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15Dec2016 Market Close: WTI Crude Prices Climb Back To 51, The US Dollar Index Settles Above 103, Some Analysts Are Warning Of A Near-Term Correction

Written by Gary

Wall Street Closed higher (SPY +0.5%) and some analysts are on the alert for a near-term pullback in the market. The technical indicator, called the RSI, held above 80 today. Above 75 signals the underlying index is getting expensive and a correction may be in order. Short-term indicators remain bullish.

Todays S&P 500 Chart

The Market in Perspective

Here are the headlines moving the markets.

Murdoch's Fox agrees $14.6 billion Sky deal to expand empire

LONDON (Reuters) - Rupert Murdoch's Twenty-First Century Fox has struck a $14.6 billion deal to buy European pay-TV firm Sky that unites a media empire across two continents and helps it take on rivals like Netflix in the battle for viewers.

Wall Street advances as bank shares climb

NEW YORK (Reuters) - U.S. stocks rose on Thursday, led by gains in bank shares, a day after the Federal Reserve raised interest rates for the second time in nearly a decade.

Verizon considers changing Yahoo deal after latest breach

(Reuters) - Verizon Communications Inc is looking at ways to modify its $4.8 billion deal to buy Yahoo Inc's core internet business after the technology company disclosed a second massive data breach, sources told Reuters on Thursday.

GM expands testing, production of self-driving cars in Michigan

DETROIT (Reuters) - General Motors Co Chief Executive Mary Barra said on Thursday the automaker will expand testing of self-driving vehicles to Michigan, and will build its next generation of self-driving cars in the Michigan plant that builds the Chevrolet Bolt electric car.

U.S. states sue Mylan, Teva, others for fixing drug prices

WASHINGTON (Reuters) - Two years after high generic drug prices became a public controversy, legal cases are starting to land.

U.S. banks must pay up to $2 billion more per year to shield taxpayers: Fed

WASHINGTON (Reuters) - The largest U.S. banks will have to pay as much as $2 billion more a year to insure against a future market collapse, the U.S. Federal Reserve said on Thursday, as it outlined a new rule designed to further protect the financial system.

Blackberry says China's TCL to make BlackBerry-branded devices

(Reuters) - BlackBerry Ltd said China's TCL Communication Technology Holdings Ltd would make and sell BlackBerry-branded mobile devices globally, the Canadian smartphone pioneer's first licensing deal since its transition to a software company.

Rising rents lift U.S. inflation; labor market tightens

WASHINGTON (Reuters) - Rising rents lifted underlying U.S. inflation in November, pointing to a steady build-up of price pressures in the economy that could support more interest rate increases from the Federal Reserve next year.

China expected to lose top U.S. creditor crown to Japan as yuan struggles

BEIJING (Reuters) - China will soon be dethroned by Japan as the top holder of U.S. government debt as the Chinese central bank has been dipping into its foreign exchange reserves to support the yuan, while its Japanese counterpart has been content to allow the yen to weaken, economists said.

Dip-Buyers Bid Banks & Long Bonds But Batter Barbarous Relics

The unseen message...

Two words: "Policy Error"?

The yield curve is not supposed to collapse when The Fed is pitching higher rates, growthier growth, and fiscal stimulus hype!!

And inflation expectations have gone nowhere since the initial kneejerk and have now fallen since The Fed...

It's all starting to get just a little silly...

Everything is red post-Fed...

Futures show the ramp efforts, fail then ramp again..

Donald Trump Is Already The Greatest President Ever (For Stocks)

Since Donald Trump's election on November 8th, the Dow Jones Industrial Average jumped 8%, the greatest stock market gain in the first five weeks for any president since 1900...

Make American Stocks Great Again...

As Bloomberg reports, stocks have been boosted by optimism that the president-elect's plans to cut taxes and raise spending will stimulate the world's largest economy.

Financial shares have done most of the heavy lifting amid speculation that regulations will ease under Trump, with Goldman Sachs accounting for over 20% of the gains alone...

Tesla Could Lose Lead in Electric Cars to Big Automakers

It is always tempting to frame competition in the car industry as a race. But making a killer product matters more than crossing the finishing line first.

Bank Investors Moving Too Fast on Rate Hopes

European bank stocks have risen with bond yields, but better interest income isn't yet here

Financials Are Cheap, Even After the Rally

Financial stocks could have room to rise further are interest rates keep climbing.

In One Chart: New York is 10th on this list of U.S. cities with the greatest income inequality

When it comes to the thorny issue of rising income inequality, the city that has come to symbolize the vast "new money" tech wealth of Silicon Valley isn't quite as bad as some of those bastions of "old money" to the east.

Frigid weather could boost December apparel retail sales by $350 million

Weather analytics company Planalytics says this winter will be seasonable, with cold weather and precipitation driving up apparel sales by $350 million, year over year.

The Ratings Game: Pier 1 shares skyrocket on signs of turnaround

Pier 1 reported an earnings beat and analysts see its having a better approach to merchandise and promotions.

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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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