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10Jul2017 Market Close: Wall Street Closes Mixed, Nasdaq Up 0.4 Percent, WTI Crude Settles In The Mid 44 Handle, US Dollar Firms

Written by Gary

he SP 500 and Nasdaq ended higher while the DOW slipped 6 points (SPY +0.1%), led by gains in technology stocks on investor optimism ahead of earnings.

Todays S&P 500 Chart

The Market in Perspective

Here are the headlines moving the markets.

Wall Street ends higher, tech a boost

NEW YORK (Reuters) - The S&P 500 and Nasdaq ended higher on Monday, led by gains in technology stocks on investor optimism ahead of earnings.

Elon Musk tweets photos of first Tesla Model 3 to roll off the line

(Reuters) - Tesla Inc Chief Executive Elon Musk on Sunday tweeted pictures of the first Model 3 sedan to roll off the assembly line.

Elliott proposes $18.5 billion Oncor deal to top Buffett bid

(Reuters) - Elliott Management Corp, the largest creditor of the bankrupt parent of Oncor Electric Delivery Co, unveiled a plan on Monday to best Berkshire Hathaway Inc's deal for the Texas utility with a bid worth $18.5 billion, including debt.

Abercrombie ends talks with potential buyers, retail shares dip

(Reuters) - Shares of Abercrombie & Fitch Co plunged 21 percent on Monday and dragged down other stocks in the battered retail sector as the U.S. teen apparel maker terminated talks over a potential sale.

Honda confirms 11th U.S. death tied to ruptured Takata air bag inflator

WASHINGTON (Reuters) - Honda Motor Co said on Monday it had confirmed an 11th U.S. death involving one of its vehicles tied to a faulty Takata Corp air bag inflator.

Lawmakers urge SEC to stop Chicago Stock Exchange's China deal

NEW YORK (Reuters) - Eleven members of Congress asked the U.S. Securities and Exchange Commission on Monday to stop the sale of the Chicago Stock Exchange to a group led by China-based investors, saying the regulator lacks the ability to monitor the foreign buyers.

Siemens to press charges after turbines moved from Russia to Crimea

BERLIN/FRANKFURT (Reuters) - Germany's Siemens said on Monday at least two of its gas turbines had been moved "against its will" from Russia to Crimea, a region subject to sanctions barring EU firms providing it with energy technology.

Activist Loeb keeps up performance pressure on Nestle: source

LONDON (Reuters) - Activist investor Daniel Loeb is keeping up pressure on Nestle by sharing views with the company as part of a regular dialogue, a source familiar with the matter told Reuters.

Google taps top law firms to fight EU regulatory battles: sources

(Reuters) - Google has ramped up its legal firepower as it prepares to do battle with EU antitrust regulators after a landmark 2.4-billion-euro ($2.7 billion) fine and the possibility of a second record sanction before the end of the year.

The Last Time Hedge Funds Were This Short Gold, It Rallied 18% In A Month

Gold is suffering its worst drawdown this year, and hedge funds are betting more losses are in store... but judging by the precious metals' performance the last two times hedgies piled in like this, the 'smart money' may be about to get a nasty surprise...

As Bloomberg notes, signs that global central banks, including the Federal Reserve, are moving closer to unwinding economic stimulus helped boost bearish bets on the metal to the highest in almost 18 months.

Gold futures posted a fifth straight weekly loss on Friday, the longest stretch since December. We've seen this pattern before...

Buy The Dip?

Sornette's Supercomputer Is Betting On A Market Crash

Via FinancialSense.com,

One of the world's most powerful supercomputers, retrofitted for trading the stock market, appears to be betting on a crash in the months ahead.

The Financial Crisis Observatory (FCO) at ETH Zurich released its latest Global Bubble Status Report on July 1st.

As we discussed with FCO's director, Didier Sornette, on our podcast in May, they use one of the world's leading supercomputers to monitor global markets each day for two distinct bubble-like characteristics: faster than exponential price movement and accelerating oscillations .

[ZH: We first discussed Sornette's work in 2010 on identifying "critical market crashes", and again in 2013 when Sornette explained "how we can predict the next financial crisis" to a TED audience...

The 2007-2008 crash seemed to come out of nowhere, with no source or group to take responsibility, an unpredictable one-time anomaly — as Sornette calls it: "the wrath of God." But as he says firmly: Despite what standard risk management tools show, these outliers operate under special mechanisms that make them predictable, perhaps even controllable. Sornette and his team at the Financial Crisis Observatory (FCO) call these special cases "dragon-kings." Dragon-kings, in direct contrast with "black swans," are at the core c ...

Confused Algos Go Berserk After Chinese Megadeal Sparks Unexplained 150% Surge In Unrelated Company

Overnight, a major M&A deal was announced in China, where local property giant Dalian Wanda Group announced plans to sell various Chinese tourism projects and hotels to Sunac China for $9.3 billion, dialing back its theme-park ambitions and in hopes of reducing its massive debt pile. The sale, the second-biggest real estate deal ever in China according to Reuters data, is supposed to help strengthen Wanda's case for a mainland listing after its property unit delisted from Hong Kong last year. For Sunac, it would mean ownership of a wide portfolio of tourism developments at a time when it is spending billions on property and technology assets.

The details: Wanda said it would offload 91% of thirteen cultural tourism projects, which usually include theme parks and leisure complexes, and 76 hotels to the acquisitive Tianjin-based developer Sunac for 63.18 billion yuan, or just over $9 billion. After the sale, Wanda would, however, continue to play a role in operating and managing the projects. Wanda, which also has interests in films and sports, had plans to build at least 20 cultural projects around China. Its billionaire owner Wang Jianlin had last year said his "wolf pack" of parks would beat U.S. rival Walt Disney Co.

"This (deal) signifies a retreat from Wanda's previous strategy in cultural tourism, and marks a pivot to an asset-light strategy," said Qin Gang, senior researcher at State Information Center, a government-linked think tank.

The firm, which had earmarked a more than 300 billion yuan ($44 billion) investment for its cultural and tourism projects, did not give a reason for the sale to Sunac, but local business magazine Caixin quoted Wang as saying the deal would ease the debt burden on Wanda's property unit. "Through this asset transfer, Wanda Commercial's debt ratio will be greatly reduced, all the proceeds will be used to repay loans. Wand ...

Consumer Credit Surges Most Since November 2016

After a big miss in April, when US consumer credit posted its smallest monthly increase in 6 years, resulting form a slump in demand for revolving credit, one month later things promptly reverted back to normal, and according to the Fed, in the month of May, total consumer credit rose by $18.4 billion, well above the $14.9 billion expected, and a solid jump from the upward revised April print of $12.9 billion. This was the biggest monthly jump in consumer credit of 2017, and the highest since last November's increase of $25.1 billion.

Broken down by components, revolving credit rose by $7.4 billion, also the highest monthly increase since November, and a big jump from April's $1.2 billion.

Meanwhile, non-revolving credit, or student and auto loans, continued their steady grind higher, rising by $11.0 billion, in line with recent months.

Finally, broken down by source of funding, the Federal Government was oddly missing in May, when it provided only $4.7 bilion of the unadjusted increase, while the biggest contributor to credit growth in the month was depository institutions, i.e., banks, which injected just over $14 bill ...

Chip Makers Feast on Phones Despite Slowing Sales

Smartphones aren't the growth market they once were, so the best play for investors is to find companies not limited to selling one chip per phone.

Abercrombie Loses Its Last Best Hope

After two months of trying to sell itself, Abercrombie & Fitch is going it alone. A deal may have been its last chance for recovery.

What's to Like as Shipping Consolidation Sets Sail

China's largest shipping company Cosco Shipping agreed to buy smaller rival Orient Overseas for $6.3 billion, suggesting a wave of consolidation is about to hit the shipping industry. For investors, they would be wise to ride it.

May 2017 Headline Consumer Credit Grew.

Written by Steven Hansen

The headlines say consumer credit rate of annual growth grew from last month. Our analysis disagrees - and we see a moderately lower growth rate.

June 2017 Conference Board Employment Index Declines

Written by Steven Hansen

The Conference Board's Employment Trends Index - which forecasts employment for the next 6 months declined with the author's saying "despite the June decline in the Employment Trends Index, job growth will remain strong in the coming months".

Earnings Outlook: PepsiCo earnings: Can Pepsi keep raising prices to offset weak demand?

PepsiCo investors may be focusing volume rather than earnings per share, when the beverage and snack giant reports second-quarter results before Tuesday's open.

The Ratings Game: Costco shares fall on downgrade that says Amazon fears are eclipsing fundamentals

BMO downgrades Costco to market perform from outperform and says shares will be dogged by worry about Amazon's expansion into grocery sector.

Economic Report: Consumer credit jumps to seven-month high in May

Consumer credit expanded in May at the fastest rate in seven months, in what could be a sign that strong levels of confidence will lead to growth in consumption.

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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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