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10Nov2016 Market Close: Wall Street Closed Higher, DOW Up Triple Digits, US Dollar Again Testing Resistance, Gold Lower Along With Crude Prices

Written by Gary

The DOW closed 4 times higher than the Spooz (+1.2% Vs +0.3%) in a moderately heavy volume day as the bulls and bears tried to push their agenda. The jury is still out on whether a Trump Presidency will boost Wall Street to new highs. Markets expected to remain bullish through Friday.

Todays S&P 500 Chart

The Market in Perspective

Here are the headlines moving the markets.

Investors, economists brace for new dangerous game: parsing Trump's words

NEW YORK (Reuters) - Move over, Janet Yellen. The Federal Reserve chief has a challenger for the title of speaker most scrutinized by Wall Street, and it's Donald Trump.

Wall Street gains, bank sector surges to 2008 high

(Reuters) - Bank stocks and industrials surged on Thursday while Apple and other technology shares sank as Wall Street rearranged its bets to benefit from Donald Trump's presidency.

Trump team contacted JPMorgan's Dimon for Treasury role

(Reuters) - A senior person on President-elect Donald Trump's transition team contacted JPMorgan Chase & Co Chief Executive Jamie Dimon to see if he would be interested in being U.S. Treasury secretary, a person familiar with the matter said on Thursday.

U.S. jobless claims drop more than expected

WASHINGTON (Reuters) - The number of Americans filing for unemployment benefits fell more than expected last week, underscoring the robustness of the labor market.

From avocados to autos, Mexican businesses fear tough times with Trump

TIJUANA, Mexico/MEXICO CITY (Reuters) - From avocado orchards to border factories, Mexican exporters who have prospered under two decades of NAFTA face the prospect of an abrupt end to the boom if U.S. President-elect Donald Trump carries out his threats to ditch the free trade pact.

Common cause for Trump and Yellen in continuing job and wage growth

ST. LOUIS (Reuters) - U.S. President-elect Donald Trump and Fed Chair Janet Yellen may emerge as unlikely allies as the incoming administration moves toward policies Federal Reserve officials have long advocated and the Fed contemplates a "high-pressure" economy to try to boost jobs and wages, at least in the short term.

U.S. urges court to overturn AmEx antitrust decision

NEW YORK (Reuters) - The U.S. government on Thursday asked a federal appeals court to reconsider a recent antitrust decision allowing American Express Co to stop merchants from encouraging customers to use rival cards that charge lower fees.

U.S. judges probe spoofing in convicted trader's appeal

CHICAGO (Reuters) - A panel of U.S. appeals court judges sought answers on Thursday about how widespread spoofing is in U.S. financial markets and whether it represents an advancement in trading, as they considered whether to overturn the nation's first criminal conviction for the banned practice.

Goldman CEO Blankfein says Trump's plans may be good for economic growth

(Reuters) - Goldman Sachs Group Inc CEO Lloyd Blankfein said the surprising U.S. election results show "democracy at work" and could bode well for the firm and its clients, in a voicemail to employees on Wednesday.

Reuters Explains How It "Fudged" Its Polls

Over the past couple of weeks, we have constantly pointed out that polling data was seemingly being manipulated to "manufacture" artificial leads for the mainstream media's chosen candidate, Hillary Clinton. By "oversampling" democrats and/or various minority groups, pollster after pollster kept rolling out predictions that seemed utterly ridiculous to us but were gobbled up by complicit media outlets. Here is just a small sample of our headlines from the past couple of months:

"ABC/Wapo Effectively Admit To Poll Tampering As Hillary's "Lead" Shrinks To 2-Points"

"How Reuters "Tweaked" Its Latest Poll (Again) To Show A Clinton Lead"

"Statisticians Warn Of "Systemic Mainstream Misinformation" In Poll Data"

"CNN Goes "Full Reuters" - Attempts To Rig VP Debate Poll With Too Many Dems In Sample"

"New Podesta Email Exposes Playbook For Rigging Polls Through 'Oversamples'"

Not surprisingly, Reuters this morning officially confirmed every ...

Lots of Oil Shorts Need to Rollover Positions Next Week (Video)

By EconMatters

We check into the technical issues around contract rollover this month ahead of the OPEC Meetings on the 25th and 30th of this month. I sure wouldn`t be short ahead of the 25th and the 30th in the oil market!

EconMatters All Rights Reserved | Facebook | Twitter | YouTube |

World Oil And Its Seven Biggest Chokepoints

Submitted by Irinia Slav via OilPrice.com,

It's common knowledge that most of the world's oil is transported internationally by tankers. What might not be so commonly known is the fact that almost half of the crude shipped around the world passes through waters where piracy, the danger of terrorist attacks, or the possibility of local governments shutting down the waterway are all too real.

Using new visualization tech, we can map the seven main chokepoints of the global crude oil routes. The map highlights the fact that four of these chokepoints - the biggest ones, at that - are in politically unstable or otherwise unfavorable regions, which could potentially threaten crude oil supplies around the world.

17 Million bpd Through the Strait of Hormuz.

(Click to enlarge)

The biggest chokepoint for tanker shipments is the Strait of Hormuz in the Persian Gulf, between Oman and Iran. The Iran-controlled passage is where 17 million barrels of crude pass through on a daily basis. One of the biggest risks with this route is Iran's threat wielding regarding it.

Four years ago, Tehran threatened to close the passage, and it did so again earlier this year. In neither case, howe ...

Oakland Mayor Explains Why Local Police Can't Stop Looting Rioters

Moments ago, Oakland mayor Libby Schaaf sent out the following letter to local business owners, many of whom were battered during the latest anti-Trump riots since Trump's presidential victory, which unlike peaceful protests in other cities, "ended in harm being done to our business community and the rest of Oakland." As a result "graffiti and broken windows were left behind by a group of anarchists who continually invade these otherwise peaceful protests with the intention of doing nothing but causing destruction."

Protesters set fires and break windows into the early morning in #Oakland. #HesNotMyPresident and #StillWithHer trending in #SanFrancisco. pic.twitter.com/fdVaQChP5z

— Natasha Zouves ABC7 (@NatashaABC7) November 9, 2016

Scene on Broadway in downtown #Oakland after #ElectionNight results. Also smashed windows. @EastBayTimes @OakTribNews @mercnews pic.twitter.com/jIW7Kw7DmC

— Tyska (@Tyska) November 9, 2016

The point of Schaaf's letter, however, is to "< ...

Banks Love Trump Even If It Isn't Mutual

President-elect Donald Trump supposedly doesn't care about Wall Street. It is ironic then that the world's biggest banks are rallying on his victory.

Macy's Mines Value in Its Stores

Macy's real-estate plans and store closures already are helping it arrest profitability declines.

Making America Spend Again Versus Isolationism

The car industry embodies investors' Trump dilemma.

Tim Mullaney: 3 ways Donald Trump could turn into the next Ronald Reagan

Blue-collar support and flexibility (maybe) argue yes. But he has no mandate, and little vision.

5 big hurdles to repealing Obamacare

Like it or not, Obamacare, or something similar, may well be around for a while.

Fannie, Freddie surge as Trump taps advisors who back privatization

Shareholders of Fannie Mae and Freddie Mac have fought the 2012 arrangement that sweeps profits to Treasury; they may see their bet pay off under President Trump

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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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