US stocks opened higher today and were on track to snap a three-day losing streak as investors shifted focus to the first-quarter earnings season, with geopolitical concerns seemingly taking a back seat. WTI crude slipped from the morning highs into the 52 handle.
Here is the current market situation from CNN Money
North and South American markets are broadly higher today with shares in Brazil leading the region. The Bovespa is up 1.39% while U.S.'s S&P 500 is up 0.53% and Mexico's IPC is up 0.22%.
$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)
(Reuters) - U.S. stocks edged higher on Monday and were on track to snap a three-day losing streak as investors shifted focus to the first-quarter earnings season, with geopolitical concerns taking a back seat.
BEIJING (Reuters) - China's economy grew faster than expected in the first quarter as higher government infrastructure spending and a gravity-defying property boom helped boost industrial output by the most in over two years.
BEIJING (Reuters) - China's Ant Financial has sweetened its bid for MoneyGram International Inc by over a third, beating a rival offer to gain approval from the U.S. electronic payment firm's board, although it still faces regulatory hurdles.
NEW YORK (Reuters) - A U.S. judge on Monday sentenced Brazilian engineering company Odebrecht SA to pay $2.6 billion in fines in a massive criminal corruption case, signing off on a plea deal between the company and U.S., Brazilian and Swiss authorities.
SHANGHAI (Reuters) - Global automakers face fresh threats to their profits in China from domestic automakers SAIC and Geely, which are launching new models and marketing strategies to challenge better-known foreign brands in the world's largest car market.
NEW YORK (Reuters) - Crude oil prices slipped on Monday in subdued trading after a long holiday weekend following three straight weeks of gains, but strong economic growth in China and a weaker dollar limited losses.
(Reuters) - EagleClaw Midstream Ventures LLC, the largest privately held operator of pipelines and processing facilities in West Texas' Delaware Basin, said it agreed to be bought by funds managed by Blackstone Group LP for about $2 billion.
Following US Vice President Pence's earlier remarks that "the era of strategic patience is over."
.@VP Mike Pence on North Korea: "The era of strategic patience is over." https://t.co/78WhdfZWfb pic.twitter.com/I3JnAal71I
— Fox News (@FoxNews) April 17, 2017
Ambassador Kim, North Korea's Permanent UN Representative, hosted a news conference in Ryong on "the consideration of non-proliferation in the DPRK to be held in the Security Council on April 28."
He did not pull any punches...
*U.S. PUSHED KOREAN PENINSULA TO 'BRINK OF WAR': ENVOY KIM
*ENVOY KIM SAYS U.S. `USURPED' UN DISCUSSION ON N. KOREA
*KIM OBJECTS TO SESSION NEXT WEEK LED BY TILLERSON
*N. KOREA UN ENVOY KIM WARNS OF RISK OF NUCLEAR WAR
"It has been created dangerous situation in which the thermonuclear war may break out at any moment on the peninsula and pose a serious threat to the world's peace and security, to say nothing of those of northeast Asia."
And concluded by warning that North Korea will take toughest counter actions; "We will hold the US accountable"
According to a report by South Korea's primary news outlet, Yonhap, the Pentagon has directed a total of three US aircraft carriers toward the Korean Peninsula, citing a South Korean government source.
Yonhap reports that in addition to the CVN-70 Carl Vinson, which is expected to arrive off the South Korean coast on April 25, the CVN-76 Ronald Reagan - currently in home port in Yokosuka, Japan - and the CVN-68 Nimitz carrier group - currently undergoing final pre-deployment assessment, Composite Training Unit Exercise off Oregon - will enter the Sea of Japan next week. According to the senior government official. the US and South Korea are discussing joint drills, which will include the three aircraft carriers and other ships.
CVN-68 Nimitz carrier group
USS Carl Vinson, surrounded by a fleet of US warships, was sent by Washington toward the Korean Peninsula in the beginning of April.
While details are scarce, and we would urge confirmation from US-based sources,
During my testimony of March 28th before the U.S. House of Representatives Committee on Foreign Affairs, I stressed that, to establish stability and turn Venezuela's economy around, runaway inflation must be stopped in its tracks. After all, stability might not be everything, but everything is nothing without stability.
To grasp the magnitude of Venezuela's inflation problem, take a look at the chart below. It shows the annual inflation rates (yr/yr) for chicken. Venezuela's current chicken-price inflation is running at a whopping 700% annual rate.
The New York Times editorial of March 30th, "Crisis Upon Crisis in Venezuela," picked up on my "stop inflation first" elixir. As the Times put it: "the international community could propose specific macroeconomic reforms that could curb Venezuela's runaway inflation and stabilize its currency."
The Times failed to offer a specific inflation-killing strategy, however. There are only two sure-fire ways to kill Venezuela's inflation and establish the stable conditions which are necessary to carry out much-needed economics reforms. One way would be to dump the bolivar and officially dollarize the economy, an option I covered in my March 30th Forbes piece, "On Venezuela's Death Spiral."
A second method would be to adopt a currency board system. In such a system, the bolivar would become a clone of a reliable anchor currency, such as the U.S. dollar.
A big ramp up in consumer debt is keeping growth chugging along in China, which has helped slow a dangerous buildup in corporate borrowing. But goosing household debt to bail out struggling firms is a risky growth strategy.
Bank of America Corp. is scheduled to report first-quarter earnings before the bell on Tuesday, and analysts are expecting similar trends to those seen at rivals last week of strong trading profits but weak loan growth.
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