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06Feb2017 Market Update: US Markets Lower On Investor Concerns, Policy Worries Drive Gold Higher And Crude Prices Slip On US And Iran Tensions

Written by Gary

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.

Traders Corner - Health of the Market

Index Description Current Value
Investors.com Members Sentiment: % Bullish (the balance is Bearish) 67%
CNN's Fear & Greed Index Above 50 = greed, below 50 = fear 60%
Investors Intelligence sets the breath Above 50 bullish 68%
StockChart.com Overbought / Oversold Index ($NYMO) anything below -30 / -40 is a concern of going deeper. Oversold conditions on the NYSE McClellan Oscillator usually bounce back at anything over -50 and reverse after reaching +40 oversold. +18.87
StockChart.com NYSE % of stocks above 200 DMA Index ($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 $OEXA200R rises above 65%
Secondary Bullish Indicators:
a) RSI is POSITIVE (above 50)
b) Slow STO is POSITIVE (black line above red line)
c) MACD is POSITIVE (black line above red line)
75%
StockChart.com NYSE Bullish Percent Index ($BPNYA) Next stop down is ~57, then ~44, below that is where we will most likely see the markets crash. 71%
StockChart.com S&P 500 Bullish Percent Index ($BPSPX) In support zone and rising. ~62, ~57, ~45 at which the markets are in a full-blown correction. 71%
StockChart.com 10 Year Treasury Note Yield Index ($TNX) ten year note index value 24.30
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 84.25
StockChart.com NYSE Composite (Liquidity) Index ($NYA) Markets move inverse to institutional selling and this NYA Index is followed by Institutional Investors 11,268

What Is Moving the Markets

Here are the headlines moving the markets.

Wall Street slips as investors seek fresh catalysts

(Reuters) - U.S. stocks slipped in early afternoon trading on Monday amid a lack of major catalysts, including economic data, and uncertainty over President Donald Trump's policies.

U.S. tech firms file legal brief opposing Trump's travel ban

(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."

Iran says U.S. sanctions stop American oil firms taking part in projects

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.

Hasbro's record holiday quarter lifts shares to all-time high

(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.

BT supports Google's Android in EU antitrust row

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.

Viacom CEO to present turnaround strategy on Thursday

(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.

Toyota, Suzuki courtship intensifies as partnership talks begin

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.

Tyson reveals subpoena likely linked to alleged price fixing

(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.

Electrolux buys Anova to tap into connected products growth

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.

Reeling in the Fed?

Via The Daily Bell

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:

Is Soros The Source Of Funds Behind The "Muslim Ban" Lawsuits?

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

Law Professor Suggests GPS Trackers For Refugees (Instead Of Immigration Ban)

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 ...

Flying in Europe? Airline Investors Should Stay Away

Oil hedges are keeping fuel prices low for Europe's big airlines, including Ryanair. But that saving is going to passengers, not investors.

Tech Giants Could Make Visa Reform Work

Big tech companies could benefit from H-1B reform—if they can make their economic case stick.

Siemens Narrows Gap with GE, But Now It Gets Harder

Betting on a further re-rating of German industrial giant Siemens is no sure thing

January 2017 Conference Board Employment Index Improves

Written by Steven Hansen

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".

Economic Preview: Trump and trade: U.S. deficits back in limelight

Monthly figures on the U.S. trade deficit hardly drew scrutiny in Washington in the Obama era. Donald Trump is about to change that. Here's what it means for the U.S. economy.

Under Armour's sole bond issue downgraded to junk status

Under Armour's stock was subjected to multiple downgrades this week, but the bad news didn't stop there.

The Moneyologist: This woman's father was murdered and, on her lawyer's advice, she signed the family's properties over to her sister

A lawyer and executor are required by law to act in your best interests.

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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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