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30Mar2017 Market Update: Wall Street Trending Down Due To Profit Taking, Crude Prices Higher And Steady, The US Dollar Trending Higher And Currently In The 100 Range

Written by Gary

U.S. stocks were higher in morning trading this morning, but have reversed course and are heading for the unchanged line (SPY +0.15%). Bank stocks gained after data showed that the domestic economy grew at a faster pace.


Here is the current market situation from CNN Money

North and South American markets are mixed. The S&P 500 is higher by 0.12%, while the Bovespa is leading the IPC lower. They are down 0.39% and 0.35% respectively.

Traders Corner - Health of the Market

Index Description Current Value
Investors.com Members Sentiment: % Bullish (the balance is Bearish) 61%
CNN's Fear & Greed Index Above 50 = greed, below 50 = fear 42
Investors Intelligence sets the breath Above 50 bullish 63%
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.

+27.20

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. 65%
StockChart.com S&P 500 Bullish Percent Index ($BPSPX) In support zone and rising. ~62, ~57, ~45 at which the markets are in a full-blown correction. 73%
StockChart.com 10 Year Treasury Note Yield Index ($TNX) ten year note index value 24.09
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 87.69
StockChart.com NYSE Composite (Liquidity) Index ($NYA) Markets move inverse to institutional selling and this NYA Index is followed by Institutional Investors 11,520

What Is Moving the Markets

Here are the headlines moving the markets.

Wall St. higher as bank stocks gain after GDP data

(Reuters) - U.S. stocks were higher in morning trading on Thursday as bank stocks gained after data showed that the domestic economy grew at a faster pace in the fourth-quarter than previously estimated.

Fourth-quarter economic growth revised higher, boosted by consumer spending

WASHINGTON (Reuters) - U.S. economic growth slowed less than previously reported in the fourth quarter as robust consumer spending spurred the largest increase in imports in two years.

Volkswagen settles 10 U.S. state diesel claims for $157 million

WASHINGTON (Reuters) - Volkswagen AG said on Thursday it has agreed to pay $157.45 million to settle environmental claims from 10 U.S. states over its excess diesel emissions, as the world's largest automaker looks to move past the scandal.

Einhorn's GM plan poses conflict challenge for board

NEW YORK (Reuters) - Hedge fund manager David Einhorn's unusual plan to divide General Motors Co's shares into two classes poses a potential corporate governance minefield for GM board members.

U.S. awards AT&T contract to build wireless network for first responders

(Reuters) - The United States on Thursday awarded a contract to AT&T Inc to build a nationwide wireless broadband network to better equip first responders, years after a federal commission recommended setting up such a system following the 9/11 attacks.

Unions threaten to scupper Linde-Praxair merger

FRANKFURT/MUNICH (Reuters) - Linde labor representatives will vote against the German industrial gases group's planned $65 billion merger with U.S. rival Praxair , the head of the German works council told Reuters on Thursday, in a move that could scupper the deal.

Saudi Aramco formally appoints banks to advise on share sale

LONDON (Reuters) - Saudi Aramco has formally appointed JPMorgan Chase & Co , Morgan Stanley and HSBC as international financial advisers for its initial public offering, sources familiar with the matter told Reuters.

Investors bet on a quiet tech revolution in Europe

LONDON (Reuters) - It's not banking or mining shares, but rather technology stocks, that have come up trumps in Europe this year and are poised to end the first quarter as the best-performing sector.

China's LeEco secures $2.2 billion for expansion from new investors

TAIPEI (Reuters) - Chinese tech conglomerate LeEco has successfully raised nearly $2.2 billion from new investors including Tianjin Jiarui Huixin Corporate Management Company and property developer Sunac China Holdings , stock market filings on Thursday showed.

How The "Trump Trades" Have Mutated Over Time, In Pictures

Is the Trump trade alive or dead: that is the question Bank of America analyst Savita Subramanian tries to answer in a report overnight, in which she notes that it is not one Trump trade but several, and they tend to be "harder to isolate."

She notes that while stocks continued to make new highs through February, market leadership has shifted dramatically compared to what we saw immediately following the election. In the initial month after the election, the rally was led by small caps, cyclicals, Value, low quality and beta. But since early December, those leaders have turned into laggards. An examination of the performance of the potential beneficiaries of the new administration's policy proposals paints a similar story, with the performance of most of the initial policy winners peaking in early December and subsequently underperforming.

In short, it is not one Trump Trade, but many, and in the span of the past 5 month, they have mutated.

What have been the main changes?

As shown in the charts below, the market still believes in infrastructure reform, less so in tax reform. While stock beneficiaries of various aspects of Trump's proposed policies mostly peaked in December, some groups have held onto their initial gains better than others. In particular, beneficiaries of domestic infrastructure spending have outperformed by 7ppt since the election, while beneficiaries of lower tax rates have outperformed the average Russell 1000 stock by 4ppt. This suggests that the market still holds onto the belief that we will ultimately see the passage of an infrastructure spending bill and corporate tax r ...

Energy Sector; Two Thirds chance they rally here

Below looks at the performance of the S&P 500 Sectors, looking back 5-years. The winner for the lowest performance is the Energy Sector (-1.42%). XLE is lagging the S&P 500 by almost 70%, in just 5-years. "Time for them to rally?

Samsung Needs a New Structure Alongside Its New Phone

Samsung Electronics is hoping to move on with the unveiling of its latest model, the Galaxy S8, but the world's leading smartphone maker could gain lasting benefits from an uncluttering.

The Depressing Logic Supporting Standard Chartered's Shares

Profitability remains under pressure, though, like HSBC, bank could pay dividends despite limited growth

Investors Don't Have Too Much of a Good Thing

There are plenty of warning signs in today's market, but earnings growth isn't one of them.

Third Estimate 4Q2016 GDP Revised Upward. Corporate Profits Up.

Written by Doug Short and Steven Hansen

The third estimate of fourth quarter 2016 Real Gross Domestic Product (GDP) was revised upward to 2.1 %. This improvement was mainly due to significant upward revision to personal consumption expenditures for services and inventory levels - but with headwinds from trade and government spending

Moneyism: Millennials say Instagram is the most narcissistic social network on the planet

Young Americans have cast aspersions on their own carefully-crafted images.

In One Chart: The IPO market is back, baby!

Propelled by the large Snap Inc. offering in early March, the first quarter of 2017 saw almost 15 times more proceeds than the first quarter of 2016, according to Renaissance Capital, a manager of IPO-focused ETFs.

This guy makes a living flipping everything from sex toys to coffins

Jeff Schwarz got his start as a liquidator at his wife's aunt's wake.

Earnings Summary for Today

Earnings Calendar provided by Investing.com.

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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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