US markets opened fractionally up and quickly traded red for the first hour of the session. The SP 500 and the Nasdaq moved higher (SPY +0.3%) later in the morning, led by technology and telecom stocks, while the Dow's gains were limited by industrial's after GE's disappointing results. The US oil rig count rose by 14 to 371, according to Baker-Hughes. The gas rig count fell by one to 88.
Here is the current market situation from CNN Money
North and South American markets are higher today with shares in Brazil leading the region. The Bovespa is up 0.63% while Mexico's IPC is up 0.34% and U.S.'s S&P 500 is up 0.32%.
$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) - Yahoo Inc is focusing on U.S. telecommunications company Verizon Communications Inc as the buyer of its core business after reviewing final bids that it received this week, people familiar with the matter said on Friday.
NEW YORK (Reuters) - General Electric Co on Friday reported weak demand for new oil, gas and transportation equipment, raising concerns about its full-year performance and sending its shares down as much as 2.8 percent.
FRANKFURT (Reuters) - Central banks from Washington to Tokyo take center stage next week, although policymakers are likely to remain cautious as they wait for the dust to settle from Britain's shock vote to leave the EU.
PARIS (Reuters) - France's highest appeals court ruled on Friday that International Monetary Fund chief Christine Lagarde must stand trial for her role in a 400 million euros ($440 million) state payout in 2008 to businessman Bernard Tapie.
LONDON (Reuters) - Britain's economy is shrinking, the broadest survey of business confidence since last month's historic vote to quit the European Union showed on Friday, leading finance minister Philip Hammond to pledge a loosening of purse strings if the weakness endures.
(Reuters) - American Airlines Group Inc reported a better-than-expected quarterly profit as fuel costs fell and the world's largest airline said it would defer taking delivery of 22 Airbus planes to be able to adjust capacity according to demand.
NEW YORK/LOS ANGELES (Reuters) - Roger Ailes on Thursday resigned as chairman and chief executive of Fox News Channel following allegations of sexual harassment, an abrupt end to his 20-year rein over America's most lucrative and powerful cable news channel for conservatives.
Having risen for 6 of the last 7 weeks, the US oil rig count extended its run with a 14 rig surge this week - the biggest absolute rise since Dec 2015. Oil rigs have now risen 55 rigs in the last 8 weeks - the biggest percentage rise since Dec 2009. WTI is tumbling to fresh 3-month lows on the news...
*OIL RIGS IN D-J/NIOBRARA ROSE BY 2 TO 18: BAKER HUGHES
*OIL RIGS IN EAGLE FORD ROSE BY 2 TO 29: BAKER HUGHES
*OIL RIGS IN PERMIAN ROSE BY 8 TO 168: BAKER HUGHES
The 14 rig surge to 371 is the biggest weekly percentage rise since Nov 2009...
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