Wall Street slipped in early afternoon trading today amid a lack of major catalysts, including economic data, and uncertainty over President Donald Trump's policies. Crude prices edged lower on ongoing tensions between the US and Iran. Investors were also weighing up the possible impact of a rise in the number of rigs operating in the U.S.
Here is the current market situation from CNN Money
North and South American markets are mixed. The IPC is higher by 0.28%, while the Bovespa is leading the S&P 500 lower. They are down 0.76% and 0.35% 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)
(Reuters) - Nearly 100 companies, including Apple , Google and Microsoft , banded together on Sunday to file a legal brief opposing President Donald Trump's temporary travel ban, arguing that it "inflicts significant harm on American business."
DUBAI (Reuters) - Iran has imposed no restrictions on U.S. oil firms willing to participate in energy projects in the country but American sanctions make such cooperation impossible, Iran's deputy oil minister said on Monday.
(Reuters) - Hasbro Inc , the No. 2 U.S. toymaker, reported record holiday-quarter revenue, helped by strong demand for Disney princess dolls and its board games, sending the company's shares up 17 percent to an all-time high.
LONDON (Reuters) - BT has become the first major telecoms company to back Google in a battle with EU regulators, defending the "stability and compatibility" of the Android operating system, which is in the sights of anti-trust regulators.
(Reuters) - Newly named Viacom Inc Chief Executive Officer Bob Bakish will outline his plans to revive the company's struggling business on Thursday during an earnings call, he told shareholders on Monday.
TOKYO (Reuters) - Toyota Motor Corp and Suzuki Motor Corp said on Monday they plan to trade expertise in parts supplies and R&D, in an agreement that will aid expansion in emerging markets and help them cope with rapid technological sophistication.
(Reuters) - Tyson Foods Inc disclosed on Monday it had received a subpoena from U.S. authorities that it said likely stemmed from allegations the company conspired for years with rivals to fix chicken prices.
STOCKHOLM (Reuters) - Swedish home appliance maker Electrolux said on Monday it was buying precision cooker maker Anova in the United States as it looks to accelerate its development of connected devices for kitchens and homes.
Republican attack on Fed casts doubt over global bank rules Trump-era co-operation uncertain as congressman criticises deals with 'foreign lands' ... The future of cross-border co-operation on bank regulation in the Trump era has been thrown into doubt, with domestic pressure mounting on the US Federal Reserve and a senior member of the House of Representatives calling on the central bank not to negotiate new rules at "secretive" international bodies. -Financial Times
There seems to be some question as to whether Trump will move ahead with auditing the Fed. This would be too bad, as those who control a government's money supply basically control the country.
But it certainly seems clear as this article points out, that Trump wants more control over the Fed. The Fed is committing to international agreements that are not signed off on by any formal authority in the US other than the Fed itself.
And the Fed is not a formal part of the US government. It takes order from the US government in some ways but that is not the same thing.
More than a dozen lawsuits and counting have been filed against President Donald Trump's executive order that temporarily blocks visas from Iraq, Iran, Syria, Libya, Sudan, Somalia and Yemen. As of last Friday, one such lawsuit heard by Federal District Judge James Robart, a Bush appointee, in Seattle effectively blocked the enforcement of the executive order nationwide (see here for details: "Judge Blocks Trump Travel Ban Nationwide; White House Vows To Challenge 'Outrageous Order'").
Of course, mounting this scale of legal crusade is extremely costly, a concern which, as we noted last week, was seemingly alleviated by a massive surge in contributions to the American Civil Liberties Union. According to the Washington Post, the lawsuits filed by the ACLU prompted a tidal wave of donations which totaled over $24 million in a single weekend, or roughly 6 times the organization's average annual donation tally.
Update: the @ACLU just ran the numbers again. Spokesman says the group received 356,306 online donations totaling $24,164,691 this weekend.
— Brian Stelter (@brianstelter) January 30, 2017
But raising that kind of money that quickly is difficult to do at $20 a pop. Which is why we weren't terribly surprised to see a note from
Seemingly taking a page out of Europe's idiotic government decisions, George Washington University Law Professor John Banzhaf is urging President Trump to go slow on appealing a court's rejection of the administration's travel ban and instead, follow Germany's example and put GPS ankle bracelets on visitors from the seven targeted nations until a final decision is made.
As The Washington Examiner reports, a prominent legal expert said that the administration should wait to appeal until Supreme Court nominee Neil Gorsuch gets to the court, giving Trump a 5-4 majority and in the meantime put the tracking devices on any refugee or visitor.
"Going to the Supreme Court now could result in a widely predicted 4-4 decision," warned George Washington University Law Professor John Banzhaf.
Wait instead, he urged, and in the meantime look to Germany's model of using trackers on those it suspects of having terror ties — not all refugees.
"Imposing such conditions on admission is fully consistent with 8 USC 1182(f) which expressly gives the president the authority to 'impose on the entry of aliens any restrictions he may deem to be appropriate.' It is also more likely to be upheld since it is ...
The Conference Board's Employment Trends Index - which forecasts employment for the next 6 months improved, and its authors say "that job growth will remain solid and perhaps even accelerate in early 2017".
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