U.S. stocks were lower (DOW - 62 points, SPY -0.4%) a day ahead of a Fed policy meeting as Microsoft shares dragged major indexes down after the company said it would buy LinkedIn. Crude prices and the US dollar moved in opposite directions this morning in volatile trading because of gloomy economic prospects in Europe and Asia and supply outages in Nigeria.
Here is the current market situation from CNN Money
North and South American markets are mixed. The Bovespa is higher by 0.34%, while the IPC is leading the S&P 500 lower. They are down 0.46% and 0.34% 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%. 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)
(Reuters) - Microsoft Corp will buy LinkedIn Corp for $26.2 billion in its biggest-ever deal, combining the software giant's business-productivity tools with an online network of 433 million professionals.
(Reuters) - U.S. stocks were lower a day ahead of a Federal Reserve policy meeting as Microsoft shares dragged all three major indexes down after the company said it would buy LinkedIn for $26.2 billion.
SAN FRANCISCO (Reuters) - Thousands of software developers crowded into an auditorium in San Francisco on Monday to hear Apple show off new abilities for its Siri digital assistant by debuting tools to let developers work with the company's artificial intelligence.
NEW YORK (Reuters) - U.S. telecommunications rivals Verizon Communications Inc and AT&T Inc are set to go through to the third and final round of bidding in the auction for Yahoo Inc's core internet assets, according to people familiar with the matter.
SEOUL (Reuters) - South Korea's Hotel Lotte Co Ltd said on Monday it was indefinitely postponing its IPO worth up to $4.5 billion, as the wider Lotte Group reeled from the impact of a series of raids on group firms by prosecutors.
WASHINGTON (Reuters) - The U.S. Federal Aviation Administration said on Monday it is proposing a $350,000 civil fine against Amazon.com Inc for allegedly violating hazardous materials regulations, the latest in a series of violations.
BERLIN (Reuters) - China's Midea Group Co Ltd is only seeking a 49 percent stake in German industrial robot maker Kuka , Handelsblatt reported on Monday, citing unnamed sources in the German government.
With Morgan Stanley, JPM, BofA and even Goldman Sachs having thrown in the towel on the ongoing stock market ramp, inspired in equal part by HFT momentum strategies, central banks, and a relentless short squeeze, Deutsche Bank's equity strategist, who until now valiantly was cheerleading to bullish case, has finally waved the white flag of surrender and in an overnight note admits that "the next 5% move is likely lower."
Here's his rationale:
Dips of 5%+ from 6-month highs generally happen at least once a year, usually stay under 10% and don't tend to last long. Sell-offs usually last 4-8 weeks; rallies 16-20 weeks. Only 3 years since 1960 didn't have a 5%+ dip (1964, 1993, 1995), while many mid- to late-cycle years saw more than one dip (late 1980s and late 1990s). Of the 80 5%+ sell-offs since 1957, about 2/3rd were under 10% with an average sell-off of 7% and duration of 27 trading days. S&P troughed at 1829 on Feb 11th this year, after it last troughed at 1868 on Aug 25th, 2015 (rolling 6-month basis, trough-to-peak), giving us back-to-back 10%+ corrections. This stood in sharp contrast to 915 trading days or 3.9 yrs between the prior two corrections.
With polls indicating "Leave" leading in the EU Referendum, one well-known mainstream media personality has come out against the establishment. As The Telegraph's Ambrose Evans-Pritchard explains "at its heart, the Brexit vote is about the supremacy of Parliament. All else is noise," adding "that is why I am voting to leave the EU."
With sadness and tortured by doubts, I will cast my vote as an ordinary citizen for withdrawal from the European Union.
Let there be no illusion about the trauma of Brexit. Anybody who claims that Britain can lightly disengage after 43 years enmeshed in EU affairs is a charlatan or a dreamer, or has little contact with the realities of global finance and geopolitics.
Stripped of distractions, it comes down to an elemental choice: whether to restore the full self-government of this nation, or to continue living under a higher supranational regime, ruled by a European Council that we do not elect in any meaningful sense, and that the British people can never remove, even when it persists in error.
For some of us - and we do not take our cue from the Leave campaign - it has nothing to do with payments into the EU budget. Whatever the sum, it is economically trivial, worth unfettered access to a giant market.
We are deciding whether to be guided by a Commission with quasi-executive powers that o ...
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