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08Mar2017 Market Update: Wall Street Choppy As Data Strengthens Rate Hike Odds, US Major Indexes Climb Out Of Negative Territory To Post Positive Gains, Crude Prices Continue To Fall With The US Dollar Index Rising

Written by Gary

The SP 500 and the DOW swung between losses and gains today (SPY +0.2%) after a strong private hiring report raised the odds of an interest rate hike next week, lifting bank stocks while dragging rate-sensitive sectors.


Here is the current market situation from CNN Money

North and South American markets are mixed today. The S&P 500 is up 0.11% while the IPC gains 0.05%. The Bovespa is off 1.79%.

Traders Corner - Health of the Market

Index Description Current Value
Investors.com Members Sentiment: % Bullish (the balance is Bearish) 70%
CNN's Fear & Greed Index Above 50 = greed, below 50 = fear 64%
Investors Intelligence sets the breath Above 50 bullish 67%
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.

-59.57

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 $OEXA200R rises above 65%
Secondary Bullish Indicators:
a) RSI is POSITIVE (above 50)
b) Slow STO is POSITIVE (black line above red line)
c) MACD is POSITIVE (black line above red line)
86%
StockChart.com NYSE Bullish Percent Index ($BPNYA) Next stop down is ~57, then ~44, below that is where we will most likely see the markets crash. 69%
StockChart.com S&P 500 Bullish Percent Index ($BPSPX) In support zone and rising. ~62, ~57, ~45 at which the markets are in a full-blown correction. 78%
StockChart.com 10 Year Treasury Note Yield Index ($TNX) ten year note index value

25.63

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 86.82
StockChart.com NYSE Composite (Liquidity) Index ($NYA) Markets move inverse to institutional selling and this NYA Index is followed by Institutional Investors 11,485

What Is Moving the Markets

Here are the headlines moving the markets.

Snap perks up after initial rush of short sellers

SAN FRANCISCO (Reuters) - Shares of Snap Inc rebounded on Wednesday following a steep selloff while an initial rush to short sell the stock appeared to be slowing.

Wall Street choppy as data strengthens rate hike odds

(Reuters) - The S&P 500 and the Dow Jones Industrial Average swung between losses and gains on Wednesday after a strong private hiring report raised the odds of an interest rate hike next week, lifting bank stocks while dragging rate-sensitive sectors.

'It's like kumbaya:' Trump's genial private meetings with CEOs jar with public attacks

WASHINGTON (Reuters) - When the bosses of some of the world's largest pharmaceutical companies headed to Washington in January to meet U.S. President Donald Trump, it had all the makings of a potentially hostile meeting.

Trump to talk infrastructure with Musk, other business leaders: source

WASHINGTON (Reuters) - U.S. President Donald Trump on Wednesday will discuss the administration's plans to boost infrastructure spending with Elon Musk, who heads Tesla Inc and Space X, and other business leaders, a White House official said.

Watchdog to ask U.S. lawmakers to probe Icahn's role with Trump

(Reuters) - A government watchdog group, Public Citizen, said on Wednesday it has asked lawmakers to investigate whether billionaire investor Carl Icahn should have been subject to lobbying disclosure laws when he advised President Donald Trump to overhaul the U.S. biofuels program.

Exclusive: With India visit, Westinghouse CEO keeps nuclear project alive

NEW DELHI (Reuters) - A deal to build six Westinghouse nuclear reactors in India is still alive, but to be viable must be ring-fenced from a financial crisis at the U.S. reactor maker and its Japanese parent Toshiba Corp, people with direct knowledge of the matter told Reuters.

Viacom in talks with ex-Fox Chairman Gianopulos to lead Paramount: WSJ

(Reuters) - Viacom Inc is in talks with former Twentieth Century Fox Chairman Jim Gianopulos to lead its Paramount Pictures film studio, the Wall Street Journal reported.

Banks spent record amounts on lobbying in recent election

(Reuters) - Banks and other financial companies expecting big benefits from Republican-led deregulation spent record amounts on lobbying in the last election cycle, according to an advocacy group report released on Wednesday.

Samsung to expand in U.S., shift some manufacturing from Mexico: WSJ

(Reuters) - Samsung Electronics Co Ltd is planning to expand its U.S. production facilities, shifting some manufacturing from Mexico, the Wall Street Journal reported on Wednesday, citing people familiar with the matter.

Senators Ask DOJ, FBI For Information On Trump Wiretapping

While some had expected that Trump's latest threat to demand a probe into Obama's alleged wiretapping of the Trump Tower to quietly fade from public consciousness the same way his threat to probe the rigged elections went nowhere, moments ago members of the Judiciary Panel, Senators raham and Whitehouse, announced they have asked the FBI and DOJ for information on the wire-tapping on President Trump, including copies of warrant applications and associated orders.

From the news release:

Senators Graham and Whitehouse Request Warrant Applications and Court Orders Related to Possible Wiretapping of President Trump, Trump Campaign, or Trump Tower

WASHINGTON - U.S. Senators Lindsey Graham (R-South Carolina) and Sheldon Whitehouse (D-Rhode Island), the chair and ranking member of the Senate Judiciary Committee's Subcommittee on Crime and Terrorism, today sent a letter to the Director of the Federal Bureau of Investigation (FBI) and Acting Deputy Attorney General requesting information on possible wiretapping of President Trump, the Trump campaign, or Trump Tower.

"We request that the Department of Justice provide us copies of any warrant applications and court orders—redacted as necessary to protect intelligence sources and methods that may be compromised by disclosure, and to protect any ongoing investigations—related to wiretaps of President Trump, the Trump Campaign, or Trump Tower," wrote Graham and Whitehouse. "We will be glad to review any such applications and orders once they are disclosed, and proceed as appropriate with the oversight the President has requested."

"As Chairman and Ranking Member of the Senate Judiciary Committee's Subcommittee on Crime and Terrorism, we would take any abuse of wiretapping authorities for political purposes very seriously. We wo ...

Oil Tanks To $51 Handle - One-Month Lows

It seems ever-exuberant energy traders are finally waking up to the reality that the global rebalance is not happening. A record glut of crude and surging production has sent WTI back to a $51 handle this morning (one-month lows) and has weighed on gasoline prices...

WTI has broken below its 100-day moving average as the machines ran overnight stops and then plunged after the DOE data...

"Inventory drawdown slower than I thought after cuts," Saudi Arabia's Khalid Al-Falih admits.

Bloomberg's Vince Piazza warns U.S. inventories across the product value chain remain elevated, with crude oil 39% above the five- year average and distillates, jet fuel and gasoline between 5.5% and 22% higher. This, along with the 51% rebound in rig count since last year, and the robust level of more than 5,300 DUCs (drilled yet uncompleted wells) implies the near-term return of U.S. hydrocarbon volume with an environment of lower range-bound prices.

Why Reaping IPO Riches Isn't a Snap

Investors wondering whether Snap is the new Facebook appear to have gained a healthy dose of skepticism. If history is any guide, that is the right response.

Can Adidas Keep Crushing Nike?

After a year of taking market share from its U.S. rival, shares in the German sneaker company come with the curse of high expectations.

Air Products-Yingde: Why It's Hard for the U.S. to Buy Big in China

Air Products looks to be getting outmaneuvered in its bid for Chinese rival Yingde Gases.

January 2017 Wholesale Sales Appear To Be Improving

Written by Steven Hansen

The headlines say wholesale sales were down month-over-month with inventory levels up remaining at levels associated with recessions. Our analysis shows significant improvement of the 3 month averages and our monthly analysis shows significant acceleration..

Outside the Box: A libertarian explains why Trump's new travel ban is still legally suspect

President Trump's new travel ban undermines some of the old executive order's legal arguments, according to an immigration policy analyst at the Cato Institute.

The Ratings Game: Urban Outfitters' problem isn't too many stores — it's that women don't want the clothes it's selling

CEO compares retail to the housing market, with too much capacity added in the 1990s and early 2000s.

Matthew Lynn's London Eye: 5 ways the Fed rate hikes will hit global markets

Here are five things to watch in global markets as the Federal Reserve raises interest rates, writes Matthew Lynn.

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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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