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21Nov2017 Market Close: Wall Street Closes Higher, DOW Up 161 Points, October 2017 Headline Existing Home Growth Improves, WTI Crude Touches The 57 Handle And Backs Off

Written by Gary

U.S. equities markets jumped and indexes hit record highs today (SPY +0.6%), led by gains in this year's top-performing technology sector.

Todays S&P 500 Chart

The Market in Perspective

Here are the headlines moving the markets.

Wall Street rises, with tech in the lead again

NEW YORK (Reuters) - U.S. stocks jumped and indexes hit record highs on Tuesday, led by gains in this year's top-performing technology sector.

Republican-appointed judge to hear AT&T lawsuit, Time Warner shares rise

(Reuters) - A Republican-appointed judge with extensive antitrust experience was selected on Tuesday to preside over the U.S. government's lawsuit to block AT&T Inc's acquisition of Time Warner Inc, sending Time Warner shares higher as investors bet the judge would be more likely to allow the deal to proceed.

Apple removes several apps, including Skype, in China

(Reuters) - Apple Inc said on Tuesday it has removed several apps including Skype, Microsoft Corp's internet phone call and messaging service, from its app store in China after the country's government pointed to violations of local laws.

FCC chief plans to ditch U.S. 'net neutrality' rules

WASHINGTON (Reuters) - The head of the U.S. Federal Communications Commission unveiled plans on Tuesday to repeal landmark 2015 rules that prohibited internet service providers from impeding consumer access to web content in a move that promises to recast the digital landscape.

NAFTA round wrapping up, 'significant differences' remain

MEXICO CITY (Reuters) - The United States, Mexico and Canada were wrapping up a fifth round of talks to update NAFTA on Tuesday with major differences yet to be resolved, casting doubt on whether a deal could be reached by the end of March 2018 as planned.

U.S. commission recommends tariffs to curb Samsung, LG washer imports

WASHINGTON (Reuters) - The U.S. International Trade Commission on Tuesday recommended tariffs to keep Samsung and LG from flooding the U.S. market with inexpensive washers, a step that would protect American appliance giant Whirlpool Corp.

Ireland promises progress in Apple tax recovery in coming weeks

DUBLIN (Reuters) - Ireland expects to make progress in recovering up to 13 billion euros ($15 billion) in disputed taxes from Apple Inc in the coming weeks, its prime minister said on Tuesday, following EU criticism that Dublin was moving too slowly.

New York Times to roll out more subscriptions beyond news

(Reuters) - The New York Times Co plans to introduce two or three new standalone digital subscriptions next year focused on lifestyle topics as part of its push to get more people to pay for its content beyond traditional news, a senior executive told Reuters.

Facebook to meet Russian regulators to discuss compliance: TASS

MOSCOW (Reuters) - Facebook plan to meet Russian regulators in late December or early January to discuss compliance, TASS news agency cited the head of Russian communications watchdog Roskomnadzor as saying on Tuesday.

There Is Now A Celebrity Perv Random Apology Generator

As the avalanche of celebrity sexual predators continues to build, it is becoming harder and harder for these men to come up with excuses, apologies, and promises that sound in any way honest and repentful... Until Now!!

Thanks to the magic on the interwebs, old and young white men across media, hollywood, and sports now have a simple one-stop shop to create the perfect, sincere, seeking help' apology - with just the right amount of self-loathing and virtue-signaling - with just one click...

Meet The Celebrity Perv Apology Generator

Source

Some of our favorites include...

"As someone who grew up in a different era, the allegations against me are troubling. I imagined that any woman would have been thrilled to see a tiny penis peeking out from below my pasty, middle-aged paunch like the head of a geriatric albino turtle moments from death, and of course now I realize my behavior was wrong. In conclusion, I will delete my Twitter account ...

Is This The Real Reason Why The Treasury Curve Has Been Collapsing For A Month?

A 'funny' thing happened a month ago. The Treasury yield curve suddenly started to collapse... despite gains in stocks and positive economi data surprises... the question is, why?

Here's one possible reason why..

Originally submitted by GovTrader,

TL/DR: Tax reform creates pension fund incentive to buy 30yr bonds NOW.

Currently, the top corp tax rate in the US is 35%. It looks most likely that rate will drop to 20% when tax reform passes. If you are a corp with an underfunded pension fund, you get a tax incentive to fund the pension THIS YEAR vs in the future when the corp tax rate drops to 20%.

Why? Because contributions to the pension plan are tax deductible. You get a bigger tax deduction in 2017 then you will get in 2018 and onwards (assuming tax reform happens in something close to its current form...which it looks like it will).

Multiple primary dealers have reported pension buying in the 30yr sector over the past month, and coincidentally, 30yr bonds have rallied while the front end has sold off for the past month.

Pension funds have a favorite bond to buy...STRIPS (30yr zero coupon bonds - higher yield than normal coupon bonds, better asset/liability match..more price sensitive to changes in yield...bigger bang for your buck in a bond rally..and is a flattener to the yield curve). Pension funds don't trade very much....they tend to buy and hold.

So these flows will SIGNIFICANTLY flatten the 30yr curve.. ...

Novogratz Slams Dimon: Buy Bitcoin Because "We No Longer Trust Financial Institutions"

It must be a sign that cryptocurrencies are becoming mainstream when Bloomberg TV launches the first of a six-part series on this comparatively recent innovation. Setting the scene, Bloomberg replayed comments made in interviews from what it described as "Wall Street sceptics", including (not surprisingly) JPMorgan Chase's Jamie Dimon, Neil Dwane of Allianz Global Investors and Severin Cabannes, SocGen's Deputy CEO. The vignettes were peppered with sound bites like "index of money laundering" and references to tulipmania, as well as the standard establishment narrative of "blockchain over Bitcoin".

In the studio was high-profile crypto advocate, Mike Novogratz, of Galaxy Investment Partners, who is setting up a crypto investment fund (believed to be in the region of $500 million).

The Bloomberg reporters asked why he's so bullish on the space when some of his peers, like Dimon et al, are the opposite.

You might have noticed all of those guys are over sixty and I'm not. There's some truth to that. It's very difficult for someone who didn't grow up in a digital world to actually understand how we could be moving into a digital world.

We know Dwane and that's a bit harsh. However, this was Novogratz's take on why Bitcoin has value.

Bitcoin you can look at as digital gold. What is gold? Gold is precious metal. It could have been copper, there are lots of things on the periodic table, but way back people cho ...

Trump And Putin Speak "For More Than An Hour" By Phone; Discuss Syria, North Korea, Ukraine

As previewed this morning, when we discussed the surprise meeting between Syria's al-Assad and Vladimir Putin in which the Syrian president said "Today, on behalf of the Syrian people, I extend my gratitude to you for what you did, we will never forget it", the Russian president was set to hold a phone call with Donald Trump ahead of further meetings in Sochi on Wednesday with the leaders of Iran and Turkey. Moments ago both the Kremlin and White House released read outs of the talking points on the call that took place around noon.

According to ABC, president Donald Trump spoke for more than an hour Tuesday by phone with Russian President Vladimir Putin. Syria, Iran, North Korea and Ukraine were on the agenda, the White House said.

The Kremlin echoed the White House, and said that the two leaders discussed "a number of topics", including the Syrian crisis, the North Korean nuclear problem and the situation in Afghanistan as well as the Ukrainian crisis. Putin briefed Trump in the phone call about his talks with the Syrian leader and plans for a political settlement in Syria.

Putin stressed that there were no alternatives for full implementation of the Minsk agreements on peaceful settlement of the armed conflict in eastern Ukraine. .

"Considering the crisis situation in southeastern Ukraine, the Russian president pointed out the absence of a real alternative for the unconditional implementation of the Minsk accords signed on February 12, 2015," the statement said.

The Kremlin also said Putin also called for coordination of anti-terror efforts with the U.S. Afghanistan was also discussed, the Kremlin said.

Oh, and as CNN was quick to point out, there was no mention of Russian meddling in the 2016 election as per the WH print out.

Commodity Bulls Ignoring a Few Large Elephants

Rising prices for growth-sensitive commodities have been one factor assuaging investors' fears about richly valued stocks. But investors have been ignoring warning signs in metal and energy markets too.

Bull Market Has Long Memory of Bearish Times

The dark days of the global financial crisis cast a long shadow over a key stock-market measure.

Hold the Confetti for Biotech Stocks

Strong biotech index performance masks investor disappointment.

October 2017 Headline Existing Home Growth Improves

Written by Steven Hansen

The headline existing home sales growth improved with the authors saying "While the housing market gained a little more momentum last month, sales are still below year ago levels because low inventory is limiting choices for prospective buyers and keeping price growth elevated.". Our analysis of the unadjusted data agrees with the headline data.

Malls are dying. There aren't enough homes. Is there a solution?

Across America, malls are being repurposed for residences as an oversupply of one meets a lack of the other.

Howard Gold's No-Nonsense Investing: Here's why Republican tax cuts won't create those promised jobs

Washington's Tax Cuts and Jobs Act would benefit shareholders and CEOs, not middle-class Americans, writes Howard Gold.

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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