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12Jun2017 Pre-Market Commentary: Wall Street Continues Selloff From Friday, Crude Prices Rise As The US Dollar Slips From Earlier Highs

Written by Gary

US stock index futures pointed to a lower opening this morning (SPY -0.1%). The selloff in technology stocks has continued with Nasdaq futures taking the biggest hit as investors locked in gains on the richly-valued technology sector.

Here is the current market situation from CNN Money

European markets are mixed. The FTSE 100 is higher by 0.10%, while the CAC 40 is leading the DAX lower. They are down 0.93% and 0.87% respectively.

Nasdaq futures fall as tech stocks take a hit

What Is Moving the Markets

Here are the headlines moving the markets.

Stock futures down as tech rout continues

(Reuters) - U.S. stock index futures were lower on Monday, with Nasdaq futures taking the biggest hit as investors locked in gains on the richly-valued technology sector.

Foxconn says Apple, Dell join its bid for Toshiba chip business

TAIPEI (Reuters) - Apple Inc and computing giant Dell Inc will join a Foxconn-led consortium bidding for Toshiba Corp's highly prized chip unit, the CEO of the world's largest contract electronics manufacturer told Reuters on Monday.

GE's Immelt to retire, John Flannery to take over as CEO

(Reuters) - General Electric Co said on Monday CEO Jeff Immelt would step down, capping a 16-year term that included steering the conglomerate through the financial crisis and divesting its struggling lending business.

Uber board adopts all recommendations from Eric Holder investigation

SAN FRANCISCO (Reuters) - The Uber Technologies Inc [UBER.UL] board of directors voted unanimously to adopt all recommendations from a report stemming from allegations of sexual harassment at the company and other employee concerns, a board representative said on Sunday.

French finance minister says 'optimistic' about Greek deal after Athens talks

ATHENS (Reuters) - French Finance Minister Bruno Le Maire expressed optimism about Greece reaching a deal on new loans from its European creditors after talks with his Greek counterpart and Prime Minister Alexis Tsipras in Athens.

German ministry orders probe of Porsche emissions

BERLIN (Reuters) - The German Transport Ministry has ordered the KBA watchdog agency to examine the emissions of sports car maker Porsche , a unit of Volkswagen , a ministry spokesman said on Monday following a critical media report.

U.S. banks launching answer to peer-to-peer payment app Venmo

NEW YORK (Reuters) - The U.S. banking industry is about to launch its answer to the popular mobile payments app Venmo, in what is likely to be the biggest change in years in how individuals exchange funds digitally.

ISS recommends voting against ten Mylan board nominees

(Reuters) - Influential proxy firm ISS on Monday urged shareholders of generic drugmaker Mylan NV to vote against most of the company's nominees to its board of directors, ahead of a shareholder meeting later this month.

Trump officials to unveil plan to cut factory rules this week

WASHINGTON (Reuters) - The Trump administration intends to unveil this week a plan to trim regulations it believes constrain U.S. manufacturing growth, potentially affecting environmental permits, worker safety and labor rules, an administration official said.

Putin Critic Detained Hours Before Unsanctioned Protest

In a development that will likely grab media attention in the US, Russian police detained Kremlin opposition leader Alexei Navalny, according to his Twitter feed on Monday, hours before he called on supporters to mount an unsanctioned protest against corruption near the Kremlin. Navalny's wife wrote on his Twitter account that he had been detained near the entrance of his home but that plans for the protest in central Moscow hadn't changed.

Russian opposition leader Alexei Navalny, center, his wife Yulia, left, and son
Zahar, front left, in Moscow on May 14

Earlier in the day, the presidential hopeful had announced rallies against official corruption Monday, the Russia Day holiday, and protesters gathered in numerous other cities. Similar protests led by Navalny drew thousands in March in Moscow and several other cities across Russia, in what the WSJ dubbed "a rare challenge to the rule of President Vladimir Putin." Photos from cities around the country on Monday, an official holiday known as Russia Day, showed thousands of protesters at fresh rallies. Vladimir Putin vowed to punish people who broke the law after the March protests at anti-corruption rallies organized by Navalny that were mostly unsanctioned in 80 cities across Russia, the biggest unrest in five years. Police arrested 1,500 people nationwide, including more than 1,000 in Moscow, and a handful are being prosecuted for attacking police.

Navalny hopes to take on Putin in presidential elections next year, although an earlier conviction may ...

Warning: Friday's Tech Bloodbath Could Be the Start of Something BAD

As we've noted time and again, the market is NOT healthy.

All told, just five companies have accounted for nearly HALF of the market's gains in 2017. Most S&P 500 companies are in fact DOWN and some are DOWN quite a lot.

That's actually the good news... because on Friday, the five companies that were driving the market (Facebook, Apple, Amazon, Google, and Microsoft) were a BLOODBATH.

Apple has now lost its bull market trendline.

So has Amazon.

And Google.

While Facebook and Microsoft are on the ledge of a cliff.

This is a MAJOR warning to the markets. When the big market leaders break down and erase months' worth of gains in a single day, the momentum is gone.

A Crash is coming..

And smart investors will use it to make literal fortunes from it.

To pick up a FREE report outlining three investment strategies on how to profit from the coming crash...


Best Regards

Graham Summers

Chief Market Strategist

Phoenix Capital Research

Gartman: "The Nasdaq One Day Will Collapse... But Buying Today On Weakness Should Be Wise"

As "expert" opinions on Friday's tech meltdown pile on, here is perhaps the most actionable: that of "world renowned commodities guru" Dennis Gartman.


Friday's low was right along this trend line... which if we had space, could be extended well back into '16. If this is still a bull market... and until proven otherwise it is... then buying the NASDAQ on weakness today should be wise and we shall.

Turning to the so-called FANG stocks... Facebook; Apple, Netflix and Google...and including the likes of NVidia and Microsoft... all collapsed on Friday if by collapse we mean breaks of > 2.0% and which in some instances was > 3.0% and which had traced out massive daily and even weekly reversals to the downside as new all-time highs were made early in the trading session followed by movements well below the previous day's lows. Google did in fact trace out a weekly reversal to the downside in perfect textbook fashion; so too Facebook and so also Netflix. Apple failed to trace out a text-book weekly reversal, but only because it did not make a new all-time high last week, having made its all-time high earlier in May. NVidia, one of the highest of the high flying stocks, did not trace out a weekly reversal to the downside, but did, however, trace out a textbook daily reversal.

Further, all of these reversals came on massive volumes. For example, NVidia, which has tended to trade 35-50 million shares daily ...

Maryland, D.C. Attorney Generals To File Lawsuit Against Trump

The attorneys general of Maryland and the District of Columbia plan to file a lawsuit on Monday the WaPo reported late on Sunday, alleging that foreign payments to President Donald Trump's businesses violate the U.S. constitution. The lawsuit is to be announced at noon on Monday.

While Trump already faces a similar lawsuit that was filed in January by plaintiffs including a ethics non-profit group, the case from two Democratic AGs could stand a better chance in court as the first government action over allegations that Trump, violated the constitution's so-called emoluments clause, Reuters adds.

In recent months, Democrat AGs have taken a lead role in the "resistance" against the president, litigating against Trump's policies and successfully blocking Trump's executive order restricting travel from some Muslim-majority countries. They are also resisting efforts to roll back environmental regulations and insurance subsidies under Obamacare.

In a previous lawsuit filed in January in Manhattan federal court, an ethics non-profit, restaurant group and hotel events booker allege Trump violates the Constitution's "emoluments" clause, which bars him from accepting gifts from foreign governments without congressional approval, by maintaining ownership over his business empire despite ceding day-to-day control to his sons. According to Reuters, the DOJ on Friday argued that those plaintiffs lack the legal standing to sue because they cannot allege enough specific harm caused by Trump's businesses. The government also said Trump hotel revenue does not fit the definition of an improper payment under the constitution.

AG Racine told Reuters in ...

A Crucial Fed Meeting for Financials

There is little doubt the Fed will raise rates, which will help many of the big banks. The more important news will be what it says about shrinking its balance sheet, likely later this year.

When a $1 Billion Loss Is a Sacrifice Worth Making

It shouldn't be cause for celebration when a property developer takes a $1 billion loss on a stock bet. For an over-indebted, monstrously large Chinese property developer, it appears to be a sacrifice worth making.

Microsoft's Real Game Plan for Xbox One X

The $499 Xbox One X console will have limited appeal, but may help Microsoft's more important Xbox Live business.

Need to Know: 'The crowd is always wrong?' If you believe Jack Bogle, here's where you should invest

Friday's wicked session for tech stocks only reinforced the increasingly popular notion among pundits that the U.S. is cooked, and investors looking to goose returns should turn their attention outside Trumpland.

Capitol Report: Trump gives Priebus July 4 deadline to clean up White House | Bharara says Trump calls made him uncomfortable

Trump gives Priebus a July 4 deadline to shake up the White House; Bharara says Trump calls made him uncomfortable; Senate Republicans see path for Obamacare repeal; and more.

Asia Markets: Asian stocks end lower as tech-stock selloff spreads

The selloff in technology stocks continued on Monday, with Asian markets following the declines in U.S. tech heavyweights Friday after months of sharp gains.

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