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09Nov2016 Market Close: Trump Wins, Apparently Wall Street Does Too As Markets Closed Sharply Up, US Dollar Up, Gold Down, More Positive Indicators Than Negative

Written by Gary

Wall Street closes up (SPY +1.1%) and ending speculation how the market would react if there was a Trump win. What happens next is a bit unpredictable in the short-term and analysts are all over the Market spectrum of possibilities. Indicators are mildly bullish and may remain that way for a day or so.

Todays S&P 500 Chart

The Market in Perspective

Here are the headlines moving the markets.

Wall Street surges after Trump wins White House

NEW YORK (Reuters) - U.S. stocks rose sharply on Wednesday in a dramatic turnaround from deep overnight losses as Wall Street digested the upset presidential election victory of Republican Donald Trump.

Fed to proceed with December U.S. rate rise despite Trump upset: Reuters poll

(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.

GM to lay off 2,000 workers at two U.S. plants due to slowing sales

(Reuters) - General Motors Co plans to lay off 2,000 employees at two U.S. auto plants in early 2017, the automaker said on Wednesday.

U.S. companies react cautiously to Trump victory

SAN FRANCISCO (Reuters) - U.S. companies reacted on Wednesday with caution to businessman Donald Trump's victory in the U.S. presidential election and pointed to uncertainty over his lack of clear policy proposals.

Trump victory could spell defeat for EU-U.S. trade deal

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.

Exclusive: Goldman Sachs considers Frankfurt move over Brexit - sources

FRANKFURT/NEW YORK (Reuters) - Goldman Sachs is considering shifting some of its assets and operations from London to Frankfurt, three people familiar with the matter said, as it tries to secure access to the European Union market when Britain leaves the bloc.

Trump victory clouds outlook for Time Warner-AT&T, other mergers

WASHINGTON/NEW YORK (Reuters) - U.S. corporate dealmakers were likely to put major merger plans on hold as they assess whether U.S. President-elect Donald Trump will follow through on his populist promises and a threat to block AT&T Inc's purchase of Time Warner Inc , or act more like traditional business-friendly Republican administrations.

Trump victory jolts automakers, lifts Caterpillar, railroads

(Reuters) - The election of Republican Donald Trump as U.S. president put new pressure on automakers and other manufacturers that have come to depend on open trade with Mexico, and lifted shares of companies that could gain if the new administration boosts infrastructure spending and eases curbs on coal.

Aerospace and defense industry welcomes Trump victory

SEATTLE (Reuters) - Aerospace companies and lobbying groups embraced Donald Trump's presidential victory on Wednesday, setting aside fears that his policies would depress sales, shatter global alliances and roll back trade agreements.

Morgan Stanley Begs To "Make My Portfolio Great Again"

It has been an torrid, if not downright abysmal year for Morgan Stanley's chief equity strategist Adam Parker: after starting off the year bullish only to see stocks crash, then flipflopping to a bear just as stocks soared, leading to one of the most bizarre notes we have ever read, in which Parker compared rally chasers to cockroaches, he then proceeded to get the sector rotation wrong while blaming hedge funds and other clients, and ultimately turned bullish just as the market peaked.

Overnight, it appears Parker's woefully Gartmanesque calls have continued, and in a note titled "Make My Portfolio Great Again?" he shares his views on how to trade the Trump move. Alas, in retrospect, Parker - just like Gartman - got it all wrong for the reasons we explained previously, saying that "every client overnight asked us the same question - "should I buy the dip?" with the futures hitting temporary shutdown circuit breakers as we are typing this around midnight New York time. We'd love to say yes, as we have been avid dip buyers over the past few years. But, our gut instinct is no."

Considering the 1000 point rebound in the Dow Jones from the limit-down lows, the right answer this - and every other (until the final) time - should have been yes.

Parker's full note below:

"Rage Against The Machine" - Why America's Voters Rejected A "Rigged" System

Trump shocked the world last night by tapping into a "burning resentment" growing within the American electorate...something that he alone was able to identify while every other politician and mainstream media journalist clearly missed it. Trump's victory, as Michael Moore said, is "the biggest fuck you" in human history as voters lashed out against a system they view as rigged and only working for the rich and powerful. Trump's victory give a voice to those infuriated with the excesses of wall street, the corruption of the mainstream media that is more interested in spreading their own propaganda than reporting the truth and to those who are utterly fed up with politicians who are "all talk."

In the 2008 U.S. election, Carrie Sheridan slept in her Honda Element as she campaigned across the country for Democrat Barack Obama. On Tuesday, the self-described community activist from the Washington, D.C. area spent $864 of the last $1,000 in her checking account on a room in Republican Donald Trump's $200 million luxury hotel three blocks from the White House.

"I had to be here," Sheridan said, as Trump supporters lounging on velvet sofas poured champagne on each other early Wednesday morning to celebrate their candidate's shock presidential election victory.

"This is rage against the machine."

Voters in Tuesday's presidential election were split nearly evenly between Trump and Democrat Hillary Clinton, who as of late Wednesday morning was leading in media tallies of the popular vote count despite failing to win enough states to secure the White House.

But by overwhelming margins, voters told a Reuters/Ipsos exit poll they felt the United States' ...

Carl Icahn Bought $1 Billion In Stocks During "Trump Crash"

As we explained first thing this morning, the market's correct reaction upon learning of the Trump presidency, was not to dump equities "limit down", but rather to buy every risk asset in sight, now that Trump is preparing to unleash the inflation monster, something the market realized later in the trading day, leading to the biggest one-day percentage move on record in bond yields, and stock market surge that has led to a 1,000+ rebound in the Dow Jones to all time highs.

However, not everyone was dumping. While the Dennis Gartmans of the world were liquidating their portfolios at lowest print of the year, warning of "fully engaged bear markets", Trump's close confidante and person speculated to be Trump's Treasury Secretary, Carl Icahn was waving it in.

As Bloomberg reports, while Donald Trump celebrated his surprise election win over Hillary Clinton and equity futures swooned in response, billionaire investor and Trump supporter Carl Icahn headed home to start trading. Icahn, left President-elect Trump's victory party in the early hours of the morning to buy about $1 billion in U.S. equities, he said Wednesday in an interview with Erik Schatzker.

"I thought it was absurd that the market, the S&P was down 100 points on Trump getting elected," Icahn said in a phone interview. "I tried to put a lot more to work, but I couldn't put more than about a billion dollars to work," he said.

Just as notable, we now know that Icahn, who said he'd taken off some hedging trades last nig ...

GM Slashes 2000 Jobs, Suspends 3rd Shift On Bloated Inventories, Slowing Sales

Who could have seen this coming? Just weeks after Ford idled four factories due to slumping sales and excess inventory, GM just followed by slashing 2000 jobs permanently and suspending a third shift at production facilities in early 2017.

We have warned numerous times that there is only one way this ends...

And so it just did...

GM Statement:

General Motors today announced initiatives to strengthen and align its production output at key U.S. manufacturing operations. The plans include investing more than $900 million in three facilities — Toledo Transmission Operations in Ohio, Lansing Grand River in Michigan and Bedford Casting Operations in Indiana — to prepare the facilities for future product programs.

GM also announced plans to align production output with demand for cars built at the Lordstown, Ohio, and Lansing Grand River, Michigan, assembly plants. As the customer shift from cars to ...

Where to Find Some Certainty in Trump's Uncertain World

Donald Trump's victory puts some big question marks on the U.S. economy that are unlikely to be resolved soon.

GoPro's Drone Grounds Expansion Hopes

The recall of GoPro's Karma drone latest misstep in the action-camera maker's effort to diversify.

For These Stocks, Trump's Election Is Personal

Shares of companies specifically targeted by Donald Trump were suffering more than the broader market Wednesday morning.

September 2016 Wholesale Sales Improved

Written by Steven Hansen

The headlines say wholesale sales were up month-over-month with inventory levels up slightly and remaining at levels associated with recessions. Our analysis shows some improvement of the 3 month averages, and the three month averages are finally in expansion.

Market Extra: Stock market's reaction more of a surprise than Trump election win

Donald Trump is the U.S. President-elect after his stunning win on Tuesday over Democratic rival Hillary Clinton. That is not how many had predicted this race for the Oval Office would play out, and in fact, polls indicated that Clinton would eke out a narrow victory.

Darrell Delamaide's Political Capital: Donald Trump won because he listened to the people

Donald Trump won because he talked about the issues that matter to people, writes Darrell Delamaide.

Rex Nutting: Why Donald Trump will never satisfy his angry voters

Here are the five worst consequences of Donald Trump's election as president, according to Rex Nutting.

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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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