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11Aug2016 Market Close: Large Cap Indexes Score New Historic Highs, WTI Crude Slides Upwards, The US Dollar Remains At Its High Mark And Gold Takes A Tumble, Indicators Neutral

Written by Gary

Wall Street set new record highs towards the closing bell, WTI crude moving up to the high 43's, US dollar remains where it was yesterday and Mr. Market had better correct this corundum, before the 'Black Swan' marches in. Gold dropped sharply while it appears investors are jumping ship just before the closing bell.

Todays S&P 500 Chart

The Market in Perspective

Here are the headlines moving the markets.

U.S. labor market firming; inflation remains benign

WASHINGTON (Reuters) - The number of Americans filing for unemployment benefits fell last week, pointing to sustained labor market strength in early August that could help spur faster economic growth.

Wall St. hits fresh record highs, department stores surge

(Reuters) - Wall Street stocks hit fresh record highs on Thursday as rising oil prices and strong earnings from department stores Macy's and Kohl's buoyed investor sentiment.

Fed should raise interest rates this year, Williams says

SAN FRANCISCO (Reuters) - The Federal Reserve should raise interest rates further this year, a top U.S. central banker said in an interview published on Thursday, reflecting improved labor market conditions and the likelihood that inflation is heading higher.

Oil up 4 percent as Saudis mull meeting, tighter market forecast

NEW YORK (Reuters) - Oil prices jumped the most in a month, rising more than 4 percent on Thursday, after comments from the Saudi oil minister about possible action to stabilize prices triggered a round of buying and the International Energy Agency forecast crude markets would tighten in the second half of 2016.

Twitter denies #SaveTwitter rumors of shutting down in 2017

NEW YORK (Reuters) - Twitter Inc denied on Thursday rumors that the social media messaging service will be shutting down in 2017, denouncing the claim as groundless.

Keyless systems of many VW Group cars can be hacked: researchers

FRANKFURT (Reuters) - Tens of millions of vehicles sold by Volkswagen AG over the past 20 years, and some current models, are vulnerable to theft because keyless entry systems can be hacked using cheap technical devices, according to European researchers.

Macy's to close another 100 stores; stock jumps

(Reuters) - Macy's Inc said it plans to close another 100 stores, or 14 percent of the total, as it seeks to turn around its business after six quarters of falling sales, sending its shares soaring.

General Mills must face lawsuit over Cheerios Protein marketing

(Reuters) - A federal judge has ruled that General Mills Inc must face a lawsuit claiming it tricked consumers by marketing Cheerios Protein as a high-protein alternative to regular Cheerios, when the main difference was that it contained 17 times more sugar per serving.

Valeant stock falls as report of criminal probe adds to woes

NEW YORK (Reuters) - Valeant Pharmaceuticals International Inc shares fell about 11 percent on Thursday as new details about a criminal investigation into the drugmaker reignited investor concerns about the company's past business relationship with a mail-order pharmacy that sold its products.

The Mainstream Has Failed

Submitted by Charles Hugh-Smith via OfTwoMinds blog,

The good news is there is a way to avoid failure and stagnation: avoid the mainstream like the plague.

The mainstream became mainstream because it worked: the mainstream advice to "go to college and you'll get a good job" worked, the mainstream financial plan of buying a house to build equity to pass on to your children worked, the mainstream of government regulation worked to the public's advantage at modest cost to taxpayers and the mainstream media, despite being cozy with government agencies such as the C.I.A. and operating as a profit machine for the families that owned the newspapers, radio stations, etc., functioned as a basically honest broker of information and reporting.

Now, the mainstream has failed. Mainstream career advice now leads to crushing debts and career stagnation, mainstream financial planning generates high risks, mainstream government regulations are costly and burdensome, and the mainstream media is little more than a corporate-owned mouthpiece of propaganda and distributor of infotainment that is sold as "news."

Does anyone actually believe the mainstream political process isn't broken? Those who claim it isn't broken are either well-paid shills just doing their job or they're delusional.

The mainstream American diet now leads to chronic disease and early death. Supersized portions, large amounts of sugar and/or salt in virtually every packaged food item, heavy doses of low-quality fats in almost all mainstream fast foods--these have become mainstream at a very high cost in diminished health and reduced years of life free of chronic disease and pain.

The mainstream level of fitness contributes to chronic disease and early death. The m ...

Erdogan Threatens To Abandon US Dollar In Trade With Russia

The unexpectedly sharp antagonism between Turkey and the west accelerated today, and one day after NATO preemptively reminded Turkey that it is still a NATO alliance member and advising Ankara that "Turkey's NATO membership is not in question", Turkey had some more choice words for its military allies. Cited by Reuters, Turkey foreign minister Mevlut Cavusoglu told Turkish's NTV television on Thursday that the country "may seek other options outside NATO for defense industry cooperation, although its first option is always cooperation with its NATO allies." Translation: if Russia (and/or China) gives us a better "defensive" offer, we just may take it.

The sharply worded retort came on the same day that Turkey said it will resume airstrikes on Islamic State targets in Syria, and asked Russia to carry out joint operations against its "common enemy." Ankara halted strikes after the downing of a Russian plane by Turkish forces last year.

In the same interview, Cavusolgu said that Ankara "will again, in an active manner, with its planes take part in operations" against Islamic State targets. Cavusolgu also said that Ankara has called on Moscow to carry out joint operations against the "common enemy" of IS. "Let's fight against the terrorist group together, so that we can clear it out as soon as possible," Cavusolgu said, adding that otherwise IS will continue to expand and spread into other countries.

To be sure, coming from the nation which directly engaged in oil trade with the Islamic State, this is at least a little ironic, however, what is notable is the significant pivot Turkey has made vis-a-vis military engagements, rotating not toward the US alliance, but ...

Artist's Impression Of Mainstream Media Election Coverage

Presented with no comment...


The Coming Global Silver Production Collapse & Skyrocketing Price


By the SRSrocco Report,

The global economic and financial system is in much worse shape than I originally thought. New data and information suggest that the collapse will occur much quicker and with more dire results. This will cause global silver production to literally fall off a cliff within the next decade.

Global Silver Production Profile

Again, this is far worse than anything I imagined before. As I mentioned, new information and data point to a rapid "Thermodynamic collapse" of the U.S. and Global Energy Industries. According to Louis Arnoux, from his article, Some Reflections On The Twilight Of The Oil Age:"

Within 10 years the Oil Industry as we know it will have disintegrated.

Furthermore, another quote from the article citing the Hills Group:

B.W. Hill considers that within 10 years the number of petrol stations in the US will have shrunk by 75%...

I plan on writing several long articles on this new information based on a 3-part article by Louis Arnoux.

That being said, global silver production is likely goin ...

Why Shutters are Coming Down at Macy's

Macy's move to close 100 stores isn't a magic bullet, but it is better than standing still.

Healthy Consumer Spending Is No Comfort for Retailers

Consumers aren't afraid to spend these days, but as Friday's retail-sales report will likely show, they are also becoming more discerning about what, where and how they make their purchases.

Worries Persist Amid Strong Performance at Alibaba

Alibaba posted its best quarter since going public but spending on pet projects caused big losses for the Chinese e-commerce company.

Jim O'Sullivan is the Michael Phelps of economics

Jim O'Sullivan of High Frequency Economics, who won his 15th Forecaster of the Month contest, thinks the strong labor market will force the Fed to raise rates in the next few months.

Deep Dive: How this stock fund routinely beats the S&P 500

A co-manager at Jensen Quality Growth Fund describes his stock-picking approach and names some of his favorite stocks.

Market Extra: Rising kiwi illustrates how central banks are pumping up risky assets

Just like the Aussie did one month ago, the New Zealand dollar strengthened late Wednesday after the country's central bank cut its benchmark interest rate.

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