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20Nov2017 Market Update: All Street Fractionally Higher, Nebraska Regulators Approve Keystone XL Pipeline, WTI Crude And US Dollar Reverses Trend Direction After XL Decision, Gold Taking A Deep Plunge

Written by Gary

Technology stocks have pushed Wall Street higher (SPY +0.2%) as investors turned to 'risk-on' with earnings season ending and the Thanksgiving holiday coming up.


Here is the current market situation from CNN Money

North and South American markets are broadly higher today with shares in Brazil leading the region. The Bovespa is up 1.28% while Mexico's IPC is up 0.23% and U.S.'s S&P 500 is up 0.15%.

Traders Corner - Health of the Market

Nebraska commission approves Keystone XL route, clearing obstacle for disputed oil pipeline

The bull market is in the 'bottom of the ninth inning,' says a strategist who called the rally

The stock market's 'split personality' could set off a correction at any moment, Art Cashin warns

What Is Moving the Markets

Here are the headlines moving the markets.

Tech stocks help Wall Street higher

(Reuters) - Technology stocks led Wall Street higher on Monday as investors eased off the pedal with earnings season dying down and the Thanksgiving holiday coming up.

Bitcoin hits record high after smashing through $8,000 for first time

LONDON (Reuters) - Bitcoin hit a new record high on Monday after smashing through the $8,000 level for the first time over the weekend, marking an almost 50 percent climb in just eight days.

Canada, Mexico to question U.S. auto content demands at NAFTA talks

MEXICO CITY (Reuters) - Canada and Mexico will not make counterproposals to U.S. demands for tougher NAFTA automotive content rules but instead will offer rebuttals and pepper American negotiators with technical questions on Monday, people familiar with the talks said.

Marvell Technology to buy rival chipmaker Cavium for $6 billion

(Reuters) - Chipmaker Marvell Technology Group Ltd said on Monday it would buy smaller rival Cavium Inc for about $6 billion, as it seeks to expand its wireless connectivity business in a rapidly consolidating semiconductor industry.

Nebraska regulators approve Keystone XL pipeline route in win for Trump

LINCOLN, Nebraska/WASHINGTON (Reuters) - Nebraska regulators voted on Monday to approve TransCanada Corp's Keystone XL pipeline route through the state, lifting the last big regulatory obstacle for the long-delayed project that U.S. President Donald Trump wants built.

CBS warns of blackout in dispute with Dish

NEW YORK (Reuters) - CBS Corp said on Monday that satellite television provider Dish Network Corp could black out its programming, including holiday weekend sports events, if the companies fail to resolve a dispute over the fees Dish pays to carry its content.

Italian banks face long, uphill road to modernization

MILAN (Reuters) - Bailed-out Monte dei Paschi, the world's oldest bank and a bastion of tradition dating back to 1472, has entered the realms of virtual reality. It's an unlikely sign of the times.

Volvo Cars to supply Uber with up to 24,000 self-driving cars

STOCKHOLM/SAN FRANCISCO (Reuters) - Uber plans to buy up to 24,000 self-driving cars from Volvo, marking the transition of the U.S. firm from an app used to summon a taxi to the owner and operator of a fleet of cars.

Alibaba goes offline with $2.9 billion stake in China's top grocer

(This story corrects title of Weiwen Han in paragraph 9 from analyst to managing partner for Greater China.)

Bill Clinton Faces Sexual Assault Accusations From Four More Women

In a stunning revelation that could leave an indelible stain on the Clintons' political legacy and possibly quash Hillary Clinton's dreams of running for president again in 2020, the Daily Mail is reporting that four women have shared their accounts of being sexually assaulted by Clinton in a new book written by former New York Times editor Ed Klein that will hit shelves later this week.

According to the mail, the women allege the former president assaulted them in the early 2000s, when Clinton was working with playboy billionaire investor Ron Burkle. Clinton and Burkle used to travel together on Burkle's private jet, which earned the reprehensible nickname "Air F*** One". All of the women are former employees of Burkle who said Clinton took advantage of his power over them.

Bill Clinton is facing explosive new charges of sexual assault from four women, according to highly placed Democratic Party sources and an official who served in both the Clinton and Obama administrations.

The current accusations against the 71-year-old former president — whose past is littered with charges of sexual misconduct — stem from the period after he left the White House in 2001, say the sources.

Attorneys representing the women, who are coordinating their efforts, have notified Clinton they are preparing to file four separate lawsuits against him.

As part of the ongoing negotiations, the attorneys for the women are asking for substantial payouts in return for their clients' silence.

A member of Clinton's legal team has confirmed the existence of the new allegations.

...

Gold, Euro Slump As Merkel Admits "New Elections Are The Better Way"

EURUSD is testing overnight lows (and gold is tumbling) after German Chancellor Angela Merkel said she would prefer to go ahead with new federal elections rather than try to form a minority government.

Seeking her fourth term, Bloomberg reports that Merkel is "skeptical" about a minority government as it may not bring about necessary stability and is open to another so-called grand coalition with the Social Democratic party, she said in an interview with ARD television.

In the absence of an agreement to secure a majority in Germany's Bundestag, "I'm certain that new elections are the better way," she said.

And FX markets reacted...

Nebraska Regulators Approve Keystone Pipeline Route Days After South Dakota Leak, Shutdown

TransCanada received its final required pipeline route approval, winning Nebraska's permission to build its long-delayed Keystone XL crude oil pipeline across the state... just days after a 5,000 barrel spill in South Dakota shut the pipeline.

The decision will almost certainly be challenged in court.

Just a few short days after 210,000 gallons of crude oil spilled in South Dakota, Bloomberg reports that Nebraska's Public Service Commission voted three to two Monday, removing one of the last hurdles to the Calgary-based company's construction of the $8 billion, 1,179-mile conduit (1,897-kilometer), which has been on its drawing boards since 2008.

For those who aren't familiar with the project, the pipeline links Canada's Alberta oil sands to U.S. refineries. While a portion of the pipeline has been operating, part of it had still not been approved by state regulators... until today's decision by Nebraska.

However, as Bloomberg notes, the commission approved an alternative route.

Jane Kleeb, president of the environmental advocacy group Bold Alliance, said green-lighting an alternative route may have helped the commission reach a "mi ...

"None Of The Problems Are Solved" Despite Global 'Plunge Protection' Overnight

When many American traders went to bed last night, China was tumbling, the euro was in trouble, and US equity futures were notching lower. Then, as former fund manager Richard Breslow scoffs, it appears the world "reconsidered" and everything rallied to erase any sign of discontent or uncertainty by the time everyone woke up...

Via Bloomberg,

Apparently, the word of the day is "reconsider."

Across a whole host of assets, we got somewhat violent moves early in the 24-hour trading cycle that managed to unwind themselves over the course of the day.

I kept being told that the euro, Chinese equities, U.S. equity futures, gold, bond yields, Eurostoxx 50, and so on, all reversed their opening, sometimes gap, moves after the market reconsidered what it all meant.

Of course, that's being a bit too kind. It would be more accurate to say things turned around when traders actually considered things for the first time. But this all matters more than just a collection of knee-jerk reactions that have come to naught as another trading region came in.

North America isn't being asked to break the tie and decide who was right. They are being told that they can afford to ignore the news that propelled things in the first place. After all, we're right back where we started. No harm, no foul. That would be a mistake, as once again we keep muddling-up short-term and long-term information as if they should be discounted by the same rate and assuming ...

Top of the Market? That Could Be a Good Thing

When is it going to end? And how? In a year when asset prices have surged, those are questions that should be nagging at investors' minds.

How to Spot a Market Top

With central banks scaling back stimulus in a world filled with money, the current investing nirvana is facing its biggest threat in years. Heard on the Street walks through the risks and likely scenarios for markets in the coming months.

Borrowing Bonanza in Emerging Markets

A decade of loose monetary policy from the Federal Reserve has sent gushers of cash to emerging markets. One big impact has been to reduce funding costs for a host of riskier, first-time borrowers such as Maldives and Tajikistan.

October 2017 Leading Economic Index Suggests Solid Growth Into 2018

Written by Steven Hansen

The Conference Board Leading Economic Index (LEI) for the U.S improved this month - and the authors say "The growth of the LEI, coupled with widespread strengths among its components, suggests that solid growth in the US economy will continue through the holiday season and into the new year".

Capitol Report: The Trump tax calculator — will you pay more or less?

With the Senate Finance Committee approving its tax-cut legislation while House Republicans passed their version, MarketWatch has the calculator to show how the bills would potentially impact your finances.

The Wall Street Journal: Nebraska removes last hurdle in way of Keystone XL pipeline construction

Nebraska officials on Monday approved the Keystone XL pipeline, removing the last major regulatory hurdle standing in the way of the long-delayed project.

NewsWatch: The opioid epidemic is costing the U.S. more than $500 billion per year

Opioids are killing tens of thousands of Americans every year.

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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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