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08Nov2016 Market Update: Wall Street Quiet, Volume Low, Gold Slipping And Indicators Are Neutral

Written by Gary

Late afternoon market report has the major indexes melting higher (SPY +0.6%) and falling volume. Pre-election polling has been enough to declare a Presidential winner and yesterday's Hillary hopefuls are quiet right now.


Here is the current market situation from CNN Money

North and South American markets are higher today with shares in Mexico leading the region. The IPC is up 0.98% while U.S.'s S&P 500 is up 0.49% and Brazil's Bovespa is up 0.36%.

What Is Moving the Markets

Here are the headlines moving the markets.

Wall Street moves higher; traders cite vote projections

(Reuters) - U.S. stocks moved higher on Tuesday afternoon, with market sources citing projections from data firm VoteCastr favoring Democrat Hillary Clinton in the U.S. presidential election.

Ireland to formally submit appeal on Apple case this week

DUBLIN (Reuters) - Ireland's government will this week formally submit its appeal against the European Commission's multi-billion-euro demand for back taxes from Apple, Finance Minister Michael Noonan said on Tuesday.

Exclusive: AB InBev attracts at least six bids for Pilsner Urquell, other brands -sources

LONDON/WARSAW (Reuters) - At least six indicative offers have been submitted by industry players and buyout funds for a group of beer brands being sold by Anheuser-Busch InBev , sources familiar with the matter said on Tuesday.

Banks warn clients to brace for FX volatility after U.S. vote

LONDON (Reuters) - Major banks have formally told clients to expect volatile currency markets in the aftermath of Tuesday's U.S. presidential election, with the gap between buying and selling prices that determines the cost of trading expected to widen sharply if Donald Trump were to win.

U.S., Canadian dollars rise with Mexico peso as markets bet on Clinton win

NEW YORK (Reuters) - The dollar rose against the safe-haven Japanese yen and Swiss franc on Tuesday while the Mexican peso and Canadian dollar also gained as investors upped their bets on victory for Hillary Clinton in the U.S. presidential election.

On election day, Fed official urges U.S. fiscal investment

NEW YORK (Reuters) - U.S. lawmakers should take advantage of low interest rates by making infrastructure investments and encouraging innovations that boost productivity, a Federal Reserve policymaker said on Tuesday as Americans voted in a presidential election.

Hertz's market value halves after company slashes forecast

(Reuters) - Hertz Global Holding Inc lost more than half its market value on Tuesday, after the U.S. car rental company slashed its full-year profit forecast as it wrote down the value of its compact cars amid a slowdown in demand.

Oil holds steady with Wall Street as the U.S. votes

NEW YORK (Reuters) - Oil prices were little changed on Tuesday, paring earlier gains in line with U.S. stock markets as voters head to the polls to elect the next president of the United States.

Exlusive: Rosneft state owner may help Rosneft with funds for buyback - sources

MOSCOW (Reuters) - Rosneftegaz [ROSNG.UL], the state holding company that controls Russian oil major Rosneft, is considering helping Rosneft finance the buyback of some of its shares in Rosneft, three sources with knowledge of the discussions said.

Trump Files Lawsuit In Nevada Alleging "Intentional Coordination With Democratic Activists"

Headlines are starting to come in that the Trump campaign has filed a lawsuit against the Clark County Registrar's Office in Nevada for keeping polls open yesterday for two additional hours beyond their closing time. According to NBC, Nevada law allows for people in line at the time the polls close to vote, but the Trump campaign is alleging that others were also allowed to vote even though they arrived well after the polls closed.

While details are very sparse at this time, a Clark County spokesman has responded simply that "if there's a line when closing time comes, we just keep processing voters until there's no more line."

TRUMP LAWSUIT IN NEVADA STATE COURT SAYS ELECTION OFF IN CLARK COUNTY "INTENTIONALLY COORDINATED WITH DEMOCRATIC ACTIVISTS" TO SKEW VOTE

TRUMP CAMPAIGN SAYS BALLOTS FROM LAS VEGAS LOCATION ON NOVEMBER 4 SHOULD NOT BE "COMINGLED" WITH OTHER VOTES-LAWSUIT

Breaking: #Trump files Nevada voting lawsuit vs. Clark County Registrar, they allege, for keeping polls open "2 hours beyond..closing time"

— Jim Sciutto (@jimsciutto) November 8, 2016

And, as usual, any news surrounding Trump sends Mexican Peso traders into a panic.

Criminal Clinton Mafia allowed on ticket exposes Shadow masters: One Dollar, One Vote

We've been covering a topic for years that we have tried to elaborate in our book "Splitting Pennies - Understanding Forex" that the world is controlled by a secretive group of powerful "Elites" behind the scenes, what some call the "Shadow Government" and what others call "Illuminati" or just "Rockefellers." For the greater majority of people, they believe only what they see on TV. So when communicating with such people, obviously - they think we are crazy. But due to the way the programming works (exploitation of reptilian brain, via the amygdala) it also makes them irrational, and when showing facts to them or reasoning logically they can become emotional and even violent. It's like Dogma vs. Reason, the paradoxical conflict to which there is really no solution. So how do we know about this? Because in Forex, sometimes you see things that just aren't possible otherwise. Forex isn't like other markets, there's no transparency, there's not anything like there is in futures, bonds, or stocks. So let's elaborate on one example, which is a good Forex example for this election; George Soros.

What this election has done - it's brought all the facts to bear for the public to see via Wikileaks. So people who are voting for Clinton - they are voting for a criminal enterprise. Clinton is not the 'head' of this enterprise, but a public representative, a puppet, a "consigliere." Never before has so much evidence been brought forth, in plain site, in black and white. If you haven't done so already - have a peek in the emails here at Wikileaks.

The Truth about George Soros

George Soros is not so mysterious like many have been led to believe. He's really hated in much of the world and often blamed for political upheaval, currency crisis, and a number of other things. ...

"Massive" 'Smart-Money' Bond Short Completely Unwound

Via Dana Lyons' Tumblr,

The massive "smart money" bond short has been completely unwound.

In late June, we wrote a post suggesting why perhaps the long-term, and long-doubted, bull market in bonds could be in jeopardy. The thesis admittedly revolved substantially around anecdotal evidence pointing to a new-found bullish consensus toward bonds. But after at least a decade in which most market participants thought the only possible path for interest rates was higher, the widespread resignation to "lower for longer" seemed to be a watershed change of opinion. And that change of consensus opinion was what we believed could pave the way for a long-term reversal in interest rates.

In the shorter-term, it was an objective piece of evidence that pointed to the upside being the path of least resistance for rates. Specifically, from the CFTC's Committment Of Traders (COT) report on futures positioning, we noted that Commercial Hedgers had just moved to their largest net short position in Treasury Bond futures in 18 years. And as we continued in the post,

"Commercial Hedgers have been given the moniker of "smart money". This typically brings about plenty of questions and confusion when we discuss this topic. It is not that these Hedgers are always right, or smart. They do what their name implies, i.e., hedge. They are, again, taking the other side of positions held by Non-Commercial Speculator firms, e.g., commodity funds, hedge funds,etc.

These Speculators are typically trend-followers so they will generally add to longs as p ...

2 Florida Election Officials Fired For Not Adhering To "Procedure And Policy"

Two election clerks in Pompano Beach were reportedly fired and removed on Election Day. As Local10.com reports, Broward Sheriff's Office said deputies were called to keep the peace at the polling location after the disturbance.

Broward election officials said two clerks were fired because they did not adhere to "procedure and policy," but would not elaborate about the circumstances surrounding the disturbance.

Election officials said the clerks were replaced by an assistant clerk.

The incident was the first on Election Day in South Florida. Officials in Miami-Dade and Broward counties reported that everything was running smoothly at the polls.

But that was not the only problem in Florida today. Another incident was reported in Palm Beach County. Jupiter police said Republican supporters were passing out campaign material when a voter got upset.

WPBF reports that a man and a woman exchanged words and got into an altercation after the man went inside to vote and came back out.

"She's talking to somebody else and says, 'That's little man. Yeah. That's a little man,' and a derogatory term that I will won't repeat on TV," Tom Garrecht said.

Republican supporter Donna Tatlici told reporters that Garrecht charged at her.

"(She) ...

Investors Cast Their Votes for Companies Trashed by Trump

Shares of companies Donald Trump has directly attacked had an even bigger relief rally than the broader market on Monday.

CVS Is the Latest Sick Company in Health Care

CVS results cap a poor earnings season for the whole industry.

SoftBank's Futuristic Vision Is Up Against Problems of Today

Japanese tech and telecom conglomerate SoftBank still has a way to go to fulfill its ambitious dreams.

Market Extra: U.S. presidential election angst obscures 5 bullish facts about the stock market

It has been a tumultuous ride for Wall Street investors during this record U.S. presidential election. The drama-filled race between Democratic candidate Hillary Clinton and Republican rival Donald Trump likely will come to a conclusion on Election Day 2016 on Tuesday.

Key Words: Wilbur Ross says Clinton 'third term of Obama' would send economy into recession

Wilbur Ross, chairman and CEO of WL Ross & Co. and senior policy adviser to the Donald Trump campaign, told CNBC Tuesday that the economy could be in for a tough spell if Hillary Clinton wins the election.

The Tell: What stock market's post-Election Day performance does—and doesn't—tell us

This election is nearly in the books. Here's a look back at how stocks have performed between Election Day and Inauguration Day.

Earnings Summary for Today

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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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