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18May2017 Market Update: Wall Street Facing Another Session Faceplant, Recovered At The Opening To Positive Territory After Upbeat Economic Labor Report

Written by Gary

US stocks rose as the 8:30am upbeat economic data emboldened investors to return to the market today, a day after Wall Street suffered its worst selloff in eight months. US jobless benefits unexpectedly fell last week pointing to rapidly shrinking labor market slack.


Here is the current market situation from CNN Money

North and South American markets are mixed. The S&P 500 is higher by 0.21%, while the Bovespa is leading the IPC lower. They are down 9.51% and 0.81% respectively.

Traders Corner - Health of the Market

Index Description Current Value
Investors.com Members Sentiment: % Bullish (the balance is Bearish) 67%
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.

-35.91

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)

71%

StockChart.com NYSE Bullish Percent Index ($BPNYA) Next stop down is ~57, then ~44, below that is where we will most likely see the markets crash. 62%
StockChart.com S&P 500 Bullish Percent Index ($BPSPX) In support zone and rising. ~62, ~57, ~45 at which the markets are in a full-blown correction. 66%
StockChart.com 10 Year Treasury Note Yield Index ($TNX) ten year note index value 22.19
StockChart.com Consumer Discretionary ETF (XLY) As long as the consumer discretionary holds above [66.88], all things being equal, it is a good sign for stocks and the U.S. economy 88.62
StockChart.com NYSE Composite (Liquidity) Index ($NYA) Markets move inverse to institutional selling and this NYA Index is followed by Institutional Investors 11,415

What Is Moving the Markets

Here are the headlines moving the markets.

Upbeat data lures back investors after Trump slump

(Reuters) - U.S. stocks rose as upbeat economic data emboldened investors to return to the market on Thursday, a day after Wall Street suffered its worst selloff in eight months following a political turmoil involving President Donald Trump.

U.S. economic outlook brightens as job market tightens

WASHINGTON (Reuters) - New applications for U.S. jobless benefits unexpectedly fell last week and the number of Americans on unemployment rolls tumbled to a 28-1/2-year low, pointing to rapidly shrinking labor market slack.

Four automakers agree to $553 million settlement to resolve Takata claims

WASHINGTON (Reuters) - Four automakers agreed to a $553 million settlement to address class-action economic loss claims covering owners of nearly 16 million vehicles with potentially defective Takata airbag inflators, according to court documents filed on Thursday.

Trump administration triggers launch of NAFTA renegotiations

WASHINGTON (Reuters) - The Trump administration on Thursday formally launched its effort to renegotiate the North American Free Trade Agreement with Canada and Mexico to try to win better terms for U.S. workers and manufacturers.

Wal-Mart's online sales, customer visits rise; shares hit 52-week high

CHICAGO (Reuters) - Wal-Mart Stores Inc on Thursday reported higher-than-expected quarterly sales at established U.S. stores, as a huge investment to bring more customers into the discount retailer paid off and a bigger push into e-commerce boosted online purchases, sending its shares to a 52-week high.

Roger Ailes, former Fox News chief, dies at 77

NEW YORK (Reuters) - Roger Ailes, founder and former chief executive of Fox News, the cable news channel popular with conservatives that helped reshape the U.S. political landscape, has died at age 77.

Trump turmoil could lead investors to reassess risk appetite

LONDON (Reuters) - The turmoil in Washington surrounding Donald Trump's presidency is rattling world markets, and the burst of volatility could force investors into a strategic or tactical rethink of how much risk they are happy to face.

Old machines show why Trump tax breaks may not spark new company spending

CLEVELAND (Reuters) - Hanging on the wall of David Shippoli's office at a sprawling factory here is his company's annual scavenger award, a stuffed hyena head, given to the employee who finds the cheapest way to execute an investment project in the past year.

Fiat Chrysler shares drop on U.S. diesel emissions probe

WASHINGTON (Reuters) - Fiat Chrysler Automobiles NV shares fell over 3 percent in early U.S. trading on Thursday on reports the Justice Department is preparing to file a civil suit against the automaker for selling 104,000 vehicles that emit excess diesel emissions.

US Coalition Jets Strike Assad Convoy In Southern Syria

With most expecting Trump to strike North Korea as part of his next foreign military adventure-cum-distraction from the chaos in D.C., the president once again surprised everyone by pulling a lighting bolt, striking twice in one month in the same place.

According to Reuters coalition jets have struck an Assad convoy in Southern Syria; near Tanf where US and British special operations forces have been training Syrian rebel fighters near the border with Iraq and Jordan. A US-led coalition spokesperson has confirmed that coalition strikes in southern Syria struck Syrian government militia "after it moved against US-backed forces in Syria."

According to a BuzzFeed News reporter, Syrian rebels based with the US Special Forces in the area said that militia supporting the Syrian army has been nearby as well.

BREAKING: US official confirms to @BuzzFeedNews that the US-led Coalition hit Assad regime forces with air strikes in southern Syria today

— Mike Giglio (@mike_giglio) May 18, 2017

According to a BuzzFeed News reporter, Syrian rebels based with the US Special Forces in the area said that militia supporting the Syrian army has been nearby as well. Media reports suggested that Syrian rebels have voiced concerns over the Syrian army getting "too close" to the US Special Forces' base at Tanf.

rebels worried last week that regime forces would get too close to US SF base at Tanf. it seems that happened today, and Coalition struck

— Mike Giglio (@mike_giglio) May 18, 2017

Venezuela's Oil Production On The Brink Of Collapse

Authored by Nick Cunningham via OilPrice.com,

Desperation is spreading in Venezuela as violent protests continue to paralyze the country, further damaging the country's shattered economy. Venezuela's already-decrepit oil industry is deteriorating by the day, and an outright implosion is no longer out of the question.

The inflation rate, according to the IMF, will balloon to 720 percent this year. Food shortages have been common for quite some time, but are deepening and wearing down the population. Three out of four people surveyed by the WSJ reported involuntary weight loss last year. Hospitals have completely broken down.

Venezuela has been crippled by protests since late March, with more than three dozen people having been killed over the past two months, and there is no sign of improvement. This meltdown is taking a toll on Venezuela's oil production, the last thing keeping the country from becoming a failed state. Venezuela's oil production has been declining for more than a decade, mainly because oil revenues are used to finance the government, leaving little for state-owned PDVSA to reinvest in its operations.

But things are getting worse. The cash shortage is accelerating the decline. As of

Stocks Sink As Big Banks Stumble Deeper Into Red

US equity markets have given up most of their early gains... Trannies and Nasdaq are holding gains

...as financials fade...

As the big banks roll over hard..

Speeding Vehicles Strike Pedestrians In Separate Times Square, Staten Island Incidents: At Least Two People Killed

Update: in a separate incideint, Breaking911 reports that 5 People were just struck by vehicle, 1 DOA, 3 likely to die / very critical on Broadway & Castleton Ave. It is unclear if the two incident are llinked, especially if as the NYPD is trying to claim, the first driver had no intention of driving into pedestrians.

BREAKING IN STATEN ISLAND, NYC: 5 People just struck by vehicle; 1 DOA, 3 likely to die / very critical. Broadway & Castleton Ave.

— Breaking911 (@Breaking911) May 18, 2017

Staten Island: Broadway & Castleton Ave, @NYPDhighway CIS Requested after 3 people struck by a vehicle and 1 aided is DOA. #BREAKING

— NYC Scanner (@NYScanner) May 18, 2017

* * *

A speeding vehicle has struck pedestrians on a sidewalk in Times Square, in the heart of Manhattan, according to an announcement at nearby Reuters news agency headquarters, Reuters reports and adds that at least one person is dead, and at least 13 injured.

Reuters witnesses said that the driver's actions "appeared intentional" and that the vehicles "drove against traffic" and onto the sidewalk, striking pedestrians.

Car Makers Should Hitch Up at the Technological Frontier

With growth stalling, car makers like Ford and GM could save money by sharing the costs of developing driverless cars and mobility apps.

How Far Can the Trump Selloff Go?

The stock market has been banking on President Donald Trump and the Republican-led Congress delivering on tax overhaul and deregulation. What happens if trouble at the White House sends those hopes crashing?

How Alibaba Uses Videos to Keep Shoppers Clicking

China's ecommerce giant Alibaba has found a way to leverage celebrity videos to boost sales on its shopping sites.

April 2017 Leading Economic Index: Economic Expansion to Continue and Possibly Strengthen

Written by Steven Hansen

The Conference Board Leading Economic Index (LEI) for the U.S again improved this month - and the authors state "first quarter's weak GDP growth is likely a temporary hiccup as the economy returns to its long-term trend of about 2 percent".

When did you become an adult? Seth Meyers (and our parents) reveal the exact moment...

This is when many people say they left adolescence behind.

Market Extra: These are the 15 stocks Wall Street is most afraid of

Fear has been in short supply on Wall Street lately, but that doesn't mean that investors are seen smooth sailing across the market.

Money Milestones: This is how your finances should look in your late 20s

Just get started, whatever you do.

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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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