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11Jul2017 Market Close: Wall Street Closes Flat, Small Caps Up Fractionally, Stock Market Will Continue To Struggle As Politics Rattle Wall Street

Written by Gary

The US stock market large caps closed mostly flat reversing earlier losses (SPY -0.1%) while the Nasdaq closed up fractionally at +0.3%. WTI crude settles in the low 45's and . . .

Todays S&P 500 Chart

. . . the US dollar still showing weakness. Earlier market losses were pared when the Senate's announced a delay to its August break.

The Market in Perspective

Here are the headlines moving the markets.

Wall Street recovers from drop, helped by Senate recess delay

(Reuters) - The Dow and Nasdaq were higher in late afternoon trading on Tuesday, reversing earlier losses as the Senate's announced delay to its August break gave some relief to investors worried about the progress of the Republican agenda.

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.

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. EPA chief says to treat diesel emissions cheating 'very aggressively'

WASHINGTON (Reuters) - U.S. Environmental Protection Agency chief Scott Pruitt said the agency must ensure Volkswagen AG's excess diesel emissions is not repeated, and will treat improper behavior by automakers "very aggressively."

Amazon sales of Echo devices on Prime Day ahead of last year

(Reuters) - Amazon.com Inc said on Tuesday it has sold more than three times as many Echo family devices worldwide partway through its Prime Day sale than for the entire event in 2016, an early sign of its performance on one of its biggest business days of the year.

U.S. says 2.7 million additional Takata air bag 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.

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

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.

Western Digital gets U.S. court order to access Toshiba databases, chip samples

(Reuters) - Western Digital Corp won a temporary U.S. court order on Tuesday saying that Toshiba Corp must allow Western Digital's employees to access databases and chip samples as part of a joint venture with Toshiba between the two around flash memory chip plants in Japan.

Tuesday Humor? Public Union Files Grievance Against Poison-Ivy-Eating Goats For Stealing Jobs

Authored by Mike Shedlock via MishTalk.com,

Goats are at the center of a public union grievance against Western Michigan University for taking jobs that supposedly belong to union workers.

The jobs in question involve clearing the land of poison ivy and other noxious weeds that goats are willing to do for free.

Please consider Are Goats Taking Jobs from Union Workers?

A battle is brewing at Western Michigan University this summer between a group of hungry goats and a labor union.

The 400-member American Federation of State, County and Municipal Employees has filed a grievance contending that the work the goats are doing in a wooded lot is taking away jobs from laid-off union workers.

"AFSCME takes protecting the jobs of its members very seriously and we have an agreed-upon collective bargaining agreement with Western Michigan," said Union President Dennis Moore. "We expect the contract to be followed, and in circumstances where we feel it's needed, we file a grievance."

The grievance alleges that the university did not notify the union that it was planning to use goat crews on campus, according to a chief steward report supplied to the Battle Creek Enquirer.

...

Derivatives Trading Legend: "As Little As A 4% Decline In One Day Could Start A Critical Crash"

After building out Merrill's mortgage trading floor basically from scratch, then moving to the buyside at Pimco, several weeks ago Harley Bassman, more familiar to many traders as the "Convexity Maven" - a legend in the realm of derivatives (he helped design the MOVE Index, better known as the VIX for government bonds) - decided to retire (roughly one year after his shocking suggestion that the Fed should devalue the dollar by buying gold).

But that did not mean he would stop writing, and just a few days after exiting the front door at 650 Newport Center Drive in Newport Beach for the last time, Bassman wrote his first full article as a "free man", in which the topic was, not surprisingly, derivatives and specifically the recent collapse in vol - and convexity - what prompted it, but most importantly and what everyone wants to know: what threshold would be sufficient to finally launch the next "critical mass" market move (i.e. crash) and, just as importantly, what could catalyze it.

He answer all of the above in his latest fascinating note.

Bassman's full thoughts below:

"Rambling near the Edge"

Last month I attended the EQD (Equity Derivatives) Conference in Las Vegas. Diverse speakers opined upon a variety of topics, but a common theme was noting the near record low of both Implied and Realized Volatility in the financ ...

Meanwhile In Venezuela, The Real Mad Max Emerges

While Silicon Valley seems obsessed by 'blood boys', its another part of the world that appears to have gone full Mad Max. As the following clip shows a gang of bikers chase down and attack a truck (with molotov cocktails) to steal its sugar payload...

Not quite the "Guzzoline" or "Bullets" that Fury Road offers, but when all you have to eat is flamingoes or black stallions, sugar may be a good substitute worth risking your life over...

With each passing week, the situation in Venezuela keeps on getting worse.

Not quite the socialist utopia that Bernie Sanders longed for? Or more pointedly - this is exactly the dystopia one can expect from such policies of 'redistribution' and central planning.

Alone Perhaps, But Is Trump Right?

Authored by Patrick Buchanan via Buchanan.org,

At the G-20 in Hamburg, it is said, President Trump was isolated, without support from the other G-20 members, especially on climate change and trade.

Perhaps so. But the crucial question is not whether Trump is alone, but whether he is right. Has Trump read the crisis of the West correctly? Are his warnings valid? Is not the Obama-Merkel vision of a New World Order a utopian fantasy?

At the monument to the patriots of the Warsaw Uprising, Trump cited Poland as exemplar of how a great people behaves in a true national crisis.

Calling the Polish people "the soul of Europe," he related how, in the Miracle of the Vistula in 1920, Poland, reborn after 12 decades of subjugation, drove back the invading Red Army of Leon Trotsky.

He described the gang rape of Poland by Nazis and Soviets after the Hitler-Stalin pact. He cited the Katyn Forest massacre of the Polish officer corps by Stalin, and the rising of the Polish people against their Nazi occupiers in 1944, as the vulturous legions of Stalin watched from the safe side of the river.

When the Polish Pope, John Paul II, celebrated his first Mass in Victory Square in 1979, said Trump, "a million Polish men, women and children raised their voices in a single prayer. ... 'We want God.' ... Every Communist in Warsaw must have known that their oppressive system would soon come crashing down." And so it did.

The crisis of the West today, said Trump, is akin to what Poland faced. For it is abou ...

Amazon's License to Spend

Amazon.com's popular Prime Day is best understood as a big investment by the company to showcase its retail prowess. And when it comes to big spending by Amazon, Wall Street is primed for even more.

Why Is Everyone Making a Stink About Clearing?

A big fight is brewing over a key piece of pipework after Brexit: here's what's at stake.

Corporate Bond Markets Asleep at the Wheel

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

May 2017 JOLTS Job Openings Shows Little Growth

Written by Steven Hansen

The BLS Job Openings and Labor Turnover Survey (JOLTS) can be used as a predictor of future jobs growth, and the predictive elements show that the year-over-year growth rate of unadjusted private non-farm job openings show little growth.

Market Extra: Bitcoin rival, ethereum, has lost $17.5 billion in market value in 4 weeks

Ether, the world's second-most valuable cryptocurrency, has been tanking since hitting a peak in mid June, highlighting an extended selloff in buzzy, digital currencies that had been on a tear only a few short weeks ago.

Want to buy happiness? Spend your money on these 4 things

How to use your spare cash to lead a more meaningful and fun life.

The Balance: Teenage cyberbullies have even nastier competition — their parents

Some 41% of Americans have personally experienced online harassment.

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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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