US stocks started seriously down today, even after pulling back from a huge plunge signaled overnight. Dow futures had plummeted nearly 900 points at one point. US indexes are up, DOW +1.0%, SPY up +0.9% and WTI crude up +1.5%. Short-term indicators are running neutral with a bearish slant.
Here is the current market situation from CNN Money
North and South American markets are mixed. The S&P 500 is higher by 0.92%, while the Bovespa is leading the IPC lower. They are down 1.29% and 0.95% respectively.
$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)
NEW YORK (Reuters) - U.S. stocks rallied on Wednesday, in a dramatic rebound from overnight losses fueled by the stunning victory of Republican Donald Trump as investors snapped up stocks in sectors that appeared poised to benefit from the policies of a Trump presidency.
(Reuters) - A stunning upset by Republican Donald Trump in the U.S. presidential election may have set off a few tremors in markets but the Federal Reserve is on course to raise interest rates next month, a Reuters poll of economists showed.
BRUSSELS (Reuters) - A protectionist U.S. president and increased European suspicion of a Trump-led America undermine the prospects of a planned transatlantic free trade agreement between the European Union and the United States.
(Reuters) - The election of Republican Donald Trump as U.S. president puts new pressure on automakers and other manufacturers that have come to depend on open trade with Mexico and now face the risk of higher costs.
NEW YORK (Reuters) - Oil prices rose on Wednesday, as U.S. financial markets bounced back from a early Brexit-like slide that followed Donald Trump's surprise victory in the U.S. presidential election.
NEW YORK (Reuters) - The U.S. economy is on track to grow at a 3.1 percent annualized pace in the fourth quarter following data on wholesale inventories in September, the Atlanta Federal Reserve's GDP Now forecast model showed on Wednesday.
NEW YORK (Reuters) - JPMorgan Chase & Co Chief Executive Jamie Dimon called on employees, business leaders and government officials to work together on solutions to the United States' problems on Wednesday, in response to the surprise presidential election results.
OPEC warned in newly released report that oil prices might not rise above $60 per barrel until the end of the decade, in an acknowledgement that an array of bearish forces will conspire to keep a lid on any price rally.
OPEC's new World Oil Outlook (WOO) offers medium and long-term predictions for the oil market. OPEC's Reference Basket (ORB) price will average $40 per barrel this year, and the group projects that the price will rise by $5 per barrel each year through the rest of the decade. That only takes ORB prices up to $60 per barrel in 2020.
That is a remarkable prediction from a group of oil-exporting countries, often known for a much more bullish outlook for oil. There are a few reasons that OPEC is more resigned to a "lower for longer" mantra.
OPEC admitted that things have not gone according to plan since it decided to abandon market intervention in November 2014. The group, led by Saudi Arabia, thought that low oil prices would stoke demand and also push out high-cost producers, two predictions that did not play out, at least to the degree that top OPEC officials predicted. "While analysts initially anticipated that lower oil prices would have a positive impact on global economic growth, the reality is that the overall impact has been neutral. Scars from the economic crisis such as high household debt levels, fiscal imbalances and high unemployment, combined with industry investment cuts, have limited the propensity to consume," OPEC wrote in its WOO report.
U.S. gasoline demand did hit a record high this year, but it took two years of low prices to reach that level and oil consumption lagged behind the huge spike in miles traveled, an indication tha ...
CNN's ("Clinton News Network") Jake Tapper hit the nail on the head last night, as he was speaking about why people voted for Trump.
Tapper said that most Americans are sick of the income inequality, globalization, and politics-as-usual that the status quo have given us.
He even pointed out that only a handful of people have gotten rich off of globalization, and a lot of people have been left behind.
Similarly, Brexit - the other recent vote which went against all political forecasts - was largely a vote by those who lost out on the benefits of globalization ... that only a handful of fatcats really profited from.
Leaders of the Brexit campaign noted the confluence of the two votes:
Jeremy Corbyn described Mr Trump's victory as "an unmistakable rejection of political establishment".
Ukip leader Nigel Farage - who went to the US to appear at a Trump campaign rally - said he was handing over his mantle as the creator of political earthquakes to the new President, saying that 2016 was "the year of two great political revolutions", adding: "I thought Brexit was big, but boy, this looks like it's going to be even bigger".
Having exclaimed for months on the campaign trail that he'd consider Donald Trump's election a personal repudiation, President Obama is face with the harsh reality that it was him that was "peddling fiction" while 'rome' burned. We suspect the blame-mongering will begin very quickly as former Obama senior adviser Dan Pfeiffer tweeted last night: "The most shocking part of tonight is the number of people who approve of Obama but didn't vote for Hillary Clinton." The question is - will Obama move to Canada.
This is what the media promised...
But it didn't work out that way...
President Obama is due to speak at 1215ET...
As Politico concludes so eloquently, this was supposed to be an "I-don't-want-this-so-I-guess-I'll-take-that" election. No. America really wanted Trump to be its 45th president, as little as Obama and so many others can believe it or understand it.
Hillary Clinton says Americans owe Donald Trump "an open mind" and a "chance to lead" after the New York real estate mogul decisively won the White House in an upset that shocked the nation and financial markets.
Call it the Archie Bunker revolt. Republican Donald Trump pulled off the most stunning victory in Americans presidential history by drawing on the votes of working-class white men who used to form a key plank of support for the Democratic party.
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