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21Jun2016 Market Close: Investors Brace For Brexit Volatility, US Markets Closed Up And Near The Unchanged Line, Indicators Are Bearish

Written by Gary

US markets closed higher, but close to the unchanged line and the SP500 dropped below the all important 2100 resistance. WTI crude is also stuck just below the $50 dollar mark and worries persist regarding the Brexit. U.S. banks are warning clients about the potential for extreme price moves as Britain prepares to vote on its membership of the European Union (EU).

Todays S&P 500 Chart

The Market in Perspective

Here are the headlines moving the markets.

Wall Street ticks up on economy bets; Brexit fear ebbs

NEW YORK (Reuters) - U.S. stocks edged up on Tuesday led by gains in technology shares as Federal Reserve Chair Janet Yellen was optimistic about the economy and played down the risk of a recession, while concern over the upcoming British referendum remained subdued.

Fed cautious on rates due to Brexit, U.S. hiring slowdown: Yellen

WASHINGTON (Reuters) - The Federal Reserve's ability to raise interest rates this year may hinge on a rebound in hiring that would convince policymakers the U.S. economy isn't faltering, Fed Chair Janet Yellen told lawmakers on Tuesday.

U.S. banks tell trading clients to brace for UK vote

(Reuters) - U.S. banks including Bank of America Corp and Morgan Stanley are warning clients about the potential for extreme price moves as Britain prepares to vote on its membership of the European Union (EU).

Hedge fund executive in apparent suicide after insider trading charges: police

(Reuters) - Sanjay Valvani, a hedge fund manager at Visium Asset Management LP who was charged last week with insider trading, has been found dead in an apparent suicide, the police said on Tuesday.

Clinton warns of a 'Trump recession' in speech on U.S. economy

WASHINGTON (Reuters) - Democrat Hillary Clinton said on Tuesday that if Republican rival Donald Trump wins the White House, it will be a disaster for the U.S. economy, warning that the "the king of debt" would cause a "Trump recession."

Rosneft's Sechin says Saudi Arabia, U.S. and Russia call shots on oil markets

MOSCOW (Reuters) - Igor Sechin, the head of Russia's top oil producer Rosneft, said on Tuesday that Saudi Arabia, the United States and Russia were the three main players on global oil markets, dismissing again OPEC's role as a regulator.

Fed's Powell warns that dollar-based Libor could disappear

NEW YORK/WASHINGTON (Reuters) - Financial markets need to consider the risks of relying heavily on the dollar-based London Interbank Offer Rate because this reference rate could stop being published, Federal Reserve Governor Jerome Powell said on Tuesday as a Fed-convened committee continued to zero in on an alternative to the so-called Libor.

Oil settles down, bounces off session lows with gasoline

NEW YORK (Reuters) - Oil prices dipped on Tuesday on more speculation over Britain's future in the European Union, then pared losses to settle off session lows as a U.S. refinery outage triggered a rebound in gasoline prices.

U.S. says Venezuela guilty of oil sector 'malpractice'

BUENOS AIRES (Reuters) - Venezuela has badly mismanaged its vast oil resources, a senior U.S. diplomat told Reuters in an interview on Tuesday in which he said a change in government could quickly turn the OPEC member's fortunes around.

Juncker Proclaims Himself All-Knowing God Of EU

Submitted by Michael Shedlock via,

European Council president Jean-Claude Juncker proves just how scary it is to belong in the EU.

Juncker actually stated your vote should be ignored, unless of course you agree with him.

In effect Juncker anointed himself the "All-Knowing God of the EU."

The following article came out on May 5. I just now saw it, and it provides a fitting lesson of how Juncker thinks heading into the Brexit vote.

Please consider Prime Ministers Listen Too Much to Voters Complains Juncker.

Prime Ministers must stop listening so much to their voters and instead act as "full time Europeans", according to Jean-Claude Juncker.

"Too many politicians are listening exclusively to their national opinion. And if you are listening to your national opinion you are not developing what should be a common European sense and a feeling of the need to put together efforts. We have too many part-time Europeans."

Scary Arrogance


The arrogant gall of Juncker is would be nearly beyond belief for anyone else, but for Juncker, lies coupled with extreme arrogance are the norm.

Other than being a pompous buffoon, J ...

OPEC May Be Forcing Venezuela Into Regime Change

Submitted by Erwin Cifuentes via,

A key U.S. Congressman believes that the actions by the Organization of Petroleum Exporting Countries (OPEC) regarding oil production could lead to regime change in Venezuela, according to an interview published last week.

"I think ten years from now, we'll look back at this as a positive effect, possibly on regime change in Venezuela," said Rep. Jeff Duncan, reacting to OPEC member states failing to agree earlier this month to establish oil output limits.

In the judgment of the Republican legislator from South Carolina, Venezuela lacks sufficient revenues from the production of oil to sustain the government in power. Thus, regime change appears to be less a case of if but of when.

"If Maduro doesn't have the oil revenues to continue supporting the socialist government... there may be regime change," Duncan said, in reference to the recent spate of mass protests against the regime led by President Nicolás Maduro.

These demonstrations staged by Venezuelans who are irate at the shortages of medicine and food supplies have become increasingly violent over the past week.

The Venezuelan economy has sagged heavily over oil prices that have nosedived from $115 per barrel in June 2014 to less than $30 per barrel b ...

Apple's Longer iPhone Call

A stretched iPhone upgrade cycle was already priced into Apple's stock.

United: Catching Up From a Long Delay

It will take more than big promises to turn United Airlines around.

Amid Brexit Jitters, Europe Still Has 'Whatever It Takes'

Germany's Constitutional Court ruling is a reminder that even within the eurozone, serious questions around sovereignty remain live.

Futures Movers: Oil futures end lower on Brexit uncertainty

Oil futures settle lower, with investors weighing continued uncertainty ahead of the U.K.'s EU referendum ahead of the market's weekly update on U.S. petroleum supplies.

The Wall Street Journal: Facebook to pay celebrities, media more than $50 million for live video

Facebook Inc. is paying an array of media companies and celebrities to create videos for its live-streaming service and has signed nearly 140 contracts totaling more than $50 million, according to a document reviewed by The Wall Street Journal.

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