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18Jul2017 Market Close: Wall Street Investors Not Sure What To Do, Crude Prices Fall, US Dollar Index Remains Weak After Trump's Defeat On Health Care, Tomorrow Is Another Day

Written by Gary

US stock markets closed mixed, DOW down 55 points, SP 500 up +0.06% and the Nasdaq up +0.5%.

Todays S&P 500 Chart

The Market in Perspective

Here are the headlines moving the markets.

Americans want U.S. goods, but not willing to pay more: Reuters/Ipsos poll

HARRISBURG, Pa. (Reuters) - Americans say they love U.S.-made goods. They are less enthusiastic, however, about paying a premium for them.

Goldman Sachs drags Dow lower; Netflix rally buoys Nasdaq

NEW YORK (Reuters) - Major stock indexes were mixed on Tuesday, as Netflix's rally kept the Nasdaq Composite in the black while Goldman Sachs weighed on the Dow, with earnings taking investors' focus.

U.S. banks pay up for big deposits as consumers get pennies

(Reuters) - Big U.S. banks are starting to pay corporations, financial firms and rich people more to hold on to their deposits, but ordinary consumers will have to wait longer to see more than a few pennies for every $100 they stash in their accounts.

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.

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.

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

(Reuters) - Lockheed Martin Corp , the Pentagon's No. 1 weapons supplier, on Tuesday reported better-than-expected quarterly profit and said it expects increased defense spending under U.S. President Donald Trump to underpin its earnings this year.

Uber is sued over lack of wheelchair-accessible cars in NYC

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

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 on norovirus worries, shares fall

(Reuters) - Chipotle Mexican Grill Inc closed a restaurant in Virginia because of a suspected norovirus outbreak among some diners, sending its shares lower on Tuesday.

Guess What Happens In States Where Food Stamp Recipients Have To Work

Authored by Daniel Lang via SHTFplan.com,

Leftists are constantly reminding of us of the merits of welfare. They tell us that without the help of taxpayer funded handouts, millions of Americans will starve or be left homeless. There's no doubt that some people really do need help, but this black and white view of welfare doesn't paint the full picture. Conservatives and libertarians have suspected for decades that many of the people on welfare are actually mooching off of the system. So to reconcile the need to help people who are helpless with the very really problem of people abusing the system, they've come up with a great compromise.

In regards to food stamps, they've suggested that we offer food assistance on the condition that the recipients are working. Or at the very least, that they volunteer or community service or are making an effort to train themselves for a new job. So what happens in states that have work requirements for food stamp recipients?

Alabama began 2017 by requiring able-bodied adults without children in 13 counties to either find a job or participate in work training as a condition for continuing to receive Supplemental Nutrition Assistance Program (SNAP) benefits.

< ...

Someone Is Getting Impatient: The Price Of VIX Convexity Just Hit An All Time High

When it comes to the VIX, it is (almost) safe to say that virtually everything that could be said about the market's record low volatility, its causes, and where it may or may not go from here, has been said. For those blissfully unaware of the market's mind-numbing complacency and boredom, last week the VIX declined 1.68 points during the week of Yellen's unexpected dovish turn, and settled at 9.51, the lowest closing level since December 23, 1993 (and third lowest close of all time), while the ratio of VVIX to VIX increased once again to near its 2-year highs. Additionally, 1m and 1y SPX ATM implied vol fell to 7.1% and 13.3% respectively, each two-year lows. Similarly, 1y correlation among the top 50 names in the SPX also declined to a 2-year low.

For the fanatics, here some additional facts, courtesy of BofA:

The VIX has closed 10 times below 10 this year.

1993 had 4 closes below 10

1994 and 2007 each had one

It also recorded its third lowest closing value on Friday (the lowest level of 9.31 was recorded in Dec-93).

VIX has also closed under 11 55 times YTD with the second closest year being 2006 with 35 such sessions.

The volatility index has so far this year traded in the second tightest range (MAX-MIN) of 6.2 vol points.

The tightest recorded range was in 1995 when the average VIX level was 0.8 vol points higher.

What is far less known however, is that as VIX has declined to all time lows, bets on a sudden, violent move - in either direction - have soared. Think VIX "Strangle"

As BofA's Benjamin Bowler explains, the 30-day moving average of the ratio of VIX and SPX 1m ATM implied vol reached 1.34 on Friday, July 14, above the 99th %-ile (the max was reached on 26-Jun). In other words, ...

Epic Troll Declares: 'THE NATIONAL NEWS MEDIA BELONGS TO ME NOW'

Content originally published at iBankCoin.com

God I love this guy. I will not sit here and cast aspersions upon his person, a man dedicated to 'smashing the fash'. In an unbelievable trolling expedition on the Jesse Waters show, this man went onto his show and declared allegiance to ANTIFA -- ironically defending the stabbing of police horses in the neck because they were racist.

Well now 'Kevin' is responding to his debut on national television, with a hilarious video where he declared 'the national news media belongs to me now.' Amongst other things, his mission is to 'smash the fash', saying he throws bricks through his own window and blames it on the alt-right. He's the guy who's out spray painting swastikas on his own synagogues, just to make Drumpf supporters look bad.

"These bloggers in the media, don't have a clue."

NOTE: I love the Karl Marx picture frame in the background, just adjacent to a large bottle of lotion. Here's how Kevin got started in ANTIFA, a must watch for those of you interested in resisting Drumpf.

Iran To America: Stop Worrying About Us, Your Government Is About To Collapse

Authored by Darius Shahtahmasebi via TheAntiMedia.org,

Iranian officials have struck back at the Trump administration's verbal attacks on Iran, suggesting the U.S. should worry about its own domestic problems before turning a critical eye towards them. According to al-Monitor, an arguably pro-Tehran media site:

"Iranian officials have condemned US Secretary of Defense James Mattis for calling for regime change in Iran. During an interview with a high school newspaper, Mattis said US relations with Tehran will have to wait 'until the Iranian people can get rid of this theocracy.'

He also referred to Iran as 'the most destabil ...

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.

June 2017 Import Sea Containers Suggest Improving Economy

Written by Steven Hansen

The June month-over-month import and export container counts are suggesting a growing USA economy, but a slowing global economy - and a worsening trade balance.

MarketWatch First Take: Netflix's worst show doesn't air on Netflix

Low quality production barely fit for YouTube, minimal content and viewers calling it a waste of time are surely descriptions that would lead a show with these problems to bad ratings and cancellation by a service like Netflix.

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:

The New York Post: Steve Bannon both dismissive and frightened of Paul Ryan: book

Bannon, now President Trump's top strategist, reportedly went into a rage at talk that top Republicans hoped to replace Trump at the top of the ticket with House Speaker Ryan.

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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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