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12Dec2016 Market Update: Wall Street Rolling Over, DOW Still In The Green, Nasdaq Slips To -0.7 Percent

Written by Gary

Wall Street was lower in early afternoon trading (SPY -0.2%) after major indexes made new highs as a drop in technology and financial stocks offset a jump in energy shares. Crude prices rose by as much as 6.5 percent today to an 18-month high and the US dollar index has fallen to the high 100.


Here is the current market situation from CNN Money

North and South American markets are mixed. The IPC is higher by 1.19%, while the Bovespa is leading the S&P 500 lower. They are down 2.03% and 0.15% respectively.

Traders Corner - Health of the Market

Index Description Current Value
Investors.com Members Sentiment: % Bullish (the balance is Bearish) 76%
CNN's Fear & Greed Index Above 50 = greed, below 50 = fear

87%

Investors Intelligence sets the breath Above 50 bullish 66%
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.

50.65

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 $OEXA200R rises above 65%
Secondary Bullish Indicators:
a) RSI is POSITIVE (above 50)
b) Slow STO is POSITIVE (black line above red line)
c) MACD is POSITIVE (black line above red line)
79%
StockChart.com NYSE Bullish Percent Index ($BPNYA) Next stop down is ~57, then ~44, below that is where we will most likely see the markets crash. 70%
StockChart.com S&P 500 Bullish Percent Index ($BPSPX) In support zone and rising. ~62, ~57, ~45 at which the markets are in a full-blown correction. 70%
StockChart.com 10 Year Treasury Note Yield Index ($TNX) ten year note index value

24.71

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 83.46
StockChart.com NYSE Composite (Liquidity) Index ($NYA) Markets move inverse to institutional selling and this NYA Index is followed by Institutional Investors

11,174

What Is Moving the Markets

Here are the headlines moving the markets.

Oil hits highest since mid-2015 as global producers agree to cut

LONDON/NEW YORK (Reuters) - Oil rose by as much as 6.5 percent on Monday to an 18-month high after OPEC and some of its rivals reached their first deal since 2001 to jointly reduce output to try to tackle global oversupply.

Wall Street drifts lower as financial, tech stocks drag

(Reuters) - Wall Street was lower in early afternoon trading on Monday as a drop in technology and financial stocks offset a jump in energy shares.

National Amusements pulls CBS, Viacom merger proposal

NEW YORK (Reuters) - Sumner Redstone's National Amusements said Monday it has stopped pushing its media properties CBS and Viacom to merge, citing progress by Viacom's new leadership, in place only a few weeks.

Trump tweet hits Lockheed Martin's F-35 fighter jet costs

WASHINGTON (Reuters) - Donald Trump on Monday criticized Lockheed Martin's F-35 fighter jet program as too expensive, the latest attack by the U.S. President-elect on large defense contractors.

Exclusive: Fox nears firm bid for Sky via scheme of arrangement - sources

LONDON (Reuters) - Rupert Murdoch's Twenty-First Century Fox aims to table a firm cash bid valuing British broadcaster Sky at 10.75 pounds per share as early as Wednesday for the 61 percent of the company it does not already own, four people familiar with the matter said.

Exclusive: Some Bangladesh Bank officials involved in heist - investigator

DHAKA (Reuters) - Some Bangladesh central bank officials deliberately exposed its computer systems and enabled hackers to steal $81 million from its account at the Federal Reserve Bank of New York in February, a top investigator in Dhaka told Reuters on Monday.

Trump puts Goldman Sachs in spotlight, for better or worse

(Reuters) - No Wall Street firm is set to do better under U.S. President-elect Donald Trump than Goldman Sachs Group Inc.

Goldman's Cohn to accept key economic post: CNBC

(Reuters) - Goldman Sachs Group Inc's President and Chief Operating Officer Gary Cohn will shortly accept the post to head the National Economic Council (NEC), CNBC reported, citing a source.

Fed turns to Trump agenda with rate hike nearly in the bag

WASHINGTON (Reuters) - The Federal Reserve inaugurates the Trump era this week with a near-certain interest rate increase and new economic forecasts providing a first glimpse into whether the U.S. election has reshaped the central bank's growth and inflation outlook.

Exposing The "Mystery" Of Last Week's "Massive" E-Mini Trade

Last Wednesday we reported that between 13:21:14 and 13:21:15 ET, an interval of less than two seconds, something snapped in the market, as both E-mini futures...

... and the SPY ETF exploded in volume and surged higher, as the S&P took out all time highs.

We further showed, that in those few seconds 2 million SPY shares went through (around $450 million)...

... and 32,000 e-mini contracts (around $3.5 billion notional) screamed through the markets.

As Nanex noted at the time, "a record, monster tsunami of 16,000 S&P futures contracts at once through 3 handles!" The block trade promptly soaked up half the available liquidity in the E-mini...

... and as Eric Hunsader put the move in context, in May 2010, Waddell and Reed sold 75,000 over 20 minutes, "and the first ~35,000 supposedly caused the flash crash (wink)."

Thi ...

New York Times Slams "Liberal Bubble" Safe Spaces Across America's College Campuses

Authored by Nicholas Kristof, originally posted op-ed at The New York Times,

After Donald Trump's election, some universities echoed with primal howls. Faculty members canceled classes for weeping, terrified students who asked: How could this possibly be happening?

I share apprehensions about President-elect Trump, but I also fear the reaction was evidence of how insular universities have become. When students inhabit liberal bubbles, they're not learning much about their own country. To be fully educated, students should encounter not only Plato, but also Republicans.

We liberals are adept at pointing out the hypocrisies of Trump, but we should also address our own hypocrisy in terrain we govern, such as most universities: Too often, we embrace diversity of all kinds except for ideological. Repeated studies have found that about 10 percent of professors in the social sciences or the humanities are Republicans.

We champion tolerance, except for conservatives and evangelical Christians. We want to be inclusive of people who don't look like us — so long as they think like us.

I fear that liberal outrage at Trump's presidency will exacerbate the problem of liberal echo chambers, by creating a more hostile environment for conservatives and evangelicals. Already, the lack of ideological diversity on campuses is a disservice to the students and to liberalism itself, with liberalism collapsing on some campuses into self-parody.

At Oberlin College soon after the election, students erupted in protests after a local bakery was accused of racial profiling o ...

An Oil Curveball for Global Bonds

Bond markets could ignore oil as long as they had faith in central banks. Now investors need to pay attention.

Changes but No Clarity at Alexion ‚Äč

A rare disease biotech investigation still has unanswered questions for Alexion Pharmaceuticals.

Time For Italy to Be Clear About Its Troubled Banks

Will Europe let Italy rescue its third-biggest bank and how far will the government try to protect small investors? Those are the key questions now the Italian Treasury has said it stands ready to prop up Banca Monte dei Paschi di Siena.

How Sheila Bair hopes to keep kids in college — and costs in check

Starting next year, freshmen at Washington College will pay the same price all four years of school

With Obamacare repealed, 1 in 4 adults could be uninsurable due to a pre-existing condition

How pre-existing conditions are defined is shockingly wide in scope.

Market Extra: 5 overlooked stock picks for 2017 by top fund managers

Top fund managers point to commodity plays, cheap airlines and Trump-beneficiaries for best stocks for the new year.

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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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