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21Nov2016 Market Update: Wall Street Climbs Higher On A Lot Of Talk And Little Action, Crude Prices Remain Below $50 For Now

Written by Gary

US indexes have climbed to a new intraday highs (SPY +0.7%) with the Spooz reaching a new historic high. Afternoon trading starts off with caution as the market's risk levels have been increasing. Crude prices have risen over 3 percent, but have stopped short of the $50 barrier. And the US dollar remains above 101.


Here is the current market situation from CNN Money

North and South American markets are mixed today. The Bovespa is up 1.61% while the S&P 500 gains 0.69%. The IPC is off 1.24%.

Traders Corner - Health of the Market

Index Description Current Value
Investors.com Members Sentiment: % Bullish (the balance is Bearish) 81%
CNN's Fear & Greed Index Above 50 = greed, below 50 = fear 66%
Investors Intelligence sets the breath Above 50 bullish 58%
StockChart.com Overbought / Oversold Index ($NYMO) anything below -30 / -40 is a concern of going deeper. Oversold conditions on the NYSE McClellan Oscillator usually bounce back at anything over -50 and reverse after reaching +40 oversold.

+22.57

StockChart.com NYSE % of stocks above 200 DMA Index ($OEXA200R) $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 $OEXA200R rises above 65%
Secondary Bullish Indicators:
a) RSI is POSITIVE (above 50)
b) Slow STO is POSITIVE (black line above red line)
c) MACD is POSITIVE (black line above red line)
68%
StockChart.com NYSE Bullish Percent Index ($BPNYA) Next stop down is ~57, then ~44, below that is where we will most likely see the markets crash. 62%
StockChart.com S&P 500 Bullish Percent Index ($BPSPX) In support zone and rising. ~62, ~57, ~45 at which the markets are in a full-blown correction. 61%
StockChart.com 10 Year Treasury Note Yield Index ($TNX) ten year note index value

23.30

StockChart.com Consumer Discretionary ETF (XLY) As long as the consumer discretionary holds above [66.88], all things being equal, it is a good sign for stocks and the U.S. economy

81.62

StockChart.com NYSE Composite (Liquidity) Index ($NYA) Markets move inverse to institutional selling and this NYA Index is followed by Institutional Investors

10,783

What Is Moving the Markets

Here are the headlines moving the markets.

Wall Street at record highs as techs, energy stocks rally

(Reuters) - The Dow, S&P 500 and the Nasdaq hit record intraday highs on Monday as Apple and Facebook propelled technology shares and oil prices boosted energy stocks.

Tyson Foods 2017 profit forecast disappoints; CEO to step down

(Reuters) - Tyson Foods Inc shares tumbled almost 16 percent on Monday after the nation's biggest meat processor forecast lower-than-expected 2017 profit and said Chief Executive Donnie Smith would step down at the end of the year.

Sneakers show limits of trade policy in reviving jobs for Trump

(Reuters) - American companies from appliance makers to auto parts suppliers have lined up to offer a quiet caution to President-elect Donald Trump as he considers pulling the United States from trade deals: most lost manufacturing jobs aren't coming back, but higher costs for consumers could.

Citi and JPMorgan top list of globally systemic banks

LONDON (Reuters) - Citi has joined JPMorgan at the top of global regulators' list of systemically important banks, replacing HSBC and meaning the U.S. bank will have to hold extra capital from 2019 to help preserve financial stability.

Microsoft offers EU hardware, software LinkedIn concessions: sources

BRUSSELS (Reuters) - Microsoft will still allow LinkedIn's rivals access to its software and give hardware makers the option of installing other services to try to win EU approval for its takeover of the U.S. firm, people familiar with the matter said.

Hedge funds slow to adjust champagne tastes to beer budgets

NEW YORK (Reuters) - Hedge funds have struggled of late to keep up their reputation as the sports cars of the investment world, often overtaken in the race for returns by the public buses of portfolios, index funds.

Oil at three-week high ahead of OPEC decision on output

NEW YORK (Reuters) - Oil prices rose over 3 percent to a three-week high on Monday, catching a lift from a weaker dollar, as major oil producing countries appeared to be moving closer to agreeing to limit output.

OPEC experts meeting makes progress, talks continuing: sources

VIENNA/DUBAI (Reuters) - OPEC experts have made some progress on the first day of a two-day meeting to nail down details of their plan to cut oil output, OPEC sources said on Monday, with some expressing optimism about the prospect of a final deal.

Oracle to buy internet infrastructure provider Dyn

(Reuters) - Business software maker Oracle Corp said on Monday it would buy Dyn, a monitor of global internet performance and traffic, to allow cloud customers to optimize their infrastructure costs and increase web-driven revenue.

The Clownery of the Shippers Continues, as $DRYS and Others Get Annihilated

There was never a reason for these bastards to run higher in the first place, given that there are hordes of zombie dry bulkers littering the seas keeping day rates at artificially depressed levels. The only way this issue gets corrected, frankly, is for excess supply to be scrapped. Until then, enjoy your depressed day rates and floating bankruptcy vessels.

The sector looked good in the pre-market, but have since given it all up and more.

img_5678

Day rates for capesizes are at a fraction of what they were back in 2007 and half of what they were in 2014.

img_5680

At the forefront of this fuckery is DRYS, a company that saw its stock rise this morning after news that it agreed to terms with one of its lenders.

Like I said, clownery.

Content originally published at iBankCoin

< ...

Brace For A Year Of "Peak Everything, Big Rotations" - Here Is BofA's Guide How To Trade It

Over the past year, Bank of America's chief investment strategist Michael Hartnett has often repeated that when looking at the "transforming word", one core theme that emerges is the rotation away from monetary to fiscal policy, and from "Wall Street"-focused strategies to "Main Street." Now, under the Trump presidency, his vision may be validated. On a report "peak returns, big rotations" he shares BofA's asset allocation under the new regime for 2017 as follows: long stocks (except in North America where he is bearish), real
estate, commodities, and the U.S. dollar, while shorting bonds.

Among his suggested trades are long inflation, short deflation; long Main St., short Wall St.; long fiscal winners, short "ZIRP" winners; long real assets, short financial assets. Hartnett also lays out the expected returns these various trades: low/negative for bonds, with single-digits for U.S. stocks, commodities, U.S. dollar, EM; sees double- digits for Japan, Europe, U.K. stocks, oil.

Hartnett says. "we believe that for first time since 2006, there will be no big easing of monetary policy in the G7, and that interest rates & inflation will surprise to the upside."

A summary of the bank's 7 key themes and trade is shown in the table below:

When looking at 2017, Hartnett says that he expects a year of "peak returns and big rotations" and break out the divergence from 2016 as follows:

In 2016


Global interest rates fell to 5,000-year lows; central bank purchases of financial assets topped $25tn (i.e. >GDP of US & Japan); the stock of negatively ...

Rand Corp. Blasts 'Truth Decay' - Wants Facts Determined by Appropriate Leaders

Via The Daily Bell Rand Corp. Blasts 'Truth Decay' - Wants Facts Determined by Appropriate Leaders

'Truth Decay' Makes Facts Subjective and Polarization More Extreme ... Disagreements over policy have always existed—but disagreements over basic facts have not. It's a phenomenon that RAND CEO Michael Rich calls "truth decay." -Rand Corporation blog

Michael Rich, head of Rand Corporation has come up with a new phrase to describe "fake news," calling it "truth decay." The Rand Corporation is a leading military-industrial think tank with thousands of employees including scientists from ...

Now or Never: Time for Stock Pickers to Shine

Shares of asset managers have outperformed in the postelection rally, but will it last?

The Darker Side of the Dollar's Rise

Expectations of better growth after Donald Trump's election victory are also tightening financial conditions.

Mild Fall May Hoodwink Gas Traders

A mild start to the heating season has left natural-gas traders unconcerned about how supplies will fare this winter, but there is precedent for a large draw on storage.

The trouble with the U.S. food supply

The food industry has become so globalized that much of the U.S. public doesn't even know where its food comes from, much less whether it is safe.

Market Extra: What President-elect Trump means for the stock, bond, other markets

Here are some of the areas within capital markets that are most likely to be influenced or already have seen moves on the heels of Trump's victory of Democratic opponent Hillary Clinton.

Need to Know: How Trump's latest potential hires could send the stock market 'through the roof'

Mike Pence dusted himself off from his "Hamilton" outing long enough to confirm on Sunday that Mitt Romney is a top candidate to serve as Donald Trump's secretary of state. And the stock market should embrace it.

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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