$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) - Verizon Communications Inc on Thursday reported its first-ever quarterly loss of subscribers, even as it offered an unlimited data plan, raising questions on whether the No. 1 U.S. wireless carrier may need a larger acquisition than Yahoo to diversify its business.
WASHINGTON (Reuters) - New applications for U.S. jobless benefits rose slightly more than expected last week, but a drop in the number of Americans on unemployment rolls to a 17-year low suggested the labor market continues to tighten.
NEW YORK (Reuters) - Wells Fargo & Co's largest investor, Warren Buffett, has likely already voted his shares to support the bank's recommendations at its contentious annual shareholder meeting next week, a representative told Reuters on Wednesday, which include reinstating most of the board's directors.
ABU DHABI (Reuters) - Leading Gulf oil exporters Saudi Arabia and Kuwait gave a clear signal on Thursday that OPEC plans to extend into the second half of the year a deal with non-member producers to curb supplies of crude.
WASHINGTON (Reuters) - World finance leaders are gathering on U.S. President Donald Trump's home turf on Thursday to try to nudge his still-evolving policies away from protectionism and show broad support for open trade and global integration.
TOKYO (Reuters) - Western Digital Corp , the U.S. partner of Toshiba Corp in a semiconductor venture, is in talks with Japanese government-backed investors and would consider a joint bid with them for the chip business, a senior official said on Thursday.
Russians will no longer have to dread the doorbell.
On Thursday, Russia's Supreme Court ruled that Jehovah's Witnesses was an "extremist" organization after the justice ministry applied for an order to shut down the group's national headquarters near St Petersburg, Russian TASS news agency reported. Russian authorities had put several of the group's publications on a list of banned extremist literature, and prosecutors have long cast it as an organization that destroys families, fosters hatred and threatens lives, a description the organization says is false.
In its lawsuit the Justice Ministry mentioned various violations, exposed by a snap check of the organization's activities, including those of the federal law on resistance to extremist activities. The Justice Ministry wanted the organization and its 395 local chapters to be declared as extremist and outlawed and its properties to be confiscated.
The Administrative Center of Jehovah's Witnesses told TASS it found this affair very worrisome, because a future decision would concern 175,000 practicing believers. ACJW spokesman Ivan Bilenko said the organization was prepared to seek protection of its rights in courts of any instance.
A court in Moscow on October 12, 2016 warned Jehovah's Witnesses over what it ruled was extremist activities. Under Russian legislation the religious organization in question is to be closed down if it fails to eliminate the exposed violations within the required deadline or if new evidence of its extremist activities come to light. The Moscow City Court on January 16, 2017 upheld the warning over extremism handed to Jehovah's Witnesses.
The Jehovah's Witnesses group in Russia has said it will appeal against the court's ruling.
With Bill O'Reilly officially ousted by Fox News, there was speculation whether the former Fox anchorman would receive a lump sump payout as a parting settlement considering that O'Reilly signed a new 4 year contract just before being ousted. It has now been confirmed by FT and CNN that indeed, O'Reilly will get a payout of $25 million, equivalent to one year's salary, as part of his exit settlement with 21st Century Fox.
"The amended contract provides for Bill to receive a maximum of one year's salary," said a person with knowledge of the terms quoted by the FT.
O'Reilly's payout, following the presenter's dismissal from Fox News this week after a 22-year career with the network, is less than the $40m Roger Ailes, the network's former chairman, received when he was fired in similar circumstances last year.
At an event in New York on Wednesday night, James Murdoch, the company's CEO, was asked by a New York Times reporter about the abrupt exit.
Murdoch said "we did a thorough investigation, a thorough review, and we reached a conclusion. Everything that we said in our statement is all you need to know."
O'Reilly issued a statement that reaffirmed his innocence, saying "it is tremendously disheartening that we part ways due to completely unfounded claims. But that is the unfortunate reality many of us in the public eye must live with today."
Following years of acrimony between OPEC and the hedge fund community, which the cartel dismissed simply as "speculators", things suddenly changed in 2016 when the two groups got so close, there were outright reports of collusion between the two on various occasions. We documented this last month in "Why OPEC Is Colluding With Hedge Funds." However, as Reuters' energy analyst John Kemp pointed out on twitter this morning, that relationship may be ending as hedge funds start to lose confidence in OPEC.
Taking us to the beginning, Kemp notes that OPEC and some of the most important hedge funds active in commodities reached an understanding on oil market rebalancing during informal briefings held in the second half of 2016. OPEC committed to implement credible production cuts and reduce global crude stocks while hedge funds responded by establishing bullish long positions in both flat prices and calendar spreads.
OPEC effectively underwrote the fund managers' bullish positions by providing the oil market with detail about output levels and public messaging about high levels of compliance. In return, the funds delivered an early payoff for OPEC through higher oil prices and a shift from contango to backwardation that should have helped drain excess crude stocks.
The Reuters analyst then notes that the understanding was initially successful between December 2016 and February 2017, with reports of strong compliance from OPEC, spot prices rising $10 per barrel and calendar spreads moving from contango to flat or, albeit briefly, backwardation.
But the understanding started to unravel with the calendar spreads collapsing after Feb. 21 and flat prices dropping f ...
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