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13Jun2017 Market Update: Wall Street Trading Higher, DOW Sets New Historic High, US Producer Prices Were Unchanged, WTI Crude Pares Loses Somewhat, Is The Market About To Roll Over

Written by Gary

US stock market index futures are pointing to a moderate higher opening (SPY +0.2%) as investors breathe a sigh of relief as Technology companies recover and are helping drive a bounce for the session.


Here is the current market situation from CNN Money

North and South American markets are mixed. The S&P 500 is higher by 0.38%, while the IPC is leading the Bovespa lower. They are down 0.21% and 0.01% respectively.

Traders Corner - Health of the Market

There are only 2 other times when stocks were more expensive than today

The point we want to stress is this: We don't own the market. Though the market may be overvalued, our portfolio is not.

What Is Moving the Markets

Here are the headlines moving the markets.

Wall St. gains as tech stocks recover, banks rise

(Reuters) - U.S. stocks were higher on Tuesday, with the Dow hitting an all-time high as bank stocks gained and technology shares rebounded from a selloff.

Verizon closes Yahoo deal; Mayer steps down

(Reuters) - Verizon Communications Inc said on Tuesday it closed its $4.48 billion acquisition of Yahoo Inc's core business and that Marissa Mayer, chief executive of the internet company, had resigned.

Fed set to raise interest rates, give more detail on balance sheet winddown

WASHINGTON (Reuters) - The U.S. Federal Reserve is widely expected to raise its benchmark interest rate this week due to a tightening labor market and may also provide more detail on its plans to shrink the mammoth bond portfolio it amassed to nurse the economic recovery.

U.S. producer prices unchanged; services costs on the rise

WASHINGTON (Reuters) - U.S. producer prices were unchanged in May as energy costs recorded their biggest decline in more than a year, suggesting a moderation in inflation after a rise at the start of the year.

Oil edges down as OPEC sees market rebalancing at slower pace

LONDON (Reuters) - Oil prices edged down on Tuesday after OPEC reported an increase in its production for May despite a supply cut agreement and said the oil market was rebalancing more slowly than expected.

'No going back' on GE digital push under new CEO, executives say

BERLIN (Reuters) - General Electric will not abandon its high-tech strategy under its new chief executive even if the transition to digital equipment proves "uncomfortable" for many of its customers, senior managers said on Tuesday.

Apple focusing on autonomous car system - CEO Cook on Bloomberg

(Reuters) - Apple Inc is concentrating on technology for self-driving cars, Chief Executive Tim Cook said for the first time in an interview with Bloomberg.

Exclusive: PDVSA leaves Bahamas oil terminal, expands in St Eustatius - sources

HOUSTON (Reuters) - Venezuelan state-run oil company PDVSA is moving millions of barrels of oil from a Bahamas storage facility after terminating a contract with the owner, U.S. Buckeye Partners LP, according to internal data and sources close to the decision.

Exclusive: Renault-Nissan considers hidden bonus plan - documents

PARIS (Reuters) - Renault-Nissan alliance bankers have drawn up plans designed to channel millions of euros in additional, undisclosed bonuses to Chairman Carlos Ghosn and other managers via a specially created service company, according to documents seen by Reuters.

Is This The First Sign Of A US-Chinese Solar War?

Authored by Gregory Brew via OilPrice.com,

After a banner year for solar power installation in the United States, reports on the progress of solar power in the first quarter of 2017 have industry advocates hopeful that renewable energy will continue to grow throughout the year, despite competition from fossil fuels, U.S. government support for traditional energy sources and resistance towards cheap imported solar panels by domestic manufacturers.

The first months of 2017 saw 2 gigawatts of photovoltaic panels added, continuing a six-quarter streak and a huge boost in solar installations that came at the end of 2016, when more than 6 GWs were installed. The growth in Q1 of 2017 marks a slight decrease of 2 percent from the level last year, but it's still indicative of an overall growth trend, as total additions have increased year on year since 2012, according to the Solar Market Insight Report.

Out of the 2 GWs added, about a quarter came in the form of rooftop panels added in the households segment, while utilities added the bulk of new production. The non-residential solar market has increased 29 percent year-on-year.

The growth comes as costs continue to fa ...

Felix Zulauf: "Today Feels Like Late 1999; I Expect FANG Stocks To Fall 30% Or 40%"

In his last interview as part of the Barron's Roundtable, from which he is retiring at the end of the year after three decades of participation, Felix Zulauf, owner of Zug-based Zulauf Asset Management had some parting words of caution.

First, in his discussion of stocks, Zulauf said "markets exhibit the signs we usually see going into a peak. My trend and momentum indicators are still bullish, but excesses are building up as stocks and sectors move too far above their moving averages. Investor-sentiment readings are getting excessive. July or August could bring an important peak in stocks."

Comparing to previous episodes of market exuberance, Zulauf said that "today seems like late 1999. We haven't seen the peak yet. Much depends, as noted, on whether China continues its current policies. Either way, there is a window of vulnerability in the markets. I'm not talking about a 5% setback. It could be 20% from August to November."

As a reminder, this is what late 1999 looked like, and how it is oddly similar to the S&P tech sector currently.

What could catalyze such a drop: "The popularity of passive investing could enhance the selloff. Once the quant models and algorithms change, models that have said buy, buy, buy for years suddenly say sell, sell, sell. This has nothing to do with the economy or fundamentals."

Discussing how policy could affect markets, Zulauf believes that it will be up Trump to pass his much delayed fiscal program to push markets higher from here: "If the Trump administration doesn't launch a stimulus program by early 2018, the Republicans could have big problems in the midterm ele ...

Deputy AG Rosenstein: Trump Can't Fire Special Counsel Mueller

As noted earlier, on Monday evening Christopher Ruddy, chief executive of the conservative news site and TV network Newsmax, caused a media uproar when he said during an interview on "PBS NewsHour" that Trump is thinking about firing special counsel Robert Mueller, the special counsel investigating Russian election interference.

As NBC noted last night, it is open to question how reliable Ruddy's comments are. "He is often described as a close friend of Trump's, and reporters spotted him leaving the White House on Monday. But a source familiar with the visit told NBC News that any meeting Ruddy was to have had with the president was postponed. Still, his remarks prompted this reply on Twitter from Rep. Adam Schiff of California, the top Democrat on the Intelligence Committee, who said the committee would simply reappoint Mueller and then advised the president: "Don't waste our time."

So following up on that particular thread, moments ago Deputy Attorney General Rod Rosenstein, speaking at a Senate Appropriations Justice, Science and Related Agencies Subcommittee hearing on Tuesday said he has not seen "good cause" to fire Robert Mueller.

Rosenstein clarified that he has the authority to hire and fire Mueller, and not Attorney General Jeff Sessions.

"Have you seen good cause for firing Mueller?" Sen. Jeanne Shaheen (D-N.H.) asked Rosenstein.

"I have not," he replied.

The exchange was notable because the Deputy AG essentially assured the Senate that Administration will follow 28 CFR 600.7, which says that only he can fire Mueller and only for good cause.

Senator Susan Collins then pressed him on reports that the administration is considering firing Mueller, asking whether he would fire Mueller if President Trump ordered him to ...

Citigroup Stumbles As CFO Warns Of Second Quarter Slump In Trading Revenues

Confirming earlier concerns over performance, Citigroup CFO John Gerspach warned investors at a Morgan Stanley Conference this morning that Citi's second quarter trading revenues would be down 12-13%.

Of course, none of that has anything to do with the stock price's performance...

Hidden in Plain Sight: A Powerful Way to Beat the Market

Few investors read corporate disclosures because they are boring and rarely change. But a strategy based on changes in the documents beats the market by 22 percentage points a year.

Trump Regulation Plan Makes for Pleasant Reading on Wall Street

The U.S. Treasury Department's report on bank regulation recommends several changes that would greatly benefit top Wall Street institutions

Here's a Bright Idea for GE's New Boss

The embattled conglomerate should move quickly on a sale of its iconic lightbulb business, exploiting investors' surprising appetite for the digitally challenged industry

Tesla's Model X gets 5-star safety rating from NHTSA

The National Highway Traffic Safety Administration bestows its highest safety marks on the Tesla Model X.

Moneyism: Instagram users admit they've created the most narcissistic social network on the planet

Young Americans have cast aspersions on their own carefully-crafted images.

College students would give up their friends' privacy for free pizza

It doesn't take much to get people to change their security priorities.

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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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