 50 points, WTI crude trading in mid 50's and the US dollar steady at 94. Short-term indicators are neutral and a longer view points to a market correction.
Here is the current market situation from CNN Money
It was only three weeks ago when the S&P 500 completed a well-formed head-and-shoulders pattern which is widely accepted as a bearish signal among technical analysts Full Story
$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%. Following a major market correction, the conditions for safe re-entry are when:
a) Daily $OEXA200R rises above 65%
Secondary Bullish Indicators:
a) RSI is POSITIVE (above 50)
b) Slow STO is POSITIVE (black line above red line)
c) MACD is POSITIVE (black line above red line)
NEW YORK (Reuters) - Viacom Inc is still looking to sell a minority stake in its Paramount film unit, but objections from controlling shareholder Sumner Redstone have impeded the deal, CEO Philippe Dauman told investors on Thursday.
WASHINGTON (Reuters) - The number of Americans filing for unemployment benefits unexpectedly fell last week, pointing to sustained strength in the labor market despite a sharp slowdown in hiring last month.
BERLIN (Reuters) - Ford warned on Thursday that potential future investment in the United Kingdom could be at risk if a vote to leave the European Union leads to a significant deterioration in the country's business environment.
TOKYO (Reuters) - Investment bank Lazard has sidelined the founding family of Takata Corp as momentum builds to a market-based solution for the Japanese air bag maker embroiled in the auto industry's biggest safety recall, a person briefed on the process told Reuters.
SYDNEY/WELLINGTON (Reuters) - Vodafone PLC said it was merging its New Zealand unit with the country's biggest pay-TV firm, Sky Network Television , in a $2.4 billion deal that will enable it to offer customers packages of entertainment, broadband and mobile.
SAN FRANCISCO (Reuters) - Apple Inc announced a series of long-awaited enhancements to its App Store on Wednesday, but the new features may not ease concerns of developers and analysts who say that the App Store model - and the very idea of the single-purpose app - has seen its best days.
Submitted by Charles Hugh-Smith of OfTwoMinds blog,
This decline is inevitable in fast-expanding economies that depended on export growth and investment booms.
The fundamental context of China's economy is that it has traced out an S-Curve - as did previous fast-developing nations such as Japan and South Korea.
Gordon Long and I discuss why there's no easy fix to the S-Curve in our new video discussion Bull in the China Shop (35:25).
The S-Curve can be likened to a rocket's trajectory: first, there's an ignition phase, as the fuel of financialization, cheap labor and untapped productive capacity is ignited.
The boost phase lasts as long as credit-fueled production and consumption expand rapidly.
In the boost phase, investors and financial authorities can do no wrong. The high growth rate of credit and production overwhelms all other factors, as the virtuous cycle of expanding profits and production increases wages which then support further expansion of credit and consumption which then supports more production, and so on.
A vast tide of foreign investment fuels an equally vast expansion of fixed capital assets such as factories and new homes. (The chart below depicts the astronomical amounts of new square footage constructed in China every year.)
But then the fuel of financialization is consumed, and the previously fast-growing economy slows to stall speed. Depending on how much leverage, corrup ...
There are so many components to properly analyzing the oil market, then you have to prioritize said components, to ultimately make money in the oil market. There is far too much simplistic thinking going on in analysis and coverage of the oil market in my opinion.
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The headlines say wholesale sales were up month-over-month with inventory levels remaining at levels associated with recessions. Our analysis shows an improving trend of the 3 month averages but we see deceleration with this month's data.
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