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27Sep2016 Market Update: Wall Street Gains From Tech Stocks And A Three Percentage Loss In Crude Prices, Indicators Remain Fractionally Bullish

Written by Gary

Wall Street is higher in the afternoon session (SPY + 0.6%), helped by technology and discretionary stocks and weak oil prices helped gains. U.S. consumer confidence unexpectedly jumped in September to more than a nine-year high, bolstering optimism over the health the U.S. economy, industry data showed on Tuesday. Oil fell 3 percent today, wiping out gains from the previous session.


Here is the current market situation from CNN Money

North and South American markets are mixed. The S&P 500 is higher by 0.61%, while the Bovespa is leading the IPC lower. They are down 1.76% and 0.71% respectively.

Traders Corner - Health of the Market

Index Description Current Value
Investors.com Members Sentiment: % Bullish (the balance is Bearish) 61%
CNN's Fear & Greed Index Above 50 = greed, below 50 = fear 43%
Investors Intelligence sets the breath Above 50 bullish

64%

StockChart.com Overbought / Oversold Index ($NYMO) anything below -30 / -40 is a concern of going deeper. Oversold conditions on the NYSE McClellan Oscillator usually bounce back at anything over -50 and reverse after reaching +40 oversold. -13.01
StockChart.com NYSE % of stocks above 200 DMA Index ($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 $OEXA200R rises above 65%
Secondary Bullish Indicators:
a) RSI is POSITIVE (above 50)
b) Slow STO is POSITIVE (black line above red line)
c) MACD is POSITIVE (black line above red line)
80%
StockChart.com NYSE Bullish Percent Index ($BPNYA) Next stop down is ~57, then ~44, below that is where we will most likely see the markets crash. 67%
StockChart.com S&P 500 Bullish Percent Index ($BPSPX) In support zone and rising. ~62, ~57, ~45 at which the markets are in a full-blown correction. 71%
StockChart.com 10 Year Treasury Note Yield Index ($TNX) ten year note index value

15.65

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 79.47
StockChart.com NYSE Composite (Liquidity) Index ($NYA) Markets move inverse to institutional selling and this NYA Index is followed by Institutional Investors 10,665

What Is Moving the Markets

Here are the headlines moving the markets.

Wall Street propped up by tech, discretionary stocks

(Reuters) - Wall Street rose for the first time in three days on Tuesday, helped by technology and discretionary stocks, but weak oil prices limited gains.

OPEC set for no deal on oil output as Saudis, Iran at loggerheads

ALGIERS (Reuters) - Saudi Arabia and Iran on Tuesday dashed hopes that OPEC oil producers could clinch an output-limiting deal in Algeria this week as the group and non-member Russia were still trying to bridge differences between the kingdom and Tehran.

WTO cuts 2016 world trade growth forecast to 1.7 percent, cites wake-up call

GENEVA (Reuters) - The World Trade Organization cut its forecast for global trade growth this year by more than a third on Tuesday, reflecting a slowdown in China and falling levels of imports into the United States.

Oil down 3 percent on fading hopes for output deal in Algiers

NEW YORK (Reuters) - Oil fell 3 percent on Tuesday, wiping out gains from the previous session, as producing countries meeting in Algeria appeared less likely to agree on output cuts that would reduce a global glut and boost crude prices out of a two-year slump.

Senators accuse Yahoo of 'unacceptable' delay in hack discovery

WASHINGTON (Reuters) - Six Democratic U.S. senators on Tuesday said it was "unacceptable" that Yahoo only last week announced a 2014 hack into 500 million user accounts and asked embattled CEO Marissa Mayer for more information about the company's investigation into the data breach.

Fed's Fischer urges diversity, steers clear of policy outlook

WASHINGTON (Reuters) - American men in their prime working years may be hunting for jobs at a lower rate because of public assistance income and a drop in demand for low skilled labor, Federal Reserve Governor Stanley Fischer said on Tuesday.

Tequila maker Jose Cuervo files for IPO with Mexican bourse

MEXICO CITY (Reuters) - Mexican alcoholic beverage maker Jose Cuervo, the world's largest tequila producer, on Tuesday filed a prospectus with the Mexican bourse to conduct its long-expected initial public offering.

U.S. says Wells Fargo to pay $400,000 to settle charges over swaps

WASHINGTON (Reuters) - Wells Fargo Bank has settled federal charges over inaccurate large trader reports for physical commodity swaps positions, the U.S. Commodity Futures Trading Commission said on Tuesday, ordering the firm to pay a $400,000 penalty.

U.S. home prices rise slightly less than forecast

NEW YORK (Reuters) - U.S. single-family home prices rose slightly less than expected on an annual basis in July, and the year-over-year gain was smaller than in the prior month, a survey showed on Tuesday.

Is Charlotte Our Future?

Submitted by Patrick Buchanan via Buchanan.org,

Celebrating the racial diversity of the Charlotte protesters last week, William Barber II, chairman of the North Carolina NAACP, proudly proclaimed, "This is what democracy looks like."

Well, if Barber is right, so, too, was John Adams, who warned us that "democracy never lasts long. It soon wastes, exhausts, and murders itself. There never was a democracy yet that did not commit suicide."

Consider what the protesters, who, exults Barber, "show us a way forward to peace and justice," accomplished.

In the first two nights of rioting, the mob injured a dozen cops, beat white people, smashed and looted stores, blocked traffic, shut down interstate highways, got one person shot and killed, and forced the call-up of state troopers and National Guard to rescue an embattled Charlotte police force.

This was mobocracy, a criminal takeover of Charlotte's downtown by misfits hurling racist and obscene insults and epithets not only at the cops but also at bystanders and reporters sent to cover their antics.

We have seen Charlotte before. It was a rerun of Ferguson, Baltimore and Manhattan, after mobs in those cities concluded that innocent black men had been deliberately killed by "racist white cops."

Yet, one week later, what do we know of the precipitating event in Charlotte?

Keith Scott, 43-year-old African-American father of seven, was shot and killed not by a white cop, but by a black cop who shouted to him, along with others, almost 10 times — "Drop the gun!"

The Global Housing Bubble Has Never Been Bigger Courtesy Of Central Banks, UBS Finds

One year ago, when UBS last looked at the world's most expensive housing markets, it found that London and Hong Kong were the only two areas exposed to bubble risk.

What a difference a year makes, because in the latest report by UBS wealth Management, which compiles the bank's Global Real Estate Bubble Index, it found a new champion for the title of "world's biggest housing bubble", namely a familiar name, Vancouver, but also that as many as six cities had made the "bubble" category, up from last year's two. Of last year's two "winners", London has been knocked into second place this year, and Hong Kong sixth, but both are still in bubble-risk territory.

Looking at soaring home prices across the globe, UBS has concluded that low interest rates have now created a new global housing bubble in major cities around the world, with Vancouver and London most at risk. Not surprisingly, the Swiss bank notes that ultralow interest rates at global central banks have contributed to overheating in the housing market in recent years.

Vancouver and London came first and second on the 2016 list of cities most at risk of real estate bubbles. Bubble risk was also evident in Stockholm, Sydney, Munich and Hong Kong: house prices in these six cities have increased by nearly 50% on average since 2011. The average price rise in other financial centers has been less than 15%.

Who is to blame for this latest global b ...

Silver Is Getting Slammed But Bonds Best Post-Fed

Silver is tumbling and gold is back below pre-Fed levels along with stocks. Bonds remain the safe-haven...

And both gold and silver are getting clubbed... (silver broken back below ist 50DMA $19.61 and Gold back below its 50DMA $1338)

Is This Sleeping Dragon Ready To Awaken?

Via Dana Lyons' Tumblr,

The Chinese stock market has been eerily quiet of late - is that about to change?

Outside of a record tight 2-month trading range in stocks this summer, there has been no shortage of market news, stimulus and action so far in 2016. And it has come from all over the globe, from the breakdown in U.S. stocks to begin the year, to their eventual July breakout; from the Brexit shocker to the continued struggles among European banks; and from the re-emergence of emerging markets to the re-awakening of the precious metals complex. But, speaking of re-awakening, one market that has eerily quiet this year, in our view, is China.

This is particularly so in contrast to the manner in which the Chinese stock market captivated the investment landscape over the 18 months prior. Specifically, China's Shanghai Composite (SSEC) was all the equity rage as it skyrocketed 150% in parabolic fashion from June 2014 to June 2015. Subsequently, market observers were equally riveted by the index's outright collapse as it lost some 80% of those gains in the 7 months following. Since January, however, the SSEC has traded in roughly a mere 17% range - and has completely avoided the headlines. Perhaps that will soon change as this sleeping dragon may be poised to wake up.

As we see in our Chart Of The Day, the SSEC has been walking up a shallow, rising trendline (on a log scale) since it bottomed in January. The interesting thing is that if you extend the trendline back to the left, it intersects the index's launch point in June-July 2014. The other pertinent development is that the SSEC is presently testing this trendline once again, just beneath the 3000 level.

Deutsche Bank's Issues Are in its Future as Much as its Past

The bank needs capital but it is a long way from finding a convincing sales pitch for investors.

More Than Money at Stake in Tesla's SolarCity Deal

Weighing Tesla's merger offer for SolarCity means separating what can and can't be measured.

Portugal Faces Ratings Risk Re-Run

Southern European bonds are coming under pressure again; Portugal faces the most immediate test.

September 2016 Conference Board Consumer Confidence Now At Highest Level Since the Great Recession

Written by Doug Short and Steven Hansen

The Conference Board Consumer Confidence Index which had increased in August, improved further in September. The Index now stands at 104.1 (1985=100), up from 101.8 in August. The market expected (from Bloomberg) this index to come in between 96.4 to 102.3 (consensus 98.8).

The Technical Indicator: Bullish bias intact, U.S. benchmarks return to the range

With just four third-quarter sessions remaining, the U.S. markets' September backdrop remains volatile, but relatively technical. Broadly speaking, each major benchmark has staged a garden-variety pullback — fueled by lackluster volume and breadth — returning to its former range.

The Wall Street Journal: Fintech LendUp fined for violations of payday and installment-lending laws

San Franciso-based lender fined by CFPB and California regulator.

Europe Markets: European stocks, suffering with oil, eke out gains in last-minute rebound

European stocks close fractionally higher Tuesday, rebounding at the last minute after being pressured most of the session, weighed down by the energy sector after Iran poured cold water on hopes for an output-cap deal at a meeting of major oil producers this week.

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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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