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06Oct2017 Market Close: Wall Street Ended Mostly Flat, Nasdaq Jus Made A New Historical High, Investors Shrugged Off The Market's Years-long Streak Of Adding Jobs

Written by Gary

The SP 500 dipped today, breaking a streak of gains, as the first monthly decline in U.S. nonfarm jobs in seven years dampened sentiment while pharmacy shares declined on fear of competition from Amazon.

Todays S&P 500 Chart

The Market in Perspective

Here are the headlines moving the markets.

S&P dips; pharmacy shares slide on Amazon threat

NEW YORK (Reuters) - The S&P 500 dipped on Friday, breaking an eight-day streak of gains, as the first monthly decline in U.S. nonfarm jobs in seven years dampened sentiment while pharmacy shares declined on fear of competition from Amazon.

U.S. backs 300 percent in duties on Bombardier after Boeing complaint

WASHINGTON (Reuters) - The U.S. Commerce Department on Friday notched up proposed trade duties on Bombardier Inc CSeries jets to nearly 300 percent, affirming Boeing Co's complaint that the Canadian company received illegal subsidies and dumped the planes at "absurdly low" prices.

Costco shares down on fears of grocery delivery eating into margins

(Reuters) - Shares in Costco fell 6 percent on Friday after the retailer reported a decline in quarterly gross margins and underlined the growing competition in the industry by launching new grocery delivery services.

U.S. Chamber warns against Trump's 'highly dangerous' NAFTA demands

WASHINGTON (Reuters) - The U.S. Chamber of Commerce warned on Friday that the Trump administration was making "highly dangerous demands" in the North American Free Trade Agreement modernization talks that could erode U.S. business support and torpedo the negotiations.

Downplaying job losses, Fed officials eye December rate hike

AUSTIN, Texas/NEW YORK (Reuters) - Chocking up employment losses last month to the temporary hit of a severe hurricane season and reiterating expectations that inflation will strengthen, Federal Reserve policymakers on Friday signaled they continue to see gradual U.S. interest-rate hikes ahead.

U.S. payrolls shrink in September after Hurricanes Harvey, Irma

WASHINGTON (Reuters) - U.S. employment fell in September for the first time in seven years as Hurricanes Harvey and Irma left displaced workers temporarily unemployed and delayed hiring, the latest indication that the storms undercut economic activity in the third quarter.

Drug chains tumble on reports Amazon eyeing their pie

(Reuters) - Shares of drug retailers Walgreens Boots Alliance Inc, CVS Health Corp and Rite Aid Corp tumbled on Friday after reports that Amazon.com Inc was looking to make a move into selling drugs online.

Peltz says P&G proxy fight 'dumb', will go down to wire

(Reuters) - Procter & Gamble should simply not have bothered resisting activist investor Nelson Peltz's push for a board seat, he said on Friday, promising to keep his shares in the consumer goods company even if he lost next week's vote.

Tax-cut plan prompts fund managers to bet on automation

NEW YORK (Reuters) - The Trump administration's plan to cut corporate taxes may add more fuel to the already hot rally in the shares of automation companies.

Investors "Most Euphoric" In 23 Years Despite Korea, Crap Data, Crude Crash, & Coming Storms

The market...

Trannies ended the week lower (first down-week in 7 weeks), Dow outperformed on the week (4th week up in a row)... The S&P record-high streak is over...

Nasdaq managed to close in the green and a new record high today...

Investors have not been this 'euphoric' of the S&P 500 since 1994...

VIX and the S&P were both higher on the week for the first time since February...

VIX was pumped and dumped again in a desperate effort to get the S&P green and to a new record high for the 7th day in a row... (NOTE its the 8th day in a row that stocks ramped after Euro ...

"My Watch Is Off": HSBC Traders Used Code Words To Trigger Front-Running Trades

According to prosecutor Carol Sipperly, former HSBC currency trader Mark Johnson used just four words to trigger a massive, international front-running operation that netted his firm some $8 million in illicit profits: "my watch is off."

The bank's former global head of foreign exchange alerted the traders around the globe via a phone call in December 2011 that was recorded, a prosecutor said Thursday. The gambit was designed to take advantage of a $3.5 billion client order to buy sterling, the U.S. says.

After Johnson's trial recessed for the day, prosecutor Carol Sipperly asked that the jury hear the recordings on Friday, in which Johnson allegedly tipped off a trader in Hong Kong. That signal eventually reached others on both sides of the Atlantic, she said. Johnson was in New York that day, speaking to Stuart Scott, the bank's former head of currency trading in Europe, who was in London, just before the transaction for its client, Cairn Energy Plc.

Prosecutors say Johnson and Scott, along with other traders, bought pounds before the transaction. Johnson is on trial in federal court in Brooklyn, New York, accused of a scheme that produced a $8 million profit for his bank.

"We actually have Mark Johnson telling Stuart Scott 'Tell Ed my watch will be off,'" Sipperly said. "We have communications where the word 'watch' is used, and then within seconds, 20 seconds of 'my watch is off,' we have all that trading that's been described. The word is instrumental in getting the information to the traders when it comes to their early fr ...

The Last Time Gold Coin Sales Were This Low...

The first nine months of 2017 have seen demand for gold coins slump. As stocks soar unendingly (and vol drops unerringly) the US Mint notes that sales of coins is at its weakest in a decade as complacency in the face of ever-increasing potential-crisis-events nears record highs.

The question is - what happened the last time the public gave up on buying "protection against the idiocy of the political cycle"?

The answer is awkwardly simple... everything collapsed.

And as a reminder, China's Golden Week Holiday ends this weekend and that has traditionally meant only one thing for gold...

So what happens next?

How Trolls Use Patent Law to Make an Easy Buck

Via The Daily Bell

Patents seem like a good idea on paper. If you come up with something innovative, you should reap the rewards. That safeguards the hard work and money someone puts into an invention or technology.

But patents really amount to a legal monopoly, granted by government. And as is typical with government, this intervention into the economy creates some interesting side effects.

Patent trolls are businesses which own patents for the sole purpose of litigation. They don't make their money from producing whatever the patent secures. They make their money suing companies for patent infringement.

This works best when the patent is something that probably should have never been patented in the first place.

For instance, a company called Personal Audio managed to successfully sue Apple in 2011 for ...

The Beltway Factor Drug Shareholders Must Take Seriously

New FDA commissioner Scott Gottlieb is reshaping the drug industry with an ambitious agenda. Investors should watch him closely.

No Reason to Buy Renault's Fanciful Plans

While General Motors is retreating to its lucrative but shrinking home market, Renault is pinning extravagant hopes on emerging-markets growth.

Netflix Needs a Bigger Box Office

The second season of the streaming service's "Stranger Things" launches later this month—conveniently about a week after many of the company's U.S. subscribers will be notified that their prices are going up.

August 2017 Headline Consumer Credit Growth Rate Significantly Declines

Written by Steven Hansen

The headlines say consumer credit rate of annual growth significantly declined from last month. Our analysis agrees.

Market Snapshot: Dow, S&P 500 end streak of records after jobs report; indexes post weekly gains

U.S. stocks ended mostly flat on Friday, though the Nasdaq eked out a closing record and major indexes added to their string of weekly gains as investors mostly shrugged off a payroll report that ended the market's years-long streak of adding jobs.

Market Extra: Spain — and investors — on roller-coaster ride after Catalonia's referendum chaos

Spain was headed into another weekend of demonstrations and uncertainty as a crisis over a rebel region drags on.

Trump Today: Trump Today: President signs 'Manufacturing Day' proclamation after data show factory-jobs decline

President Donald Trump signed a proclamation for National Manufacturing Day on Friday, celebrated Hispanic Heritage Month at a White House event and met with Treasury Secretary Steven Mnuchin after the release of a report that recommended slashing regulations.

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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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