Wall Street opened lower, moved into positive territory and is currently slipping back into the red zone again (SPY -0.03%). Crude prices are weakening fractionally as the US dollar moves off the session lows.
Here is the current market situation from CNN Money
North and South American markets are mixed. The Bovespa is higher by 0.17%, while the S&P 500 is leading the IPC lower. They are down 0.05% and 0.02% respectively.
$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)
WASHINGTON (Reuters) - The number of Americans filing for unemployment benefits fell more than expected last week, pointing to tightening labor market conditions that should support the economy this year.
(Reuters) - Some investment banks seeking to be added as underwriters to Snapchat owner Snap Inc's initial public offering registration document have been denied access to review it before it is made public this week, according to people familiar with the matter.
(Reuters) - Microsoft Corp on Thursday said it had sent a proposal to U.S. President Donald Trump's administration to create a program to let people from seven predominantly Muslim nations enter and leave the United States on business or family emergency travel if they hold a valid work or student visa and have not committed any crimes.
(Reuters) - Starbucks Corp , facing backlash from some customers over its plans to hire refugees, said it would speed up its previously stated goal of hiring 10,000 veterans and military spouses by 2018.
NEW YORK (Reuters) - U.S. hedge fund manager Dan Loeb is betting President Donald Trump will be good for investments thanks to his planned mix of tax cuts, reduced regulation and infrastructure spending.
The latest strategist to step into the pro/anti-Trump fray, is one of the original permabears, SocGen's Albert Edwards, who in a Thursday note sided with Dan Loeb, and wrote that while the Donald Administration "might be a neo-liberal nightmare" if one strips away some of his more controversial rhetoric on immigration, "a lot of what he says on the economic front makes perfect sense to me."
Edwards is also happy that unlike his predecessors, while crass and unpolished, Donald Trump continues to arouse "as much passion in office as he did on the campaign trail" and while one can "agree with him or not, unlike most politicians he seems determined to actually enact the things he promised the electorate." That said, Edwards points out something we warned back in November, namely that while until the last couple of weeks "the markets had embraced only the ?good? bits of his campaign rhetoric", only now are they reappraising, among other things, the likelihood of a trade war, with the Administration turning on Germany."
The best example of this was Ray Dalio's take in a recent Daily Observation note, in which the formerly enthusiastic hedge fund manager, warned that "we are now in a period of time when how this balance tilts will be more important to the economy, markets, and our well-beings than normally dominant drivers such as central bank policies," Dalio wrote. The duo added that the current investment environment is marked by "exceptional uncertainty" and recommended avoiding concentrated bets, and holding easy-to-sell assets.
Edwards goes on to agree with Trump that "we have long written on these pages that Germany is one of the biggest currency manipulators in the world. Germany aggressively ...
As we detailed earlier, the US Treasury eased some sanctions against Russia (specifically the FSB), and it seems the equity markets just caught on as Russia ETFs are jumping on extremely heavy volume...
A simple summary of the headlines for this release is that the growth of productivity improved while the labor costs grew faster than productivity (headline quarter-over-quarter analysis). The year-over-year analysis is consistent with costs growing faster than productivity.
The market expectations for weekly initial unemployment claims (from Bloomberg / Econoday) were 250 K to 258 K (consensus 253,000), and the Department of Labor reported 246,000 new claims. The more important (because of the volatility in the weekly reported claims and seasonality errors in adjusting the data) 4 week moving average moved from 245,750 (reported last week as 245,500) to 248,000. The rolling averages generally have been equal to or under 300,000 since August 2014.
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