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11Jul2017 Market Update: Wall Street Waterfalled In Mid Morning Trading After Trump Jr. Claimed Russian Support In Campaign, WTI Crude Climbs To The Low 45 Handle, US Dollar Exhibits Serious Weakness In Late Afternoon Trading

Written by Gary

US stocks recovered some of its losses this afternoon (SPY -0.3%) after falling sharply as emails disclosed by President Trump's eldest son cited Russian support for his father's election campaign.


Here is the current market situation from CNN Money

North and South American markets are mixed today. The Bovespa is up 1.02% while the IPC gains 0.10%. The S&P 500 is off 0.27%.

What Is Moving the Markets

Here are the headlines moving the markets.

Wall Street partly recovers after falling on Trump Jr emails

(Reuters) - U.S. stocks pared some of its losses on Tuesday after falling sharply as emails disclosed by President Donald Trump's eldest son cited Russian support for his father's election campaign.

Snap shares drop on downgrade by lead underwriter Morgan Stanley

(Reuters) - Snap Inc shares tumbled on Tuesday after Morgan Stanley, the lead underwriter on the company's initial public offering, downgraded the stock and raised concerns about the social media company's ability to compete with Facebook Inc's Instagram.

Tesla steps up auto service as Model 3 debut nears

SAN FRANCISCO (Reuters) - Tesla Inc said it is expanding its auto service centers and adding 350 mobile service vans as it gears up to support its Model 3 sedan, a mass-market car that is expected to drive a 500 percent increase in the electric car company's sales. A senior executive speaking on behalf of the company told Reuters that Tesla would be able to triple its global service capacity by increasing efficiency, adding to mobile service, and adding 100 service centers to i

FDIC may revive three U.S. bank lawsuits over soured mortgage debt

NEW YORK (Reuters) - A federal judge granted the FDIC permission to revive lawsuits against Citigroup Inc , Bank of New York Mellon Corp and U.S. Bancorp that he had dismissed last September, to recoup more than $695 million of losses on soured mortgage debt that a failed Texas bank once owned.

Exxon blocked from enforcing Venezuela arbitration award: U.S. appeals court

NEW YORK (Reuters) - A U.S. appeals court said on Tuesday that Exxon Mobil Corp cannot enforce a large international arbitration award against Venezuela stemming from an asset seizure in 2007, when the country was nationalizing its oil industry.

U.S. says 2.7 million additional Takata inflators to be recalled

WASHINGTON (Reuters) - The U.S. National Highway Traffic Safety Administration said Tuesday that new testing is prompting Takata Corp to declare 2.7 million air bag inflators defective in Ford Motor Co , Nissan Motor Co and Mazda Motor Corp vehicles.

Higher prices, healthier snacks drive PepsiCo profit beat

(Reuters) - PepsiCo Inc's second-quarter profit topped estimates, as the company sold more higher-margin healthier foods such as baked chips and raised prices on its drinks in North America.

Toshiba in talks with Western Digital, Foxconn over chip unit sale: sources

TOKYO (Reuters) - Toshiba Corp is in talks with Western Digital Corp and Taiwan's Foxconn, as well as with an already preferred bidder, as it seeks to revive a stalled $18 billion sale of its chip business, banking sources said on Tuesday.

Siemens says Crimea turbines claims only against TPE

MOSCOW/FRANKFURT (Reuters) - German engineering firm Siemens has filed lawsuits against a Russian state firm to which it sold turbines, while a Russian Siemens joint venture was only named in court documents for technical reasons, a Siemens spokesman said.

"The Tide Is Going Out" - JPMorgan's Dimon Warns QE Unwind Could Be Far Worse Than Fed Hopes

Janet Yellen confidently stated at the last FOMC press conference that The Fed will start unwinding its massive balance sheet "relatively soon" and Patrick Harker, the Philadelphia Fed president, has said the process will be so dull that it is equivalent to watching paint dry.

Not everyone agrees...

Louis Crandall, an economist at Wrightson Icap, said at the time:

"When they [the Fed] launched QE, they were confident about the direction of the impact but cautious about projecting the precise magnitude. They should be even more cautious about estimating the impact of unwinding the portfolio, as they have even less control over the outcome."

The unwind will be lumpy for sure...

And today, none other than JPMorgan CEO Jamie Dimon poured some more cold water on The Fed's complacency at this 'storm in a teacup'. Speaking at a conference in Paris this morning, Bloomberg reports that Dimon warned...

"We've never have had QE like this before, we've never had unwinding like this before."

"Obviously that should say something to you about the risk that might mean, because we've never lived with it before."

"When [the unwind] happens of size or substance, it could be a little more disruptive than people think."

< ...

Trump Sued For Blocking Twitter Users

A trying day for the Trump administration has turned more bizarre, when shortly after Donald Trump Jr. released the chain of emails released ahead of his correspondence with the Russian lawyer who had promised to deliver anti-Clinton information with the implied blessing of the Russian government, a free-speech group sued President Donald Trump for blocking Twitter users from his @realDonaldTrump account, arguing the practice violates the First Amendment of the U.S. Constitution.

The lawsuit adds that because Trump frequently turns to Twitter to make policy statements, his account qualifies as a public forum from which the government cannot exclude people on the basis of their views. Twitter users are unable to see or respond to tweets from accounts that block them, although there is nothing preventing Trump from simply muting any accounts that bother him without the knowledge of the counterparty.

"President Trump's Twitter account has become an important source of news and information about the government, and an important forum for speech by, to, or about the president," Jameel Jaffer, an executive director at the Knight Institute said in a statement. "The First Amendment applies to this digital forum in the same way it applies to town halls and open school board meetings. The White House acts unlawfully when it excludes people from this forum simply because they've disagreed with the president."

The lawsuit was brought by the Knight First Amendment Institute, a non-profit organization affiliated with Columbia University, and joined by seven individual Twitter users, and claims that Trump blocked a number of accounts whose owners replied to his tweets with comments that criticized, mocked or disagreed with the president. The lawsuit, filed in Southern District of NY, claims that Trump's blocking of the accounts amounted to an unconstitutional effort to suppress dissent, although we are confident that Twitter itself would ...

Another Day, Another V-Shaped Panic-Buying Spree in Crude Oil

Suuposedly catalyzed this time by EIA forecast production cuts, WTI crude has spiked off an early tumble for the 3rd day in a row, running stops above $45. It appears the algos missed the fact that EIA also cut its price forecasts for the next two years, cut demand growth estimates, and confirmed OPEC production is higher than expected...

The trigger - apparently:



*EIA LEAVES 2017 U.S. CRUDE OUTPUT ESTIMATE UNCH AT 9.33M B/D

*EIA CUTS 2018 U.S. CRUDE OUTPUT ESTIMATE TO 9.9M B/D FROM 10.01

But then there's this...



*EIA CUTS 2017 WTI CRUDE PRICE EST. TO $48.95/BBL FROM $50.78

*EIA CUTS 2018 WTI CRUDE PRICE EST. TO $49.58/BBL FROM $53.61

*EIA CUTS 2017 GLOBAL FUEL DEMAND TO 98.39M B/D FROM 98.46

*EIA GUTS 2018 GLOBAL FUEL DEMAND TO 100M B/D FROM 100.08

And...



TOTAL OPEC-13 OUTPUT IN JUNE RISES TO ABOUT 32.47 MILLION BPD LED BY NIGERIA, LIBYA VS. 32.14 MBPD IN MAY

But the machines don't care...

We'll see how long this lasts this time - remember API data after hours today.

Spoofing Lessons From Andy Hall - The Oil AND Silver King

A Silver Legend Throws in the Towel on Oil

By Vince Lanci for Soren K. Group

BACKGROUND

In 2010 I wrote an anonymous article for Zerohedge on Silver manipulation. Anonymous because the article was in part an indictment of the market structure on COMEX at the time. I was afraid of backlash against me and my nascent family, having already having seen the underside of a bus in 2003 via my own actions and the need for a conflicted, and unqualified compliance officer / bureaucrat Tom LaSala in danger of losing his job after a horrendous failure to protect the NYMEX electricity contract. This, according to NYMEX / CFTC sources then. But I digress.

About the author: Vince Lanci has 27 years' experience trading Commodity Derivatives. Retired from active trading in 2008, Vince now manages personal investments through his Echobay entity. He advises natural resource firms on market risk. Over the years, his expertise and testimony have been requested in energy, precious metals, and derivative fraud cases. Lanci is known for his passion in identifying unfairness in market structure and uneven playing fields. He is a frequent contributor to Zerohedge and Marketslant on such topics. Vince contributes to Bloomberg and Reuters finance articles as well. He continues to lead the Soren K. Group of writers on Marketslant.

...

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Corporate Bond Markets Asleep at the Wheel

Even as government bonds have been roiled by central banks, corporate debt markets have been surprisingly calm.

How to Beat the Dumb Money With Bank Stocks

U.S. banks are upping their dividends with gusto, but the average dividend fund is missing the party. These funds will eventually catch on to the payouts.

May 2017 Headline Wholesale Sales Down

Written by Steven Hansen

The headlines say wholesale sales were down month-over-month with inventory levels remaining at levels associated with recessions. Our analysis disagrees.

Beat the System: Stay away from bitcoin and ethereum — they are complete garbage

What are the real-life uses? Online gambling and money laundering, says Brett Arends.

ETF Focus: ETF dedicated to pro sports sponsorships steps up to the plate

If you've spent any time watching professional sports, whether live or on television, you've no doubt heard this phrase hundreds of times: "this is brought to you by brand X, the official sponsor of the league." Now, there's an ETF that tracks those sponsors.

Capitol Report: Donald Trump Jr. releases emails saying Russian government had incriminating Clinton information

Donald Trump Jr. released a chain of emails on Tuesday showing him discussing plans to hear potentially damaging information on Hillary Clinton.

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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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