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01Jul2016 Market Close: Wall Street Closed Higher, But Was Trending Down, Crude Inched Up After Adding 11 Rigs, Investors Convinced Brexit Effects Are Negligible

Written by Gary

US main indexes closed higher, but off session highs. More importantly, the Spooze closed above 2100 (2103) keeping alive the notion the, now four day old rally, will still be alive on next Tuesday morning. The U.S. oil rig count rose for the fourth time, adding 11 rigs, which includes a loss of one gas rig to 89. Crude futures inched up today and a majority of U.S. firms see only a negligible impact from Britain's Brexit vote.

Todays S&P 500 Chart

The Market in Perspective

Here are the headlines moving the markets.

Wall St. edges higher, pacing to fourth day of gains

NEW YORK (Reuters) - The major U.S. stock indexes clung to modest increases on Friday, helped by encouraging U.S. manufacturing data, putting them on pace for a fourth straight day of gains.

DVD player found in Tesla car in May crash: Florida officials

(Reuters) - A digital video disc player was found in the Tesla car that was on autopilot when its driver was killed in a collision with a truck in May, Florida Highway Patrol officials said on Friday.

Apple fires back at Spotify over music streaming claims

SAN FRANCISCO/STOCKHOLM (Reuters) - Apple Inc fought back on Friday against Spotify's claims that the U.S. tech giant had hampered competition in music streaming by rejecting an update to the Swedish service's iPhone app.

With Brexit clouding outlook, U.S. payrolls to tilt focus back to Fed

LONDON (Reuters) - Investors will start to peek beyond the Brexit-dominated headlines in the coming week to gauge the outlook for the global economy, and what impact an expected rebound in U.S. job creation will have on central banks eyeing looser policy.

London bankers face Brexit choice: lobby or leave

LONDON (Reuters) - A week after Britons voted themselves out of the European Union, many London-based bankers and their employers face two options if they are to secure their futures: lobby or leave.

Fed's Fischer watching how quickly Brexit unfolds: CNBC

WASHINGTON (Reuters) - The U.S. economy has shown signs of improvement in recent weeks but the Federal Reserve expects it will take some time before it can assess the impact of Britain's vote to leave the European Union, Fed Vice Chair Stanley Fischer said on Friday.

Brexit triggers surprise emerging market asset rally

NEW YORK (Reuters) - When British voters shocked world markets by voting to leave the European Union last week, emerging markets assets seemed among the most vulnerable to a full-on retreat to safe havens from riskier investments.

Mondelez's bid may find gaps in Hershey's armor

NEW YORK/LOS ANGELES (Reuters) - An elaborate structure put in place to preserve Hershey Co's ties to its local community has been roiled by scandal, creating an opening that Mondelez International Inc seized on to launch a $23 billion bid for the chocolate giant.

Investors see even lower bond yields from Brexit fallout

NEW YORK (Reuters) - Britain's vote to leave the European Union last week triggered a worldwide stampede into U.S., German, Japanese and even British government debt, sending their yields to historic lows. Some of the best-known bond investors and strategists see yields falling even further.

Breuphoria - Stocks Explode Higher On Biggest Short Squeeze In 7 Years

We hope this helps...

Quite a week!!!

S&P +3.3% - best week since Oct 2014 Bullard Bounce

"Most Shorted" stocks =10.1% in last 4 days - biggest squeeze since May 2009

Financials +3% - best week in 3 months

30Y Treasury yield to record low - best week in 3 months

Silver +11.25% - best week since Aug 2013

Gold up 5 weeks in a row

Oil +3.2% - best week in six weeks

Copper +5.5% - best week in 3 months

Since Brexit, bonds and bullion remain best and stocks tried their best to scramble back to unch...

The Dow has been the best post-Brexit performer... gettuing with 9 Dow points of the pre-Brexit close...

S&P at 2,100 and Dow at 18,000 were as crucial as getting green to Brexit...

TS S&P/DOW

On a yuuge short squeeze...(biggest weekly rise in "Most Shorted" in 4 months)

Debt for Cheap: U.S. Companies Can Profit from Sinking Rates

With bond yields around the world falling further in the wake of Brexit, U.S. corporate bonds are the only game left in town.

The Fed's Inflation Problem Just Got Worse

Inflation was on the upswing, putting it on a path to hit the Federal Reserve's target. Then Brexit hit.

Altice and Cablevision Won't Be Getting More Aid From the Enemy

Cablevision will get a boost from Verizon's strike in the second quarter, but new owner Altice faces major challenges.

Mark Hulbert: Stock-market timers turn shockingly bearish — and that's good for bulls

Here's why Brexit didn't break the U.S stock market, writes Mark Hulbert.

Here's what Brexit will do to U.S. real estate prices

Despite Brexit upheaval and stock market losses, U.S. real estate market appears on much more solid footing in 2016

Futures Movers: Natural gas ends at 13-month high as oil gains 3% on week

Natural-gas futures notch their highest settlement since May 2015 as traders bet that warmer weather will help ease a glut of supplies in the U.S. Oil futures, meanwhile, finish higher even as a weekly climb in the U.S. oil-rig count signals higher production.

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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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