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12Aug2016 Market Update: Afternoon Session Begins With Sliding US Markets, DOW Down 61 Points, New Intraday Crude Highs, Gold Remains At Yesterday's Lower Levels, Short-Term Indicators Bearish

Written by Gary

US major indexes have dipped into the red after trying in vain to hold opening highs. More bearish global new in that China's industrial production, retail sales and fixed asset investment for July all came in with weaker readings. Gold remains at session lows and the US dollar has recovered some of the morning losses which was to be expected, but is this a bearish trend?


Here is the current market situation from CNN Money

North and South American markets are lower today with shares in U.S. off the most. The S&P 500 is down 0.25% while Mexico's IPC is off 0.19% and Brazil's Bovespa is lower by 0.17%.

Traders Corner - Health of the Market

Index Description Current Value
Investors.com Members Sentiment: % Bullish (the balance is Bearish) 71%
CNN's Fear & Greed Index Above 50 = greed, below 50 = fear 80%
Investors Intelligence sets the breath Above 50 bullish 66%
StockChart.com Overbought / Oversold Index ($NYMO) anything below -30 / -40 is a concern of going deeper. Oversold conditions on the NYSE McClellan Oscillator usually bounce back at anything over -50 and reverse after reaching +40 oversold. -5.01
StockChart.com NYSE % of stocks above 200 DMA Index ($OEXA200R) $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 $OEXA200R rises above 65%
Secondary Bullish Indicators:
a) RSI is POSITIVE (above 50)
b) Slow STO is POSITIVE (black line above red line)
c) MACD is POSITIVE (black line above red line)
87%
StockChart.com NYSE Bullish Percent Index ($BPNYA) Next stop down is ~57, then ~44, below that is where we will most likely see the markets crash. 70%
StockChart.com S&P 500 Bullish Percent Index ($BPSPX) In support zone and rising. ~62, ~57, ~45 at which the markets are in a full-blown correction. 76%
StockChart.com 10 Year Treasury Note Yield Index ($TNX) ten year note index value 15.73
StockChart.com Consumer Discretionary ETF (XLY) As long as the consumer discretionary holds above [66.88], all things being equal, it is a good sign for stocks and the U.S. economy

82.04

StockChart.com NYSE Composite (Liquidity) Index ($NYA) Markets move inverse to institutional selling and this NYA Index is followed by Institutional Investors

10,836

What Is Moving the Markets

Here are the headlines moving the markets.

Lackluster data pulls Wall Street from record levels

(Reuters) - U.S. stocks were lower on Friday afternoon, a day after closing at record highs, as a set of tepid economic data dampened investor sentiment about the growth of the economy.

Weak U.S. retail sales, inflation data dim prospect of Fed rate hike

WASHINGTON (Reuters) - U.S. retail sales were unexpectedly flat in July as Americans cut back on discretionary spending, pointing to a moderation in consumption that could temper expectations of a sharp pickup in economic growth in the third quarter.

SunEdison shareholders denied official role in bankruptcy

NEW YORK (Reuters) - A U.S. judge denied a request by shareholders of SunEdison Inc for an official committee to represent them in the bankruptcy of the U.S. renewable power plant developer, which the judge described as "hopelessly insolvent."

U.S. judge in Anthem merger trial plans ruling by late January

WASHINGTON (Reuters) - The judge overseeing the U.S. Justice Department's bid to stop big health insurer Anthem from merging with competitor Cigna said on Friday her goal was to have a ruling by the end of January, later than the Dec. 30 sought by Anthem.

J.C. Penney's quarterly loss halves, set for full-year profit

(Reuters) - J.C. Penney Co Inc's quarterly loss more than halved as the company cut costs and benefited from higher sales of home goods and footwear as well as beauty products at Sephora outlets in its stores.

U.S. producer prices fall on services, energy costs

WASHINGTON (Reuters) - U.S. producer prices unexpectedly fell in July on declining costs for services and energy products, pointing to a tame inflation environment that could make it difficult for the Federal Reserve to raise interest rates.

Oil extends rally on possible producer action

NEW YORK (Reuters) - Oil prices were up about 1 percent on Friday, on track for their biggest weekly gains since May, after a short covering rally was triggered by comments from Saudi Arabia's oil minister in the previous session about possible action to help stabilize the market.

Global monetary taps still open wide, Fed minutes in focus

LONDON (Reuters) - The glue binding a still-aggressive global monetary policy response to a struggling world economy and almost daily record highs for world stock markets along with record low bond yields is set to remain intact in the coming week.

Electronic Marlboro sucks Japanese smokers away from Japan Tobacco

TOKYO (Reuters) - Marlboro maker Philip Morris International says its e-cigarette has rapidly captured close to 3 percent of Japanese tobacco sales, making inroads into a market Japan Tobacco (JT) relies on for 40 percent of its profit.

Ron Paul Rages At The "Phony Job Recovery"

Submitted by Ron Paul via The Ron Paul Institute for Peace & Prosperity,

Last Friday saw the release of a bombshell jobs report, with headlines exclaiming that the US economy added over 250,000 jobs in July, far in excess of any forecasts. The reality was far more grim. Those "jobs" weren't actually created by businesses - they were created by the statisticians who compiled the numbers, through the process of "seasonal adjustment." That's a bit of statistical magic that the government likes to pull out of its hat when the real data isn't very flattering. It's done with GDP, it's done with job numbers, and similar manipulation is done with government inflation figures to keep them lower than actual price increases. In reality there are a million fewer people with jobs this month than last month, but the magic of seasonal adjustment turns that into a gain of 255,000.

Delving further into the jobs report, we see that many of the jobs that were supposedly created were jobs in government and health care. Government jobs, of course, are paid for by siphoning money away from taxpayers. And health care jobs are increasingly created solely because of the ever-growing mandates of Obamacare. Other major sources of job growth were temp jobs and leisure & hospitality (i.e. waiters and bartenders). These aren't long-lasting jobs that will contribute to economic growth, they are mostly just jobs that cater to the tastes of the well-to-do who continue to benefit from the Federal Reserve's easy monetary policy.

As New York, San Francisco, Washington, DC, and other political and financial hubs continue to benefit from trillions of dollars of debt-financed government spending and the ...

Oil Slides After Biggest Rig Count Rise Since Dec 2015

From the May lows at 316, US oil rigs have risen 10 of the last 11 weeks to 396, tracking lagged oil prices almost perfectly still. Oil prices had rallied all morning into the rig count data but the 15 rig rise - the biggest since Dec 2015 - sent prices lower...

This is the biggest 11-week rise (+25%) since January 2010...

Oil is backing off a little...

Charts: Bloomberg

96% Of Clinton Donations Went To The Clinton Foundation

Moments ago, when we showed the newly released Clinton 2015 tax return, we posted a rhetorical question: "how much of the Clinton charity donations went to the Clinton Foundation? Taking a deduction for contributing to the employer of your daughter and expense payer of your husband is awesome."

We now know the answer: as page 29 of the tax return reveals, of the $1,042,000 in charitable cash contributions, exactly $1 million went to, you guessed it, the Clinton Family Foundation, whose expenses pay among others those Clinton family members and friends employed by the foundation, like Chelsea Clinton who happens to be the foundation's Vice Chair. Is this the ultimate Clinton reacharound?

Here is a list of some of the other key employees at the foundation:


Donna E. Shalala, President

Philip A. Berry, Chief Human Resources Officer

Tom Borchard, Director of Operations & Security

Ricardo Castro, General Counsel

Amitabh Desai, Foreign Policy Direc ...

European Close Sparks $5 Billion Selling-Panic In Gold Futures

Someonce decided to wait until Europe closed to dump $5 billion of notional gold into the markets (36k contracts)... makes perfect sense...

22,000 contracts in 10 minutes...

36,000 contracts...

And Silver is following the same path...

Stock Pickers' Very Bad Year

Active managers have registered an exceptionally weak performance in 2016. But relief could be on the way.

Concordia International: When Lawsuits Don't Pay Off

The drugmaker's dismal results highlight the dangers of attacking critics.

Economic Doldrums? China Blames It on the Rain

China's statistics department blamed severe flooding and heat waves for weak economic activity in July. The reality is the weather likely had little to do with the slow drain.

The Ratings Game: Will Macy's store closures lead to more than $1 billion in lost sales?

Analysts question whether the 100 store closures Macy's announced will allow for the sales gains the retailer hopes for.

Market Snapshot: Stocks slip off records as a drop in miners, chemicals offsets energy rally

U.S. stocks retreat to session lows Friday, putting weekly gains in jeopardy.

10 things rich people know that you don't

Financially responsible and successful people don't build their wealth by accident — or overnight. Here's how they do it.

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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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