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04Apr2017 Market Update: US Stock Market Indexes Mixed Near The Unchanged Line, Potentially Tense Meeting Between Trump And Chinese Xi Jinping Expected

Written by Gary

Markets opened lower as expected and then climbed back up into the green unchanged line. Wall Street is becoming sour at the noontime trading, weighed down by financial and technology shares, and has turned south for the time being (SPY -0.01%).


Here is the current market situation from CNN Money

North and South American markets are mixed today. The IPC is up 0.48% while the Bovespa gains 0.41%. The S&P 500 is off 0.04%.

Traders Corner - Health of the Market

Index Description Current Value
Investors.com Members Sentiment: % Bullish (the balance is Bearish) 62%
CNN's Fear & Greed Index Above 50 = greed, below 50 = fear 45
Investors Intelligence sets the breath Above 50 bullish 64
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.

+23.30

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. 66%
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 23.55
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 87.43
StockChart.com NYSE Composite (Liquidity) Index ($NYA) Markets move inverse to institutional selling and this NYA Index is followed by Institutional Investors 11,466

What Is Moving the Markets

Here are the headlines moving the markets.

U.S. trade deficit falls as exports hit two-year high

WASHINGTON (Reuters) - The U.S. trade deficit fell more than expected in February as exports increased to a two-year high and slowing domestic demand weighed on imports.

Banks, tech stocks lead Wall Street lower; Trump-Xi meet eyed

(Reuters) - U.S. stocks were slightly lower on Tuesday, weighed down by financial and technology shares, and as investors braced for a potentially tense meeting between President Donald Trump his and Chinese counterpart Xi Jinping.

U.S. business seeks action, not trade war, in Xi-Trump summit

BEIJING/WASHINGTON (Reuters) - Although worried about the prospect of a trade war, American businesses operating in China nonetheless want President Donald Trump to wring some concessions on market access from China's leader Xi Jingping when the two meet this week.

BMW pulls advertising from Fox News' 'O'Reilly Factor'

(Reuters) - BMW of North America has suspended its advertising on Fox News' "The O'Reilly Factor" in response to a New York Times report that Fox and its star anchor Bill O'Reilly paid five women to settle claims that he sexually harassed them, a BMW spokesman confirmed to Reuters on Tuesday.

Ralph Lauren to cut jobs, close flagship Fifth Avenue Polo store

(Reuters) - Ralph Lauren Corp said on Tuesday it would cut jobs and shut its flagship Polo store on Fifth Avenue in New York City, among other office and store locations, as part of a cost-cutting plan.

Peabody makes fresh U.S. stock debut after bankruptcy exit

CHICAGO (Reuters) - U.S. coal miner Peabody Energy Corp returned to the New York Stock Exchange on Tuesday after emerging from a year-long $8 billion Chapter 11 bankruptcy with far less debt and an industry champion in the White House.

Electric car maker Tesla passes GM as most valuable U.S. car company

(Reuters) - Tesla Inc on Tuesday morning surpassed General Motors Co as the most valuable U.S. auto firm.

Office supplies retailer Staples explores sale: source

(Reuters) - Staples Inc is in talks with private-equity firms about a potential sale, a source familiar with the matter said on Tuesday, sending shares of the largest U.S. office supplies retailer up more than 10 percent.

Delta Air cuts forecast for key revenue measure again

(Reuters) - Delta Air Lines Inc on Tuesday lowered its forecast for a closely watched revenue measure for the second time in less than a month, citing slower-than-expected improvement in average fares for flights booked at the last minute.

Spanish Gunship Makes "Illegal Incursion" Into British Waters Off Gibraltar

Just days after a post-Brexit UK cabinet put Europe on edge when a former Conservative leader said on Sunday that Theresa May "would go to war" to protect Gibraltar, Spain has tested the former EU member's resolve when on Tuesday afternoon the Gibraltar government tweeted that a Spanish gunship has made an illegal incursion into British waters off Gibraltar amid rising Brexit tensions over the territory.

According to SkyNews which broke the story, the Royal Navy told the ship to leave but the incident, the seventh of its kind this year, is likely to escalate already rising tensions over the sovereignty of the Rock.

Illegal incursion into #British #Gibraltar Territorial Waters by Spanish Navy patrol ship Infanta Cristina this afternoon. #BGTW pic.twitter.com/IkYadi8XNn

— HM Govt of Gibraltar (@GibraltarGov) April 4, 2017

The alleged incursion comes the day after Spanish foreign minister Alfonso Dastis told the UK not to "lose temp ...

Amazon Stock $100 Away From Making Jeff Bezos World's Richest Man

Last Thursday, when AMZN stock - currently trading at some ridiculous four or more digit P/E multiple - made its latest spurt higher, we reported that as a result of the move, Jeff Bezos was now richer than Warren Buffett and fast approaching Bill Gates.

As a reminder, just last Wednesday Bezos added $1.5 billion to his net worth, the day after the e-commerce giant announced it will buy Dubai-based online retailer Souq.com, and has added over $7 billion since the global equities rally began following the election of Donald Trump. As of last week, Bezos had a net worth of $75.6 billion based on the Bloomberg Billionaires Index. That's $700 million more than Berkshire Hathaway Inc.'s Buffett and $1.3 billion above Ortega, the founder of Inditex SA and Europe's richest person.

That said, as of last Thursday, Bezos remained just over $10 billion behind Microsoft co-founder Bill Gates, the world's richest person with $86 billion.

But not for long, because fast forward less than a week later, when following a number of more sellside upgrades, Bezos is nearly there.

The latest catalyst: a "research" report from BMO's Daniel Salmon who upgraded the company to BMO's Top Pick, boosting his price target from $900 to $1,200. The alleged catalyst: Amazon is next set to challenge Google on its advertising business, to wit:

In this 46-page report, we examine a significant emerging opportunity for Amazon: advertising. We belie ...

Hard to Figure How Corporate Bonds Rally From Here

Corporate bonds have had a strong run in the past year. There is little room for further gains.

Barclays Africa Exit Looking Like Good Timing

Barclay's decision a year ago to sell its African subsidiary, among the group's most profitable businesses, still looks on track despite financial ructions in its biggest market, South Africa.

Don't Write Off Pharma's Nightmare Scenario

Drug-price rhetoric translating into law is nearly unthinkable for investors, but the risk still shouldn't be ignored.

February 2017 Manufacturing New Orders Improve (Unless One Adjusts For Inflation)

Written by Steven Hansen

US Census says manufacturing new orders improved. Our analysis is that inflation eats away any gains. The rolling averages improved.

February 2017 Trade Slowed But Trade Balance Improved

Written by Steven Hansen

Trade data headlines show the trade balance improved from last month. Our analysis paints an worsening picture for trade using the rolling averages - however exports are doing relatively better.

NewsWatch: Stock market tries to climb ahead of Trump-Xi summit

U.S. stock-market indexes trade modestly higher, climbing off the lows of the session, ahead of a meeting later this week between President Donald Trump and his Chinese counterpart.

Market Snapshot: Stock market tries to climb ahead of Trump-Xi summit

U.S. stock-market indexes trade modestly higher, climbing off the lows of the session, ahead of a meeting later this week between President Donald Trump and his Chinese counterpart.

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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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