Unexpectedly the US markets opened higher and remained elevated during the morning hours in spite of strong gains in the crude sector. Also, gold has continued to erode trading at the 1266 level and the US dollar remains just below its resistance.
Here is the current market situation from CNN Money
North and South American markets are broadly higher today with shares in Brazil leading the region. The Bovespa is up 1.38% while U.S.'s S&P 500 is up 0.49% and Mexico's IPC is up 0.09%.
$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)
WASHINGTON (Reuters) - U.S. Supreme Court justices hearing a closely watched insider trading case indicated on Wednesday they could issue a ruling that would make it easier for prosecutors to pursue such charges against hedge fund managers and other traders.
NEW YORK (Reuters) - Apple Inc , Alphabet Inc's Google and Coca-Cola Co topped the list of the world's 100 most valuable brands in 2016, while technology and automotive brands dominated the overall rankings, according to a new report from brand consultancy Interbrand.
(Reuters) - BlackRock Inc , the world's biggest asset manager, said it would cut prices across its growing U.S. iShares Core exchange-traded funds (ETFs) to help wealth advisers transition to a new rule governing retirement products.
BERLIN (Reuters) - Germany is looking at buying 4-6 new Lockheed Martin C-130J military troop transport planes and operating them jointly with France, placing a further dent in plans for a fully European airlift capability following the delayed A400M.
(Reuters) - A union-backed group said it had filed complaints on behalf of 15 U.S. McDonald's workers who say they were sexually harassed on the job, in the latest challenge to how the fast-food company and its franchisees treat employees.
Just 18 days after she took the mantle of running the UK Independence Party, Diane James has stepped down - citing personal reasons for her decision - leaving Nigel Farage stepping back in as 'acting leader'. But, as SkyNews reports, MEP Farage ruled out re-applying on a permanent basis for what he called a "rotten job".
Diane James, who had promised to help get UKIP 'race ready' for the election, became the party's first female leader on 16 September after a landslide victory in the leadership contest.
In a statement, she said it was with "great regret" and the decision was down to "personal and professional reasons".
The personal reasons are understood to be related to her husband being unwell, said Sky's chief political correspondent Jon Craig.
Ms James said she would not be "formalising my recent nomination to become leader of the party with the Electoral Commission".
But, she added:
"I have been in discussion with party officers about the role.
"It has become clear that I do not have sufficient authority, nor the full support of all my MEP colleagues and party officers to implement changes I believe necessary and upon which I based my campaign."
And so, now, Nigel Farage has told Sky News he is temporarily back at the helm of the party...
As Bank of America's Savita Subramanian writes in an overnight note titled "Is it about time for a recession?", while the bank's economists do not officially predict a recession in the coming year, instead forecasting slow and steady growth in the US, the strategist admits that over seven years and more than 270% into this bull market, "one wonders how much longer this cycle can last."
While BofA writes that it has not yet found a model that accurately forecast recessions, "and even if we did, not all recessions result in bear markets" in examining some of some of the bank's favorite indicators' recent trends, it has "found evidence for an imminent recession." It adds that while the range of signals is wide, in aggregate they do suggest that, if data were to continue to weaken in line with the recent pace, history would point to a recession in the second half of 2017.
Admittedly, other macro indicators, such as consumer confidence and initial jobless claims, still point to healthy growth. But historically, equity returns have been strongest prior to the peak in building permit issuance growth (2012 in this cycle) and the probability of a bear market has been high when the yield curve was inverted (not until 2018 based on the trend).
How did BofA determine that a recession is imminent? Here is its explanation:
What if current trends persist? We chose five macro indicators and determined what levels tended to coincide with historical recessions and bear markets. While we are cognizant that trends change and that relying on the recent trend can often give you false signals when trends reverse, we also think that there is some value in considering what might ...
Most executives try to under-promise and over-deliver. Tesco Chief Executive Dave Lewis used to be no exception—hence the share-price surge that followed publication of the U.K. grocery giant's expectation-busting results.
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