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21Nov2016 Market Close: Wall Street Exuberant Over Noise Without Any Substance Which Is A Good Combination For A Correction, Crude Higher, US Dollar Showing Weakness

Written by Gary

All three major U.S. stock indexes hit closing records today (SPY +0.8%), helped by gains in energy and other commodity-related shares and as Facebook led a jump in technology. Crude prices remained below $50 and the US dollar settled above 100.

Todays S&P 500 Chart

The Market in Perspective

Here are the headlines moving the markets.

Wall Street at record highs as tech, energy stocks rally

NEW YORK (Reuters) - All three major U.S. stock indexes were on track to hit closing records on Monday, helped by gains in energy and other commodity-related shares and as Facebook led a jump in technology.

Tyson Foods shares dive on CEO departure, dim 2017 forecast

(Reuters) - Tyson Foods Inc shares tumbled more than 14 percent on Monday after the nation's biggest meat processor forecast lower-than-expected 2017 profit and said well-regarded Chief Executive Officer 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.

ECB's Draghi says consequences of Trump's win hard to assess

FRANKFURT (Reuters) - The European Central Bank's President Mario Draghi said on Monday that one should look beyond a "muted" market reaction to Donald Trump's U.S. election win, which will have long-term consequences that are difficult to predict.

AT&T signs on Fox for DirectTV Now

(Reuters) - AT&T has signed a deal with Fox Networks Group to continue showing its networks across its offerings including its online video service, DirectTV Now, the two companies announced on Monday.

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.

Mylan declines Senate committee request to testify about EpiPen

(Reuters) - Mylan NV has declined a U.S. Senate committee request to testify about a $465 million pending settlement to resolve charges the company underpaid government healthcare programs by misclassifying its the EpiPen emergency allergy treatment.

Irish data Commissioner steps up investigation into Yahoo email scanning

LONDON (Reuters) - Ireland's Data Protection Commissioner (DPC) said on Monday it was trying to ascertain if Yahoo! Inc's decision to scan clients' email accounts at the behest of the U.S. authorities last year broke European law.

Moscow Accuses Ukraine Of "Flagrant Provocation" After 2 Russian Servicemen Kidnapped In Crimea

Shortly after Russia admitted that it was moving nuclear-capable rockets to the exclave of Kaliningrad in explicit retaliation for NATO encroachment on its borders, something it had not done until today, another old hotzone has flared up again when moments ago the Russian military reported that Ukranian security operatives have abducted two Russian servicemen in Crimea, and are attempting to press criminal charges against them, the Russian military is reporting.

Moscow considers the kidnapping a "flagrant provocation," and is demanding the immediate release and return of Maksim Odintsov and Aleksander Baranov to Russia, according to Sputnik.

MORE: #Moscow calls kidnapping 'flagrant provocation,' demands their immediate release and return to #Russia https://t.co/MW5NjhYREM pic.twitter.com/Cl86OW6GdN

— Sputnik (@SputnikInt) November 21, 2016

"We consider such actions by the Ukrainian security bodies against Russian citizens as another flagrant provocation and demand their immediate return to Russia," a statement by the ministry's press service said.

The ministry announced on Monday that the two soldiers were kidnapped on November 20, and taken across the border to the Nikolayev region of Ukraine with an apparent goal of pressing charges against them. They also expressed concern that authorities may ...

US Treasury Risk Spikes To 3 Year High Versus Stocks

"Riskless" US Treasury bonds are at their riskiest relative to "risky" stocks since the summer of 2013's Taper Tantrum... and at the same time, bonds are 'cheapest' to stocks in over a year...

US Treasury bond risk is at its highest in 9 months as US equity risk hovers back near 2-month lows pushing the relative risk to its highest since Aug 2013...

In June 2011, July 2013, and July 2015, we saw the same spikes in bond risk vs equity risk... and each time, stocks collapse and stock vol surged very soon after.

And at the same time bonds are the 'cheapest' to stocks since Nov 2015 (before the last Fed rate hike)...

We are reminded of what SocGen said just a few years ago,

The bond investor could have bought bonds 90% of the months since 1950 and avoided having a 20% drawdown or more, whilst the equity investor could have only invested in 40% of months to avoid such losses.

The Darker Side of the Dollar's Rise

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

A Global Call on U.S. Bank Risks Could Sour Debate

Systemic riskiness of U.S. banks increases in the view of the global standard setter, the Financial Stability Board.

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 Margin: Career advice from a Georgetown professor: Quit all social media immediately

Cal Newport is a millennial, a computer scientist, an author, a blogger and a Georgetown professor. Sounds like the kind of guy who'd also be out there tweeting and snapping with the rest of the selfie generation. But he definitely is not.

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.

Why students were able to sue Trump University

Students at for-profit colleges couldn't get a Trump University-type outcome.

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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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