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10Oct2017 Market Update: Wal-Mart And Energy Stocks Helped Wall Street To Set New Records, But Techs Curb Gains, WTI Crude Eases Into The 51 Handle While The US Dollar Continues To Slide

Written by Gary

Wall Street's three major indexes made new historic highs after the opening and have trended down since leaving the small caps flat and in the red (SPY +0.2%). Stock record ride 'has reached epic proportions,' Morgan Stanley says.


Here is the current market situation from CNN Money

North and South American markets are mixed today. The Bovespa is up 1.12% while the S&P 500 gains 0.17%. The IPC is off 0.23%.

What Is Moving the Markets

Here are the headlines moving the markets.

Procter & Gamble declares proxy war victory, Peltz refuses to concede

(Reuters) - Procter & Gamble Co said activist hedge fund manager Nelson Peltz had lost his fight to win a seat on the company's board, according to a preliminary tally of shareholder votes on Tuesday in the biggest-ever proxy fight.

U.S. top court asks Justice Department for views in Apple antitrust case

WASHINGTON (Reuters) - The U.S. Supreme Court on Tuesday asked the Trump administration for its views on whether to hear Apple Inc's bid to avoid a class-action lawsuit accusing the tech giant of inflating consumer prices by charging illegally high commissions on iPhone software sales through its App Store.

Wal-Mart sees 40 percent online sales growth next year, shares jump

(Reuters) - Wal-Mart Stores Inc on Tuesday forecast that its U.S. online sales would soar about 40 percent in the fiscal year ending January 2019, sending its stock up 4.7 percent to the highest in more than two years.

Honeywell seeks M&A as it keeps aero, spins off two units

NEW YORK (Reuters) - Honeywell International Inc said Tuesday it will focus on fewer business lines, including aerospace, and use spin offs of two other businesses to help fund acquisitions.

Pfizer weighs $15 billion sale of consumer healthcare business

(Reuters) - Pfizer said on Tuesday it was considering the sale or spin-off of its consumer healthcare business, shaking up the industry and potentially putting a headache pill to lip balm operation worth some $15 billion up for grabs.

Qualcomm offers to buy NXP minus some patents to allay EU concerns: sources

BRUSSELS (Reuters) - U.S. smartphone chipmaker Qualcomm has offered to buy NXP Semiconductors without some of its patents in a bid to win EU antitrust regulatory approval for the $38 billion deal, two people familiar with the matter said on Tuesday.

Wal-Mart helps Wall Street to new records, but techs curb gains

(Reuters) - Wall Street hit fresh record intraday highs on Tuesday, helped by a jump in Wal-Mart and energy stocks, but the gains were limited by declines in Amazon and technology stocks.

Britain hopes U.S. will keep politics out of Bombardier decision

LONDON (Reuters) - Britain hopes a provisional U.S. ruling imposing tariffs on Canadian aerospace manufacturer Bombardier will not be politically influenced when new evidence is considered, UK Business Secretary Greg Clark said on Tuesday.

Nasdaq Vice Chairman Jochumsen to retire

NEW YORK (Reuters) - Nasdaq Inc Vice Chairman Hans Ole Jochumsen, who has been focused on expanding the transatlantic exchange operator's European operations, will retire at the end of the year, he said in an interview on Tuesday.

Extremes Are Everywhere

Authored by Lance Roberts via RealInvestmentAdvice.com,

This past weekend, I discussed what appears to be the markets ongoing melt-up toward its inevitable conclusion. Of course, that move is supported by the last of the "holdouts" that finally capitulate and take the plunge back into a market that "can seemingly never go down." But therein lies the danger. To wit:

"However, it should be noted that despite the 'hope' of fiscal support for the markets, longer-term conditions are currently present that have led to rather sharp market reversions in the past."

"Regardless, the market is currently ignoring such realities as the belief 'this time is different' has become overwhelming pervasive."

The other problem on a short-term basis is the market is pushing very elevated levels currently. As shown below, with RSI (14) now above 70, the market 3-standard deviations above the 50-dma, and the MACD over 13, in both previous cases over the last year a short-term reversal followed.

NFL Caves: Owners Consider Rule Change Requiring Players To Stand For National Anthem

It appears that Trump is about to have the last laugh in his long-running spat with the NFL.

Moments ago, Dow Jones reported that NFL owners are considering a rule change that would require players to stand for national anthem.

A league spokesman said that the owners would discuss the potential change during a meeting next week, Dow Jones reported.

In recent seasons, primarily black professional football players have knelt during the national anthem to protest racial inequality in the United States. The protests started after former San Francisco 49ers quarterback Colin Kaepernick last year began kneeling during the anthem to protest police mistreatment of black Americans.

As a reminder, earlier on Tuesday Trump tweeted that tax laws should be changed so that the NFL doesn't get "massive tax breaks while at the same time disrespecting our Anthem, Flag and Country."

Why is the NFL getting massive tax breaks while at the same time disrespecting our Anthem, Flag and Country? Change tax law!

— Donald J. Trump (@realDonaldTrump) October 10, 2017

The Feud started in late September, when the president renewed discussion about the protests when he urged owners to "fire" the "son of a bitch" who kneels during the anthem.

And while we await more details, we wonder just how dramatic the NFL viewership - and ad revenue - collapse in the past few weeks must have been for the football league, which initially was so vocally against Trump, to make such an dramatic and unexpected U-turn.

...

O'Keefe Strikes Again, Catches NYT Editors On Hidden Camera: "Targeting Trump's Buinesses, His Dumb F**k Of A Son"

In the latest of a series of undercover operations targeting mainstream media bias, James O'Keefe has just dropped a new undercover video which takes direct aim at the New York Times' Audience Strategy Editor, Nick Dudich, who admits repeatedly to promoting content that intentionally seeks to, among other things, damage President Trump's businesses as a means towards forcing his resignation.

Here is a brief intro from Project Veritas:

While talking about being objective at the Times, Dudich replies candidly, "No I'm not, that's why I'm here."

Dudich considers himself an important player at the New York Times, telling the Project Veritas Journalist "my voice is on... my imprint is on every video we do."

Dudich goes on to explain what he might do to target President Trump:

"I'd target his businesses, his dumb fuck of a son, Donald Jr., and Eric...

"Target that. Get people to boycott going to his hotels. Boycott... So a lot of the Trump brands, if you can ruin the Trump brand and you put pressure on his business and you start investigating his business and you start shutting it down, or they're hacking or other things. He cares about his business more than he cares about being President. He would resign. Or he'd lash out and do something incredibly illegal, which he would have to."

When the undercover journalist asks Dudich if he could make sure that the anti-Trump stories make it to the front, he replied, "Oh, we always do."

...

Liquor Makers Need to Sober Up to the Decline in Teenage Drinking

Move over millennials: Today's smartphone-obsessed teens, Generation Z, are the consumers of the future. Worryingly for liquor producers, they're shaping up to be an antisocial lot.

What Could Dash the Hopes of Bank Investors

The third quarter was pretty dull for American banks, which is not so bad considering what was happening a decade ago. Maybe investors like boring, because they gave bank shares a nice boost at the end of the quarter.

Why Richard Thaler Matters to Investors

Richard Thaler, the Nobel Prize winner, used psychological insights to explain why markets aren't always efficient.

Market Extra: Stock record ride 'has reached epic proportions,' Morgan Stanley says

Wall Street isn't just in a bull market, it's in an "epic" one.

Anthony Bourdain on why we need to reduce our 'shocking' level of food waste — and how Trump won't help

The TV personality talks food waste, President Trump and social media

Grow: Why I'm celebrating my zero net worth

Monitoring your financial net worth regularly is one of the best moves you can make.

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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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