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16May2017 Market Close: Wall Street Slides Fractionally Off Historic Highs To End Session Mixed, Crude And The US Dollar Both Slid Off Session Highs

Written by Gary

US markets closed mixed with the small caps showing the most gain in positive territory. The DOW closed down and flat (-2 points) and SPY down -0.1% after a mixed set of economic data and retail earnings.

Todays S&P 500 Chart

The Market in Perspective

Here are the headlines moving the markets.

S&P 500 ends flat; retail earnings mixed

NEW YORK (Reuters) - The S&P 500 and the Dow ended Tuesday's session flat after a mixed set of economic data and retail earnings, while the Nasdaq hit another record closing high with help from technology stocks.

Cyber attack eases, hacking group threatens to sell code

WASHINGTON (Reuters) - Governments turned their attention to a possible new wave of cyber threats on Tuesday after the group that leaked U.S. hacking tools used to launch the global WannaCry "ransomware" attack warned it would release more malicious code.

Reports of large-scale Ford job cuts meet indifference on Wall Street

WASHINGTON/DETROIT (Reuters) - Investors on Tuesday shrugged off media reports that Ford Motor Co will announce plans to cut thousands of white-collar workers, highlighting the challenges facing Chief Executive Mark Fields.

Nasdaq launches machine intelligence-enhanced data service

NEW YORK (Reuters) - Nasdaq Inc on Tuesday launched a service to help fund managers and quantitative traders better use data from social media, central bank announcements, retail sentiment and other sources to improve trading profits.

JPMorgan's Dimon defends Trump advisory role, deregulation

NEW YORK (Reuters) - JPMorgan Chase & Co Chief Executive Jamie Dimon on Tuesday responded to criticism from angry shareholders of his role advising President Donald Trump on economic matters, saying he would help "any president" in office.

EU to launch legal case against Italy over Fiat emissions: sources

BRUSSELS (Reuters) - The European Union will launch legal action against Italy on Wednesday for failing to police allegations of emissions-test cheating by Fiat Chrysler properly following the Volkswagen dieselgate scandal, EU sources said.

Starbucks software glitch takes some stores offline

(Reuters) - Some U.S. and Canadian Starbucks Corp stores were only accepting cash on Tuesday because of a payment system outage that the company blamed on an overnight software update that knocked some cash registers offline.

Twitter co-founder Biz Stone returns to company

(Reuters) - Twitter Inc co-founder Biz Stone said on Tuesday he would be returning full time to the microblogging service in an unspecified role.

Home Depot's profit tops on higher sales of big-ticket items

(Reuters) - Home Depot Inc's first-quarter profit and same-store sales topped estimates as customers spent more on expensive items such as appliances and flooring and roofing materials.

Height Securities Begins Contemplating "Impeachment": Here's What To Look For

After the latest diplomatic scandal involving Donald Trump, which unleashed a frenzy of allegations that Trump is either a traitor or too dumb to govern for sharing allegedly confidential data to the Russian foreign minister, the angry response by Democrats - many of whom now demand hearings, transcripts, or worse - was predictable. What was unexpected was the loud criticism by some very prominent republican senators.

Earlier today, Sen. John McCain said that allegations Trump shared highly classified information with top Russian officials are "deeply disturbing," and added that "regrettably, the time President Trump spent sharing sensitive information with the Russians was time he did not spend focusing on Russia's aggressive behavior, including its interference in American and European elections, its illegal invasion of Ukraine and annexation of Crimea, its other destabilizing activities across Europe, and the slaughter of innocent civilians and targeting of hospitals in Syria," he said.

He was not alone, joining other Republicans who voiced similar criticism about Trump's actions in the Oval Office. One was Sen. Susan Collins who said earlier Tuesday that the Senate Intelligence Committee needs to be briefed on the report. Sen. Ben Sasse told MSNBC that "It's not helpful that this was with the Russians, right? I mean this is just weird."

Senator Bob Corker was even more blunt, saying the White House is "in a downward spiral right now and have got to figure out a way to come to grips with all that's happening. You know, the shame of it is there's a really good national security team in place and there are good productive things that are under way through ...

"Forget What You Think Know", Fund Manager Advises "Trade Your Emotions, Not The Facts"

We're constantly told that we should learn from every experience, but stick around long enough (like the last 10 years of rigged markets) and you realize that there are some things it's better to forget.

The issue, of course, as Richard Breslow, former FX trader and fund manager who writes for Bloomberg, are you taking away the right lesson?

Garbage in and garbage out is no way to improve yourself. And you actually won't become a better investor, if your thesis is based on it's better to be lucky than smart.

It's a world where you thought you had dodged any weekend missteps and could get on with the week's business as Monday booted off. Only to wake this morning to "Aides Race to Limit Fallout." And it almost ceases to matter what it's about this time. So the lessons you need to keep learning is what traders care about here and now and lean on those biases. Flavor of the moment trumps grand design.

People have decided that it's Europe's turn to shine. Yes, there is that Italian election, but it's not soon and political crisis fatigue has most definitely settled in. Not to me ...

Top Hedge Fund Manager Pay Tumbles To Lowest Since 2005

Last week news emerged that as a result of the deteriorating local economy, coupled with a plunge in hedge fund profits, the capital of Connecticut - Hartford - was preparing for bankruptcy. Among the reasons cited by Department of Revenue Services Commissioner Kevin Sullivan was that wealthy people are "dramatically less wealthy than they were before."

It turns out that, at least relatively speaking, he was correct.

According to the latest annual ranking by Institutional Investor's Alpha magazine, the woes that have plagued hedge fund LPs who have paid 2 and 20 (or 1 and 10 as the case may ) for seven consecutive years of market underperformance have finally spread to management and in 2016 the 25 top paid hedge fund managers made a combined $11 billion. Although that sounds like a lot, it's actually the lowest total since 2005, when the top 25 earned just $9.4 billion. It's also just a little over half of what the top 25 managers earned just three years ago, when they reaped a total of $21.2 billion.

The average top earner made $440 million in 2016. The median earner made $250 million, the lowest since 2011, when the median earner made $235 million.

Surprisingly, even in 2008, when the stock market and many hedge funds were down by large-double-digit percentages, the highest earners made more money as a group: $11.6 billion.

To qualify for the top 25 this year, managers needed to earn "only" $130 million, the lowest floor since 2011, when a manager required $100 million to make the list. Last year's comparatively lower numbers underscore the dichotomy of the hedge fund industry in ...

How Our Current System Of Government Works

Seriously...

Source: Townhall.com

How Nvidia Invaded Intel's Turf

Nvidia's new success in chips for data centers puts the videogame chip maker in competition with Intel as data centers embrace artificial intelligence.

Dividend Hunters Should Look Out for Vodafone

Income-hungry investors worried about upheaval in the U.S. telecom market should cast their eyes across the Atlantic. The fat dividends paid by European mobile leader Vodafone look secure, and could even grow.

When to Worry About China Again

China's debt-market selloff is driven mostly by a regulatory crackdown—growth is decent and corporate profits are healthy—but risks are poised to rise again, meaning things could shortly get hairier.

The Tell: 5 things need to happen to keep one bullish money manager from turning on this market

Another day, another record high. No matter how unsettling the headlines, nothing seems capable of truly derailing this market. Nothing, except maybe one troubling trend that's been bubbling under the surface of late.

This is one reason why the rich will get richer

A high credit score has benefits that go beyond getting lower interest rates on loans.

The billionaire investors that made a bet on Snapchat

Several large investment funds and famous billionaires made bets on this year's on-again, off-again tech offering, Snap Inc.

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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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