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17Nov2017 Market Update: Wall Street Slips On Doubts About Tax Plan's Progress, WTI Crude Prices Continue To Trade Higher, US Dollar Slips As Gold Inches Higher

Written by Gary

US stock market's main indexes were on track to post small weekly losses (SPY -0.2%) as investors are skeptical about the Senate's efforts to pass the tax bill. Nasdaq continues to trade near yesterday's record highs.


Here is the current market situation from CNN Money

North and South American markets are mixed. The Bovespa is higher by 1.02%, while the S&P 500 is leading the IPC lower. They are down 0.13% and 0.06% respectively.

What Is Moving the Markets

Here are the headlines moving the markets.

Wall Street slips on doubts about tax plan's progress

(Reuters) - Wall Street's main indexes were on track to post small weekly losses on Friday as investors were skeptical about the Republicans' efforts to pass the tax bill.

Fox shares rise on signs of more takeover interest

(Reuters) - Twenty-First Century Fox Inc shares were up 3 percent in trading on Friday after sources said both Comcast Corp and Verizon Communications Inc were interested in buying parts of its studio and TV operations.

GE shares rise after CEO Flannery buys stock

(Reuters) - Shares of General Electric Co opened higher on Friday after Chief Executive John Flannery disclosed that he bought 60,000 shares of the industrial conglomerate's stock.

Tesla's unfettered ambition to drain finances: analysts

(Reuters) - Tesla Inc will face further questions about how fast it is burning through its cash pile and how soon it will have to ask creditors and shareholders for more after it unveiled its latest electric vehicles.

Apple pushes launch of HomePod smart speaker to early 2018

(Reuters) - Apple Inc has pushed the launch of its HomePod smart speaker to early next year from December, the company said on Friday.

Wireless carriers on mute as Supreme Court hears big privacy case

WASHINGTON (Reuters) - The U.S. Supreme Court is set to consider a major cellphone privacy case later this month, but leading players in the wireless industry that is at the center of the closely watched dispute are keeping their distance.

Exclusive: Toshiba set to OK $5 billion injection Monday to stay listed-sources

TOKYO (Reuters) - Toshiba Corp will decide on Monday to raise some $5 billion from overseas investors, allowing the troubled conglomerate to remain a publicly traded company even if the sale of a key business is delayed, two people with direct knowledge of the process said.

Broadcom closes $5.5 billion Brocade deal

(Reuters) - Broadcom Ltd said on Friday it closed its acquisition of network gear maker Brocade Communications Systems Inc, giving it a larger share of the data center products market.

New $200,000 Tesla Roadster speeds in front of electric big-rig truck

HAWTHORNE, Calif. (Reuters) - Tesla Inc upstaged its own debut of an electric heavy duty truck on Thursday when a red Roadster pulled out of the big rig's trailer and Chief Executive Elon Musk said the new $200,000 sports car would be the fastest production car ever.

Attendance At Baltimore City Schools Crashes To 13 Year Low Just As Juvenile Crime Spikes

Project Baltimore, an investigative reporting series conducted by a local Fox affiliate in Baltimore City, has sifted through over a decade of high school records and discovered that attendance at city high schools in 2017 suddenly dropped to a 13-year low of just 76%. Just to state the obvious, the average high school in Maryland has around 1,200 students so that means that, on an average day, nearly 300 of them don't bother to show up.

Adding insult to injury, Baltimore City Police Spokesman T.J. Smith told Fox 45 that it's no coincidence that violent crime is spiking in the city just as more and more teenagers are opting to skip class.

From violent attacks on Halloween night, to a terrifying carjacking and a man pushed into the Inner Harbor. Baltimore City is under siege by criminals that, police say, are teenagers.

"Every single one of them involve juveniles, who are all walking the streets today because they are probably not in school, where they belong."

Meanwhile, Project Baltimore found that 39% of Baltimore City high school students were technically considered "chronically absent," a threshold that should result in fines or even jail time for parents...that is, if school administrators actually fulfilled their reporting requirements.

As Oil Heads For Down-Week, Crude Stakes Are Huge

After five straight weeks higher - read by many as confirmation of how awesome the global coordinated recovery must be - WTI and Brent dropped this week as inventories rose, demand outlooks dimmed, and OPEC hope faded.

As Alhambra Investment Partners' Jeffrey Snider notes, there is a titanic struggle going on right now in the oil market.

On the one side of the futures market are the usual pace setters, the money managers. Last week, the latest COT data available, they went the most net long since March. If it continues, it will close in on the most positive futures position since the record long they established back in February.

Normally that would be insanely bullish for oil prices. But just as in February/March another part of the futures market has intervened on the other side. Back then it was the oil producers who rising inventory forced into a larger and larger offsetting net short (hedge).

This time, however, it is the swap dealers who are short for reasons that aren't really clear. The weekly COT report for the last week in October showed a record net short for dealers, just beating their most extreme position from the middle of 2013 at -424k contracts. In the first week and November, they blew away that record at -470k.

Traders Puzzled After Chinese Media Warning Triggers Market Selloff

Overnight we highlighted that despite a massive weekly net liquidity injection by the PBOC (which ended on Friday when the PBOC drained a net 10bn in liquidity) Chinese stocks failed to hold on to Thursday's gains, and resumed their slump...

... headed for their worst week in 7 months.

However, it was more than the simply a question of liquidity flows, because it once again appears that Beijing is involved in micromanaging daily stock moves, only unlike the summer of 2015 when China blew a huge stock bubble in a few months, which then promptly burst leaving China scrambling for the next year to figure out how to avoid contagion, this time Xinhua had a different message: sell.

According to Bloomberg, the reason why Chinese stocks - led by Shenzhen shares - slumped on Friday, is due to a warning by state media that one of the nation's hottest stocks was climbing too fast, which in turn triggered a selloff. And while the SHCOMP closed down 0.5%, the Shenzhen Composite Index closed down more than 2%, with liquor makers and technology companies that had outperformed this year among the biggest losers.

The catalyst that sparked the selloff? China's biggest liquor maker, Kweichow Moutai, whic ...

Is America Really 'Up' For A Second Cold War?

Authored by Patrick Buchanan via Buchanan.org,

After the 19th national congress of the Chinese Communist Party in October, one may discern Premier Xi Jinping's vision of the emerging New World Order.

By 2049, the centennial of the triumph of Communist Revolution, China shall have become the first power on earth.

Her occupation and humiliation by the West and Japan in the 19th and 20th centuries will have become hated but ancient history.

America will have been pushed out of Asia and the western Pacific back beyond the second chain of islands.

Taiwan will have been returned to the motherland, South Korea and the Philippines neutralized, Japan contained. China's claim to all the rocks, reefs and islets in the South China Sea will have been recognized by all current claimants.

Xi's "One Belt, One Road" strategy will have brought South and Central Asia into Beijing's orbit, and he will be in the Pantheon beside the Founding Father of Communist China, Mao Zedong.

Democracy has been rejected by China in favor of one-party rule of all political, economic, cultural and social life.

And as one views Europe, depopulating, riven by secessionism, fearful of a Third World migrant invasion, and America tearing herself apart over politics and ideology, China must appear to ambitious and rising powers as the model to emulate.

Indeed, has not China shown the world that authoritarianism can be compatible with national growth that outstrips a de ...

How GE Can Win Back Investors

A strong market for industrial assets gives GE a chance to win investors back after the company's dividend cut.

Why It Has Been So Hard to Win the Spinoff Trade

Corporate spinoffs such as Ferrari, from Fiat Chrysler, and PayPal, from eBay, have a well-documented history of outperforming the market. But the few funds that invest exclusively in spinoffs haven't.

Upbeat Moody's Misses the Mark on India

Moody's has upgraded India's sovereign debt for the first time in more than a decade. Investors should question the timing.

NewsWatch: Gap's Athleta brand is underrated, analysts say

Gap's Athleta brand is a bright spot for the company, which has seen its two of its core brands, the Gap and Banana Republic, struggle for growth

Market Snapshot: Dow, S&P on track for weekly loss as investors weigh earnings, tax plan

U.S. stocks open slightly lower, putting weekly gains for the S&P 500 and Dow at risk.

Top Ten: Weekend roundup: Tesla's big splash | Retail's opportunity | Eating turkey tails

Here are MarketWatch articles to read this weekend.

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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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