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18Jul2017 Market Update: Wall Street Mixed, DOW Down 69 Points, Nasdaq Up 3 Percent, WTI Crude At The Low 46 Handle

Written by Gary

Late afternoon trading is almost a repeat of yesterday's session, mostly sideways, mixed and low volume (SPY -0.04%), (Nasdaq +0.3%).


Here is the current market situation from CNN Money

North and South American markets are lower today with shares in Mexico off the most. The IPC is down 0.42% while Brazil's Bovespa is off 0.14% and U.S.'s S&P 500 is lower by 0.05%.

Traders Corner - Health of the Market

What Is Moving the Markets

Here are the headlines moving the markets.

Goldman weighs on Dow; Netflix helps cap S&P, Nasdaq losses

(Reuters) - The Dow was dragged lower in early afternoon trading on Tuesday by a drop in Goldman Sachs, but losses on the S&P 500 and the Nasdaq were limited by a jump in Netflix's shares.

Bank of America profit rises as consumer bank hits profit 'milestone'

(Reuters) - Bank of America Corp reported a higher-than-expected quarterly profit on strength in its consumer bank and cost cuts that are beginning to bear fruit after years of branch closures, staff cuts and efforts to reduce technology and paper-related expenses.

Goldman execs scrutinize bond trading after revenue nosedives

(Reuters) - Goldman Sachs Group Inc's management team is looking for ways to revive the bank's bond trading business and drum up more revenue from existing clients who have lately become less profitable for the bank.

Wall Street lays out its wish list for SEC reforms for public companies

WASHINGTON (Reuters) - Executives that represent Wall Street interests pitched ideas on Tuesday about ways to scale back securities regulations that they blamed for stifling the market for initial public offerings.

Chipotle shuts Virginia restaurant due to customer illness, shares fall

(Reuters) - Chipotle Mexican Grill Inc closed a restaurant in Virginia due to a suspected norovirus outbreak among some diners, sending shares down more than 6 percent on Tuesday.

Uber is sued over lack of wheelchair-accessible cars in New York City

NEW YORK (Reuters) - Uber Technologies Inc was sued on Tuesday by disability rights groups that said the ride-sharing company violates New York City human rights laws by failing to make enough of its vehicles accessible to disabled people.

Lockheed Martin tops estimates on F-35 sales, raises outlook

(Reuters) - Lockheed Martin Corp , the Pentagon's No. 1 weapons supplier, on Tuesday reported a better-than-expected quarterly profit, helped by higher sales of its F-35 fighter jets, and nudged its full-year profit forecast higher.

Mexico minister queries U.S. talk on cutting NAFTA trade deficits

MEXICO CITY (Reuters) - Mexico's economy minister on Tuesday expressed concern that the United States was insisting on reducing trade deficits in objectives it set out for the renegotiation of the NAFTA trade deal, a document he nevertheless said contained "no surprises."

Netflix wins international Crown with original shows

(Reuters) - Twenty years after Reed Hastings co-founded Netflix Inc , and a decade after the company introduced video streaming, it hit another milestone - one that is key to its ability to sustain its scorching pace of growth.

The ECB's Balance Sheet Is Now The Size Of Japan's GDP

Yesterday was a landmark day for the ECB. First, the central bank disclosed that its CSPP, or corporate bond, holdings rose above 100Bn for the first time. As DB's Jim Reids notes this morning, to put things in perspective, a similar market cap company would be the 18th largest in the Stoxx 600 and 42nd largest in the S&P 500. It's also roughly equivalent to the annual national output of Kuwait - the 59th largest economy in the world as of 2016."

Assuming that the previously disclosed percentage of bonds purchased in the primary market, or directly from the company, has not changed since our report a month ago, this means that the price indiscriminate ECB has directly injected approximately $15 billion in various European corporate entities in exchange for bonds, bypassing any middlemen in the process.

As for the ECB's other notable "achievement" according to the latest update, the ECB's balance sheet now stands at 4.23 trillion, making it the largest central bank holding in the World. As Deutsche Bank notes, this is the same as the GDP of Japan ( 4.3 trillion) - the 3rd biggest economy in the world and a decent distance ahead of Germany ( 3.02tn) - the fourth largest.

The news takes place o ...

Is the COMEX Rigged?

Submitted by Ronan Manly, BullionStar.com

The COMEX gold futures market and the London OTC gold market have a joint monopoly on setting the international gold price. This is because these two markets generate the largest 'gold' trading volumes and have the highest 'liquidity'. However, this price setting dominance is despite either of these two markets actually trading physical gold bars. Both markets merely trade different forms of derivatives of gold bars.

Overall, the COMEX (which is owned by the CME Group) is even more dominant that the London market in setting the international price of gold. This is a feat which financial academics ascribe to COMEX being a centralized electronic platform offering low transaction costs, ease of leverage, and "the ability to avoid dealing with the underlying asset" (i.e. COMEX allow ...

Trump Says "Let ObamaCare Fail" As Senate GOP Lack Votes For Repeal

Following the news that 'repeal' would not garner the votes required to pass, President Trump said he was disappointed in the Senate's failure to repeal and replace the Affordable Care Act and argued that Republicans should now let the law fail on its own.

Trump on the health care vote: In 2018, "we have to get more Republicans elected because we have to get it done" https://t.co/KRJZifYsXU

— CNN Politics (@CNNPolitics) July 18, 2017

As The Hill reports, in his first on-camera remarks about the stalemate in the Senate, Trump said that Republicans should now "let ObamaCare fail" following the collapse of their effort to repeal and replace the law.

He added that it "will be a lot easier" to allow ObamaCare to falter on its own. "I think we're probably in that position where we'll let ObamaCare fail," he said. "We're not going to own it. I'm not going to own it. I can tell you the Republicans are not going to own it. We'll let ObamaCare fail and then the Democrats are going to come to us."

Maxine Waters' Contributions Collapse As Her "Resist 45" Efforts Fail To Inspire

Maxine Waters, the Democratic Representative from the progressive paradise of California, has been an active participant in the "Resist 45" movement. She has frequently appeared on political talk shows to call for President Trump's impeachment for, among other things, his clearly 'bigoted' travel ban (which has since been upheld by the Supreme Court) and his support of Russian President Vladimir Putin...even as Putin continued his invasion of 'Korea' (no, that's not a typo...it's an actual quote).

Of course, it's somewhat likely that all of Waters' grandstanding has been nothing more than a political stunt designed to raise extra cash for the Democratic Party. But, the only problem with the plan is that it doesn't seem to be working at all. In fact, it seems to be having the opposite effect on potential donors as political contributions to her campaign have collapsed.

As the Washington Free Beacon points out, despite her elevated profile of late, Waters' campaign only managed to pull in ~$20,000 in individual contributions so far this year and an abysmal $12,600 in 2Q 2017.

Citizens for Waters, Rep. Waters' campaign committee, reported receiving just $12,600 individual contributions throughout the second quarter, which runs between April 1 and June 30. During the first quarter, which spans from Jan. 1 to March 31, the campaign reported $9,508.79 in individual contributions. Waters has now pulled in just $22,108.79 in total individual contributions.

The campaign has compensated for the low amount of individual contri ...

Why a Weaker Dollar is a Source of Market Strength

The role reversal between the dollar and euro this year is striking and significant.

Why Microsoft's Heads Count

For Microsoft, the trick these days is growing the cloud—without getting itself too puffed up.

Goldman Needs a Plan to Turn Around Trading

Goldman Sachs is starting to lose its Wall Street halo, and it isn't clear what the bank intends to do about it.

The New York Post: Eighth person at Trump Jr.'s meeting with Russian lawyer identified

The eighth person who attended a Trump Tower meeting with Donald Trump Jr. and a Russian lawyer pitching dirt on Hillary Clinton has been identified as the American-based employee of a Russian real estate company, a report said on Tuesday.

The Tell: Cybersecurity legend bets his manhood bitcoin reaches $500,000 within three years

John McAfee, the colorful founder of his namesake antivirus software company, as well as a former fugitive and passionate cryptocurrency backer, says bitcoin is headed toward $500,000 within three years. Apparently, he's got a lot riding on it:

J.C. Penney is right to try new things, but it needs to do more to compete with Amazon, analysts say

Experts say that J.C. Penney should be applauded for its efforts, but its new merchandise improvements are not enough to stave off the threat from Amazon.

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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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