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03Oct2017 Market Close: Wall Street Sets Record Highs, Auto Advances And Airlines Push Markets To New Highs, Crude And US Dollar Slip Fractionally

Written by Gary

The SP 500, DOW, Nasdaq and the Russell 2000 indexes all posted record high closes for the second straight day (SPY +0.2%), with boosts from car makers and airlines.

Todays S&P 500 Chart

The Market in Perspective

Here are the headlines moving the markets.

Wall St. sets record highs with boosts from carmakers, airlines

(Reuters) - The S&P 500, the Dow, Nasdaq and the Russell 2000 indexes all posted record high closes for the second straight day on Tuesday, helped by gains in carmakers after strong September vehicle sales and a jump in airline shares.

Tesla shares recover from bottleneck fears

(Reuters) - Investors put aside worries about Tesla Inc meeting production targets for its Model 3 mass-market sedan to push the electric car maker's shares higher on Tuesday, overturning an initial drop of almost 3 percent.

Goldman CEO keeps open mind on digital currency bitcoin

(Reuters) - Goldman Sachs Group Inc Chief Executive Lloyd Blankfein said he is keeping an open mind on bitcoin after a media report that the investment bank was exploring a new trading operation dedicated to cryptocurrencies.

Short sellers 'clamoring' to borrow Roku shares: S3 Partners

SAN FRANCISCO (Reuters) - Traders on Tuesday were "clamoring" to borrow shares of Roku in order to sell them short following the video-streaming company's initial public offer last week, according to S3 Partners.

Two Wall Street giants criticize Trump tax plan

WASHINGTON (Reuters) - President Donald Trump's tax reform plan came under new criticism on Tuesday from two towering Wall Street figures, including billionaire investor Warren Buffett, who called into question a Republican drive to slash the U.S. corporate rate.

Uber promises to make things right in London after 'constructive' license meeting

LONDON (Reuters) - Uber promised to make things right in London after its new global boss had a "constructive" meeting with the city's transport regulator to try to hold on to the app's operating license in one of its main foreign markets.

Wells Fargo CEO defends leadership in heated Senate appearance

(Reuters) - U.S. senators grilled Wells Fargo & Co Chief Executive Tim Sloan on Tuesday about what he had done to change the bank's culture after a sales practices scandal erupted last year, with one senior Democratic lawmaker calling for his ouster.

Exclusive: One Ford, two systems - U.S. carmaker revamps China strategy amid EV push

BEIJING/DETROIT (Reuters) - U.S. automaker Ford Motor Co is overhauling its China plans as its global "One Ford" strategy is holding it back in the world's biggest auto market, two high-ranking company insiders told Reuters.

Auto safety advocates criticize U.S. self-driving car legislation

WASHINGTON (Reuters) - A coalition of auto safety advocates criticized a bill before the U.S. Congress that would allow automakers eventually to sell up to 100,000 self-driving vehicles annually if they could demonstrate they are as safe as current vehicles.

Spain's, Planes, & Automobiles Soar As Small Caps Rebound To Another New High

Just relax...

As Bloomberg noted, stocks and bonds managed gains despite talk that tax reform may face insurmountable hurdles in the U.S. Senate.

Republican Senator Bob Corker who insists he won't vote for a tax bill that adds a penny to the deficit, said he's concerned the White House is showing "softness" on ending a $1.3 trillion federal tax deduction for state and local taxes. Separately, Senate Democratic Minority Leader Schumer said Republican tax legislation won't pass.

For much of the day, Small Caps dared to trade lower but went green with 30 mins to go. Trannies outperformed - once again new record highs for everyone...

Small Caps U-shaped-recovery today (to get into the green above 1509.45)...started right as Europe closed... (RSI now at 85.2 - the highst soince Oct 1997)

Meanwhile, Russell 2000 VIX continues to rise...

Venezuela's Grim Reaper: A Current Inflation Measurement

Authored by Steve H. Hanke of the Johns Hopkins University. Follow him on Twitter @Steve_Hanke.

The Grim Reaper has taken his scythe to the Venezuelan bolivar. The death of the bolivar is depicted in the following chart. A bolivar is worthless, and with its collapse, Venezuela is witnessing the world's worst inflation.

As the bolivar collapsed and inflation accelerated, the Banco Central de Venezuela (BCV) became an unreliable source of inflation data. Indeed, from December 2014 until January 2016, the BCV did not report inflation statistics. Then, the BCV pulled a rabbit out of its hat in January 2016 and reported a phony annual inflation rate for the third quarte ...

One Of The World's Biggest Sovereign Wealth Funds Is About To Become A Seller

As regular readers may recall, one of the alleged reasons for the market swoon at the end of 2015 and early 2016 was what Deutsche Bank first dubbed "quantitative tightening" but not by central banks (that would come later), but by sovereign wealth funds in general - with an emphasis on petrodollar nations who were struggling to balance their budgets at a time of plunging oil prices and were forced to sell assets - and China in particular, which faced with a tumbling Yuan was forced to sell billions in US-denominated securities to halt the sharp devaluation of the Yuan.

Now, after a period of relative stability for sovereign wealth funds, in which the indiscriminate SWF/China selling of 2015 faded into a distant memory, one of the world's biggest buyers of trophy assets is about to become a seller again. According to Bloomberg, following the ongoing isolation by its powerful Arab neighbors, Qatar's sovereign wealth fund is reversing a decade-long run in high-profile foreign investments to buttress its own economy.

The Qatar Investment Authority, or QIA, which has already reduced its holdings in Credit Suisse, Rosneft and Tiffany in recent months, is considering unleashing what could be a liquidation tsunami in this illiquid market, selling more of its $320 billion of assets, which includes stakes in Glencore and Barclays, and using the proceeds to bolster the domestic economy, according to Bloomberg sources.

The selling, which we previewed back in June amid an overview of Qatar's deteriorating financial system, will probably not come as a surprise: ...

Spain's King Felipe Condemns Catalan "Disloyalty" As Rajoy Mulls "Nuclear Option"

Echoing the sentiment from his prime minister Mariano Rajoy, in a nationwide address on Tuesday night, Spain's King Felipe VI said that Spanish democracy is in a serious moment, and accuses Catalan separatist leaders of violating constitution.

"For some time now, certain officials in Catalonia have repeatedly, consciously and purposefully breached the constitution and their statute of autonomy"

Toeing the government line, the King said referendum plans were illegal, and that it is "irresponsible" to conduct risks economy.

The King appealed for calm, says he remains committed to unity and, without a trace of irony, the unelected monarch said that Catalan separatists have "shattered Spain's democratic principles."

Some more highlights of his speech, courtesy of The Spain Report:



King Felipe says Spain living through "very grave" moments for country because of Catalan crisis.

King Felipe says Catalan government seeking to illegally proclaim independence.

King Felipe says Catalan society today is fractured and divided, says economic stability of Spain at risk

King Felipe says Catalan authorities "totally outside law and democracy. They have meant to fracture Spain".

King Felipe says Spanish state must ensure constitutional order in Catalonia.

King Felipe says "very complex moments" but "we will come through" and "our democratic principles are solid".

King Felipe says Spanish crown firmly committed to constitutional order.

Below is the Full Text Of King Felipe's Statement To Country On Catalan Crisis

"We are living through very grave moments for our democratic life. And in these circumstances, I want ...

Hurricane Maria Packs a One-Two Punch for Insurance

The losses in Puerto Rico as a result of Hurricane Maria may surpass the more than $50 billion caused by Harvey and Irma, proving very costly for insurers.

Microsoft's Mixed Message on Virtual Reality

Software giant Microsoft has some natural advantages in virtual reality, though marketing risks confusion.

Tesla Has a Forecasting Problem

The electric car company's inability to predict near-term Model 3 production should give investors pause about Elon Musk's vision.

Here are the members of Congress who take the most money from the gun lobby

The list of lawmakers who get most of campaign cash from the National Rifle Association and other gun-rights groups reads like a who's-who of the Republican Party.

This is why millennials can't have nice things (or save any money)

Young Americans spend $2,300 per year more on a wide range of items.

In One Chart: Bond market bears are back with a vengeance, in one chart

The proportion of investors who betting on prices for long-dated Treasury prices to fall versus those betting on prices to rise is at a record high

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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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