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26May2017 Market Update: Wall Street Quiet Ahead Of Three Day Weekend, Fractional Upwards Trend In Crude Prices, U.S. Economy Slowed Less Than Initially Thought In The First Quarter

Written by Gary

US stocks were little changed in early afternoon trading today (SPY -0.01%), taking a breather after six straight days of gains and ahead of a three-day holiday weekend. US crude production hits 21-month highs as rig count rises for 19th straight week WTI 49.50.

Here is the current market situation from CNN Money

North and South American markets are mixed today. The Bovespa is up 1.06% while the IPC gains 0.36%. The S&P 500 is even.

What Is Moving the Markets

Here are the headlines moving the markets.

U.S. economy slowed less than expected in first quarter; outlook cloudier

WASHINGTON (Reuters) - The U.S. economy slowed less than initially thought in the first quarter, but softening business investment and moderate consumer spending are clouding expectations of a sharp acceleration in the second quarter.

China's reforms not enough to arrest mounting debt: Moody's

BEIJING (Reuters) - China's structural reforms will slow the pace of its debt build-up but will not be enough to arrest it, and another credit rating cut for the country is possible down the road unless it gets its ballooning credit in check, officials at Moody's said.

Wall St. in holiday mode ahead of long weekend

(Reuters) - U.S. stocks were little changed in early afternoon trading on Friday, taking a breather after six straight days of gains and ahead of a three-day holiday weekend.

OPEC ponders how to co-exist with U.S. shale oil

VIENNA (Reuters) - First, they ignored each other. Then, they went into a bruising fight. Finally, they are talking, albeit with opposing agendas.

Exclusive: Fidelity may back climate resolutions, a milestone for activists

BOSTON (Reuters) - Fidelity Investments may support shareholder proxy proposals calling on companies to report on sustainability matters this year, a major shift by the Boston asset manager as climate activists gain more traction at large U.S. corporations.

Some investors bet Brazil has further room to fall

NEW YORK (Reuters) - Some investors are betting the worst is yet to come for Brazil's stock market, even after a brutal selloff last week.

Linde board to vote on Praxair merger on June 1: sources

MUNICH (Reuters) - German industrial gases group Linde's supervisory board is due to vote on a merger agreement with U.S. peer Praxair on June 1, two people close to the matter told Reuters on Friday.

California says VW clean car spending plan has shortcomings

SAN FRANCISCO (Reuters) - California regulators said Volkswagen AG's spending plan on clean vehicle infrastructure had shortcomings and that it lacked details on how it would help disadvantaged communities as well as promote hydrogen fuel cell technology.

U.S. home prices to rise at a strong pace on tight supply: Reuters poll

(Reuters) - U.S. home prices look poised to rise at a robust pace over the next few years, mainly because of a chronic shortage of houses and steady demand, a Reuters poll showed on Friday.

US Crude Production Hits 21-Month Highs As Rig Count Rises For 19th Straight Week

For the 19th week in a row, the number of US oil rigs rose (up 2 to 722). This is the largest number of oil rigs since April 2015 as Lower 48 crude production (much to the chagrin of OPEC) surges to its highest since August 2015.

Lagged WTI prices lead rising rig counts...NOITE - if the relationship holds then we would expect the rig count rised to stall here...

And rising rig counts lead US crude production...

And this is why it matters...

And prices are holding their post-OPEC losses...

"It was so well telegraphed a lot of people were probably thinking they'd take it the extra mile," Jasper Lawler, senior market analyst at London Capital Group, told Bloomberg. "One of the things ...

There's No Painless Exit From The "Fake Faux Financialized" Economy

Authored by Howard Kunstler via,

A most curious feature in the current low state of American politics is the delusional thinking at both ends of the political spectrum. Both factions have gone off the rails mentally, and the parties they represent race toward oblivion like Thelma and Louise in their beater car. More ominously, there are no new factions with a grip on reality even beginning to form anywhere in the background - as in the 1850s when the Whigs foundered and the party of Lincoln segued into power.

To see the Democrats go on about "Russian collusion" you would think we were watching a rerun of the John Birch Society in its heyday. Americans who have done business in Russia as private citizens are being persecuted as though they were trading with the enemy in wartime. Newsflash: we are not at war with Russia, which, by the way, is no longer the Soviet Union. It is one of many European countries that Americans are entitled to do business in — even in the case of General Mike Flynn accepting a $20,000 speaking fee from the RT news company. Has anyone noticed that Ben Bernanke routinely takes $200,000-plus speaking fees in many foreign countries whose interests are not identical to ours and no one is persecuting him.

Likewise, the insane idea that it is malfeasant for high public officials to speak to Russian officials, or for the president to share sensitive strategic information with them, especially about genuine mutual enemies such the various Islamic jihad armies. Since when is that beyond the pale? Well, since January of this year when the Democrat Party ordained that members of the Trump transition team were forbidden to speak to Russian diplomats at the highest level. Do you suppose that, in the hothouse o ...

SHE'S BACK: Hillary Adorned in Cap and Gown, Tells College Grads Trump's Budget is a Con and Cruel

Content originally published at

This is splendid. Hillary addressed her alma mater, Wellesley College, telling the students how fucked up Trump's budget was -- because it didn't include all sorts of spendthrift allocations into ruinous programs that have laid waste to the federal balance sheet over the past 15 years.

She said Trump was going after heroin addicts, retards, kids in school, and sowing division by pitting neighbor against neighbor. She called the budget an 'unimaginable cruelty' because it specifically went after poor people and the elderly.

MORE IMPORTANTLY, Trump's refusal to bend the knee to the environmental mafia can only mean he's a grave danger to the country and the world.

Oh, and his budget is also a trillion dollar mathematical illusion, a parlor trick, sort of like all of the polls that showed her up by 5 points the night before the election.

Hilldawg, talking shit

Not a single god damned man on that stage.

The Fragile Truce Between Bonds and Stocks

This year has been good for both bond and stock investors. To rely on that benign picture lasting looks risky.

Canada's Banks Can't Dodge Housing Risks Forever

Risks to Canadian banks from the country's housing bubble should not be overstated, but are very real.

Why Americans Aren't Hitting the Road This Summer

This weekend marks the beginning of summer driving season, and Americans should be packing up and hitting the road. Why aren't they? Americans are driving less than expected and economists are struggling to explain why.

Second Estimate 1Q2017 GDP Growth Improves to 1.2 %

Written by Jill Mislinski and Steven Hansen

The second estimate of first quarter 2017 Real Gross Domestic Product (GDP) was increased to a positive 1.2% for the advance estimate's 0.7 %. Year-over-year growth was also increased from the advance estimate.

Durable Goods New Orders Declined in April 2017

Written by Steven Hansen

The headlines say the durable goods new orders declined. The unadjusted three month rolling average also declined.


iHeartRadio parent is shaping up for a fight with its lenders

Troubled company has extended debt exchange offers for the fifth time, as creditors reject its approach.

Market Extra: When do markets close for Memorial Day?

U.S. financial markets will be closed Monday for Memorial Day, but a host of other markets from oil futures to metals will have revised schedules.

Outside the Box: I just put Hefty bags on the marketing shelf of shame

Don't you hate when consumer-products companies tinker with stuff and make it unusable? asks Allan Ripp.

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