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09Dec2016 Market Close: Wall Street Closes On A New High, Trump Sugar High, Crude Prices Testing Resistance, US Dollar Melts Higher

Written by Gary

US Markets riding high on Trump Sugar (SPY +0.6%) and some analysts are wondering what type of cranial pounding we can expect from the correction? (Come on, you know it gonna happen!) Short-term indicators remain bullish.

Todays S&P 500 Chart

The Market in Perspective

Here are the headlines moving the markets.

Record-setting rally pushes on as laggards get legs

(Reuters) - Major U.S. stock indexes powered to another day of fresh records on Friday as investors bid up shares in sectors that have lagged in the month-long rally since Donald Trump's presidential election.

Murdoch's Twenty-First Century Fox bids $14 billion for UK's Sky

NEW YORK/LONDON (Reuters) - Rupert Murdoch's Twenty-First Century Fox Inc has proposed buying the 61 percent of British pay-TV firm Sky Plc it does not already own for around $14 billion, five years after a political scandal scuppered a previous bid.

Coke CEO Muhtar Kent hands reins to Quincey in widely expected move

(Reuters) - Coca-Cola Co said on Friday that Muhtar Kent would step aside as chief executive next year and be replaced by James Quincey, a company veteran credited with several recent changes to help the company cut its dependence on sugary drinks.

U.S. raises concerns on destroyed VW phones

WASHINGTON (Reuters) - A U.S. agency involved in settlement talks with Volkswagen AG over its diesel emissions scandal raised concerns about nearly two dozen mobile phones destroyed or lost by the German carmaker.

J. Crew makes preparations for possible debt restructuring: sources

(Reuters) - U.S. apparel retailer J. Crew Group Inc is taking steps to negotiate with its creditors about cutting the value of its approximately $2 billion debt load, as its struggles with falling sales, people familiar with the matter said on Friday.

U.S. government seeks to speed up Takata air bag replacements

(Reuters) - The U.S. Department of Transportation on Friday said it will press the auto industry to accelerate the pace of replacements for defective Takata Corp air bag inflators and signaled a likely widening of the industry's largest ever recall.

Trump to name Goldman executive Cohn to key economic post

BATON ROUGE, La. (Reuters) - U.S. President-elect Donald Trump will likely ask a senior Goldman Sachs banker to coordinate economic policy across his administration, turning again to Wall Street for expertise in managing the world's largest economy, a transition official said on Friday.

Trump packs trade team with veterans of steel wars with China

WASHINGTON (Reuters) - President-elect Donald Trump is stacking his trade transition team with veterans of the U.S. steel industry's battles with China, signaling a potentially more aggressive approach to U.S. complaints of unfair Chinese subsidies for its exports and barriers to imports.

Exclusive: ECB rejects Monte Paschi's request for more time to raise cash - source

MILAN (Reuters) - The European Central Bank has rejected a request by Italy's Monte dei Paschi di Siena for more time to raise capital, a source said on Friday, a decision that piles pressure on the Rome government to bail out the lender.

Another Day, Another Melt-Up In Stocks As Gold Hits 10-Month Lows

Why does this...

Keep making us think of this...

Quite a Week: The Dow, S&P, and Nasdaq closed higher every day this week for the first time in 5 years


Small Caps soared over 5% this week to record highs - 2nd biggest week since Jan 2013

Treasuries dropped for 5th week in a row to July 2015 lows

Gold down 5 weeks in a row to 10 month lows (longest losing streak since Nov 2015)

Oil closed lower for the first week in the last 4

USD Index up 4th of the last 5 weeks (highest weekly close since 2003)

Remember the Italy Referendum? It seems the VIX down, Stocks up relationship normalized today...

Small Caps are the biggest winners post Trump...

Trumphoria

As momentum feeds on itself, it appears Trumphoria is in full swing...

Donald Trump's election has fueled one of the broadest rallies in history as the number of stocks making new highs on the New York Stock Exchange climbed to the highest on a closing basis since May 2013.

Never mind that valuations are at 1929 peak levels...

"probably nothing"

Where A Strong Dollar Will Do The Most Damage

Via Stratfor,

Forecasting the future of currencies is a notoriously risky business. Forces may push them in a particular direction, as is currently the case with the dollar, but in the ever-changing environment of the foreign exchange market, events anywhere in the world, at any point in time, can alter their course. Nevertheless, the dollar is steadily strengthening, and it could create headaches in other parts of the world.

One of the biggest victims will be China. The Chinese yuan has been devaluing against the dollar for the past 18 months, a process that in itself leads to capital flight as investors try to flee the depreciating currency. This carries the risk of becoming a disorderly process, and China has spent a considerable share of its foreign exchange reserves trying to manage it. A strengthening dollar will put more pressure on China to burn through its remaining reserves even faster, eating away at the safety net it has built up over the past two decades.

Still, the countries most at risk from a strong dollar are those with hefty dollar-denominated debts. Ample foreign exchange reserves can help offset this problem, since they can be used to prop up national currencies or pay off corporate debts in a pinch. On the downside, a current account deficit (which arises when a country spends more abroad in its day-to-day activities than it receives) would exacerb ...

Big Spenders: Businesses on the Cusp of Capital-Spending Rebound

Companies have been reluctant to spend, but rising stock-market optimism, labor costs and profits may be about to change that.

iPhone Screen Makers Have a Blurry Future

The race to supply next-generation OLED screens to Apple could leave suppliers hurting.

China's Central Bank Could Be Chef---Or Soup

Rising prices in China create complications on how to handle the yuan.

Market Extra: Stock market's velocity after Trump has investors talking Dow 20,000—and beyond

Do I hear 20,000? 21,000? That'st the question investors are posing after Donald Trump's postelection ebullience has stretched equity markets deeper into the record books since Nov. 8.

The Tell: Trump has unleashed the stock market's 'animal spirits'

Steve Barrow, currency and fixed-income analyst at Standard Bank, said in a Nov. 30th research note "whatever fears might exist in some quarters about Trump's win, some sort of animal spirits might have been spurred."

Brett Arends's ROI: The Congressional Budget Office just destroyed Trump's budget promises

Donald Trump's budget math still doesn't add up, writes Brett Arends.

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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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