US stocks slipped today as investors booked profits after a record day on Wall Street that propelled the DOW above 21,000 for the first time ever. Crude prices continue to slip lower while the US dollar remains strong.
Here is the current market situation from CNN Money
$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)
NEW YORK (Reuters) - Snap Inc's shares continued to defy doubts about the company's early-stage business model and slowing user growth, jumping nearly 50 percent in their first day of trading on the New York Stock Exchange.
WASHINGTON (Reuters) - The number of Americans filing for unemployment benefits fell to near a 44-year low last week, pointing to further tightening of the labor market even as economic growth appears to have remained moderate in the first quarter.
NEW YORK (Reuters) - Chinese telecom equipment maker ZTE Corp is nearing an agreement to plead guilty to U.S. criminal charges and pay hundreds of millions of dollars in penalties over allegations it violated U.S. laws that restrict sale of U.S. technology to Iran, a person familiar with the matter said.
WASHINGTON (Reuters) - A coalition of 53 companies on Thursday backed transgender rights at the U.S. Supreme Court, signing on to a brief supporting a Virginia student who is fighting to use the school bathroom that corresponds with his gender identity.
LONDON (Reuters) - Demand for gasoline in the United States, which accounts for a tenth of global oil consumption, is expected to peak next year as engines become more efficient, WoodMackenzie analysts said.
NEW YORK (Reuters) - Retail currency brokers are considering operating in the United States after a nearly seven-year absence, if President Donald Trump is able to carry through on his pledge to deregulate financial markets.
(Reuters) - Supermarket operator Kroger Co surprised analysts with its first quarterly same-store sales decline in 13 years, as competition intensified in the U.S. grocery industry, sending its shares down as much as 5.6 percent on Thursday.
WASHINGTON (Reuters) - A bipartisan pair of lawmakers on the U.S. Senate Banking Committee are planning to introduce a bill that aims to entice private corporations to give their employees larger equity stakes in their companies and promote longer-term investing.
We spend a lot of time talking about the various pension ponzi schemes that will inevitably wreak havoc on the global financial system at some point in the not so distant future. That said, you should also be keeping an eye on so-called long-term-care (LTC) health insurance providers who, as Penn Treaty Network of America Insurance teaches us this morning, have been perpetuating a ponzi scheme of their own.
After eight full years of legal battles between state regulators, investors, and policyholders, Pennsylvania Court Judge Hannah Leavitt signed off on a plan Wednesday to liquidate Penn Treaty Network America Insurance and its affiliate, American Network Insurance, the largest such health insurance liquidation in history. The decision leaves solvent insurers, their owners, and customers to pick up the cost for more than 70% of the up to $4.6 billion in projected long-term-care claims expected for 76,000 aging Penn Treaty customers nationwide.
Pennsylvania Insurance Commissioners Teresa Miller said that after a grueling eight-year legal battle the companies' financial difficulties were deemed "too great to be remedied." Per the PA Insurance Department:
Insurance Commissioner Teresa Miller today announced the Commonwealth Court approval of petitions to liquidate Penn Treaty Network America Insurance Company and American Network Insurance Company, with policyholder claims to be paid through the state guaranty association system, subject to statutory limits and conditions.
Pivotal Research's Brian Wieser braved the storm today and issued the first "Sell" research on Snap Inc.
Snap is a promising early stage company with significant opportunity ahead of itself.
Unfortunately, it is significantly overvalued given the likely scale of its long-term opportunity and the risks associated with executing against that opportunity. Significant ongoing dilution from share-based compensation will likely represent an additional negative consideration for the stock. We value Snap at $10 per share on a YE2017 basis. As the stock priced well above this level in its IPO, we rate its shares Sell.
Snap presents investors with the opportunity to invest in the company behind an innovative, large-scale, and distinctively young-skewing platform which is establishing itself as a magnet for business unit talent and content partners alike. Snap also offers investors a share of the significant economic potential that should follow from Snap's ongoing business expansion.
At the same time, there are significant risks offsetting these opportunities. Investors in Snap will be exposed to an upstart facing aggressive competition from much larger companies, with a core user base that is not growing by much and which is only relatively elusive. It has a promising and innovative advertising offering, but so far it is still mostly unproven and difficult to quantify its ultimate scale. Investors will also be exposed to what appears to be a sub-optimal corporate structure operated by a senior management team lacking experience transforming a successful new ...
A case of US governmental meddling in the political affairs of a foreign ally previously investigated by Congress appears to have also been part of a scheme to launder taxpayer money and use it to fund the presidential campaigns of Barack Obama and Hillary Clinton, a crowdsourced investigation online has revealed. The effort has revealed that organizations tied to high ranking members of Shareblue and its holding company conspired with John Kerry's Department of State to use taxpayer funds in an effort to unseat Benjamin Netanyahu as the Prime Minister of Israel. The funds appear to potentially have then been laundered and returned via a campaign consulting group tied to former President Barack Obama, ultimately being used to fund the 2016 U.S. presidential campaign of Hillary Clinton.
I. Funds Passed From The Department Of State Were Used By OneVoice In An Attempt To Unseat Prime Minister Benjamin Netanyahu
Peter Daou is the CEO of Shareblue's holding company, True Blue Media LLC. Mr. Daou played an integral role in the site's transformation from True Blue Media to Shareblue. Mr. Daou was al ...
Bitcoin just exceeded the price of an ounce of gold for the first time, but the digital currency is still a "speculators' market" and not yet a proxy for the precious metal, says author Paul Mladjenovic in a MarketWatch interview.
Econintersect wants your comments,
data and opinion on the articles posted. You can also comment using Facebook directly using he comment block below.
Econintersect Live Market
Print this page or create a PDF file of this page
The growing use of ad blocking software is creating a shortfall in covering our fixed expenses. Please consider a donation to Econintersect to allow continuing output of quality and balanced financial and economic news and analysis.
Take a look at what is going on inside of Econintersect.com