Wall Street is sea-sawing sideways after opening down. Afternoon trading remains in the red (SPY -0.3%) on diminishing volume after a seven-day rally. U.S. manufacturing output increased for a second straight month, crude prices edged higher in volatile trading and gold remains testing support.
Here is the current market situation from CNN Money
North and South American markets are mixed. The Bovespa is higher by 1.53%, while the IPC is leading the S&P 500 lower. They are down 0.48% and 0.32% 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)
(Reuters) - The S&P and Dow were lower in late morning trading on Wednesday as financial stocks dropped after a seven-day rally since Donald Trump's surprise election win, while a recovery in technology shares boosted the Nasdaq.
WASHINGTON (Reuters) - U.S. manufacturing output increased for a second straight month in October amid gains in the production of motor vehicles and a range of other goods, suggesting that the battered factory sector was slowly recovering.
NEW YORK (Reuters) - If newly elected U.S. officials were to reduce federal corporate taxes by 20 percent, Citigroup Inc could have to take a $4 billion charge to profits to reflect lower values for its deferred tax assets, Citi's chief financial officer said on Wednesday.
WASHINGTON/BEIJING (Reuters) - A U.S. congressional commission charged with monitoring security and trade links between the United States and China has recommended that CFIUS, the body that vets acquisitions from foreign firms, be required to block purchases from Chinese state-owned companies.
NEW YORK (Reuters) - President-elect Donald Trump will last no more than four years in the White House, a period when corporations and Wall Street will retain the upper hand over the struggling workers who helped elect him in a populist wave, bond manager Bill Gross of Janus Capital Group Inc said on Wednesday.
BERLIN (Reuters) - German and U.S. employers, workers, consumers and farmers would "without doubt" benefit from a free trade deal being negotiated between the European Union and the United States, U.S. President Barack Obama and German Chancellor Angela Merkel said.
NEW YORK (Reuters) - Oil prices edged higher in volatile trading as the market weighed Russia's comments about a possible meeting with Saudi Arabia on possible output cuts against a bigger-than-expected U.S. crude storage build.
BERLIN (Reuters) - Volkswagen is pushing for a cost-cutting deal with workers at its core brand by Friday to help fund investment in electric and self-drive cars, but accounts of discussions in just one area show how difficult it is.
Having nailed the upturn in US Treasury yields, DoubleLine's Jeffrey Gundlach is now considerably less exuberant on Trumponomics. Speaking on his first webcast post-election, Reuters reports that Gundlach warned that a reversal of support for Donald Trump could take hold as expectations are dashed that the newly president-elect can quickly spur economic and job growth, echoing Goldman's dysphoria.
Gundlach, who oversees more than $106 billion at Los Angeles-based DoubleLine, said Trump "does not have a magic wand" to rapidly improve the economy.
He said federal programs take time to implement, rising mortgage rates and monthly payments are not positive for the "psyche of the middle class and broadly", and supporters of defeated Hillary Clinton are not in a mood to spend money.
"Maybe liquor sales will go up," Gundlach said on the regular investor webcast. "The Trump win is not positive for consumer spending."
Gundlach also said that in the short-term, "It's way late to be selling bonds and buying stocks. Probably should be doing the opposite."
Gundlach, who voted for Trump and had predicted in January that Trump woul ...
In the last few months, as The Fed has jawboned a rate hike into markets, mortgage applications in America have collapsed 30% to 10-month lows - plunging over 9% in the last week as mortgage rates approach 4.00%.
We suspect the divergent surge in homebuilders is overdone...
The press covering the president is making a big stink about Donald Trump going out to dinner Tuesday night without telling them. Yet a former Democratic press secretary doubts that a 24/7 media pool is necessary anymore.
News that Snap Inc., the parent company of the fast-growing smartphone messaging company may go public next year has given investors hope that 2017 will be the year that many unicorn tech companies go public.
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