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09Jan2018 Market Close: Wall Street Continues Rally, Albeit Slowly, DOW Up 103 Points, WTI Crude Touches The 93 Handle

Written by Gary

US equities markets closed in record territory today (SPY +).2%), US job openings fell for a second straight month supporting economist forecasts that job growth will slow in 2018.

Todays S&P 500 Chart

The Market in Perspective

Here are the headlines moving the markets.

Wall Street higher as healthcare, bank stocks gain

(Reuters) - Wall Street's major indexes on Tuesday extended the New Year rally on investor optimism ahead of quarterly earnings reports.

U.S. job openings, layoffs fall to six-month lows in November

WASHINGTON (Reuters) - U.S. job openings fell for a second straight month in November, with declines in the manufacturing and real estate sectors, supporting economist forecasts that job growth will slow in 2018.

Microsoft says security patches slowing down PCs, servers

(Reuters) - Microsoft Corp said on Tuesday the patches released to guard against Meltdown and Spectre security threats slowed down some personal computers and servers, with systems running on older Intel Corp processors seeing a noticeable decrease in performance.

GSK CEO says looking at Pfizer consumer business, but not a priority

(Reuters) - GlaxoSmithKline's new chief executive said on Tuesday that the British drugmaker would have a look at Pfizer Inc's consumer products business, but would not overpay for the asset.

Boeing set to top Airbus with record 763 jets in 2017

NEW YORK (Reuters) - Boeing Co said on Tuesday it delivered an industry-record 763 jetliners in 2017, likely beating European rival Airbus SE to retain the title of world's biggest plane maker.

Eastman Kodak unveils cryptocurrency, stock doubles

SAN FRANCISCO (Reuters) - Shares of Eastman Kodak Co more than doubled on Tuesday after the one-time leader in photography became the latest company to jump on the cryptocurrency bandwagon.

Drahi hits Altice reset button to court wary investors

PARIS/NEW YORK (Reuters) - Altice founder Patrick Drahi is reshaping his telecoms and cable group for the second time in as many months by splitting its U.S. and European operations, hoping to end a drastic downward share-price spiral.

Target lifts profit forecast after holiday sales jump

(Reuters) - Target Corp raised its quarterly profit and sales forecasts on Tuesday on the back of surging online sales and customer visits in November and December, putting the U.S. retailer on track for the best quarter in five years.

Toyota expands U.S. Takata air bag recall to 600,000 extra vehicles

WASHINGTON (Reuters) - Toyota Motor Corp said on Tuesday it was expanding its safety recall involving Takata Corp front passenger air bag inflators to cover about 601,300 additional vehicles in the United States. [http://toyota.us/2CV24Wl]

Bonds Bloodbath, Ripple Recked, S&P Surges To Best Start In 30 Years

First things first - Japan tapered its bond purchases once again (and sparked chaos in bond land) and China shifted its FX regime, sparking a tumble in the Yuan...

https://www.zerohedge.com/sites/default/files/inline-images/20180109_eod12.png

Both seemingly sending a clear message to bond bulls..

6 days into 2018 - 6 days up for the S&P 500 and 6 days with 10Y above 2.4% - and the 3% YTD gain for the S&P (orange) is the best start to a year since 1987 (Nasdaq is up 4.5% YTD, and Small Caps are lagging up just 1.8% YTD)

https://www.zerohedge.com/sites/default/files/inline-images/20180109_eod2.png

Today saw a weak close for the first time in 2018 which dragged Small Caps into the red, and Nasdaq red briefly before the close... Dow outperformed with Boeing dominating (65pts)...

Fusion GPS Lawyer : "Somebody's Already Been Killed" Because Of Trump Dossier

CNN and Buzzfeed were widely criticized by politicians and pundits on both the right and left one year ago when they recklessly published the infamous "Trump dossier", which contained a multitude of unverified and dubious claims about President Trump. Buzzfeed in particular is still grappling with a lawsuit filed by Aleksej Gubarev, a Russian technology executive who claims he was libeled by the dossier, even though Buzzfeed redacted his name, and the names of his companies.

But a report in the Hill on Tuesday revealed that not only was the publication of the dossier potentially slanderous - it may also have been deadly.

Feinstein

Testimony from Fusion GPS founder Glenn Simpson's closed-door meeting with the Senate Judiciary Committee, which took place last August, revealed that Simpson's legal team is aware that "somebody's already been killed" because of the dossier's publication.

A lawyer for Glenn Simpson, the co-founder of Fusion GPS, told congressional investigators that "somebody's already been killed" as a result of the publication of the controversial dossier tying President Trump to Russia.

In closed-door testimony with the Senate Judiciary Committee last year, Simpson was asked by investigators if Fusion GPS took steps to "assess the credibility" of sources used by former British intelligence officer Christopher Steele, who compiled the dossier.

"Yes, but I'm not going to g ...

Early Warning Signs In CoT Positioning

Authored by Lance Roberts via RealInvestmentAdvice.com,

This past weekend, I discussed the surge in market exuberance in terms of both individual and professional investors. Of course, such surges in exuberance are generally indicative of the "capitulation phase" as the last of the "holdouts" finally jump back into a market which "can seemingly never go down."

But therein lies the danger. It worth noting that despite the "hope" of more fiscal support for the markets, longer-term conditions currently persist which have led to rather sharp market reversions in the past.

"There are many factors from economic, monetary, geopolitical, and financial which have ignited each bubble, and bust, period throughout history. However, each bubble had in common the same extreme levels of confidence, exuberance, valuation and price extension that we see today. And they all ended the same, as well."

Regardless, the market is currently ignoring such realities as the belief "this time is different" has become overwhelming pervasive. Importantly, such levels of exuberance have NEVER been resolved by a market that moved sideways.

Positioning Review

The COT (Commitment Of Traders) data, which is exceptionally import ...

Robo-Strippers "R2-Double D" And "Triple CPU" Battle Humans At Sapphire Las Vegas

The annual CES gadget show kicks off in Las Vegas this week, as over 4,000 technology companies from around the world converge to showcase their wares to over 170,000 people during a week of of drinking, gambling and hardcore nerding out.

And while some attendees surely plan to indulge in any one of Vegas's many strip clubs to blow off some steam thinking about Intel's hot new 8th generation Core processors, CES participants (with badge) can take a free Tesla ride over to Saphire and partition their hard-drives to the gyrations of "R2 Double D" and "Triple CPU," a pair of non-judgmental "fully animated electronic twins" who hope you don't mind silicon implants.

asdasd

The pair was unveiled with much pump and circumstance the night before CES officially kicks off - showcasing their sexy CCTV camera heads and moves to match.

Best CES ever! Robot strippers work the poles at Sapphire Gentlemen's Club in Las Vegas pic.twitter.com/n79KhOus3O

— Wade Tyler Millward (@WadeMillward) January 9, 2018

And in case anyone is vacillating between silicon or silicone, R2-DD and Triple-CPU were pitted against human strippers during a Monday night preview party.

...

Trump Gets a Reality Check on Deregulation

The impetus behind the Federal Energy Regulatory Commission's move to quash a move that would have kept some struggling coal and nuclear plants running may have been the opposition from the coalition of natural gas, oil and alternative-energy producers

Alibaba's Return Home Would Carry a Sting

The city now appears ready to compromise on investor protection to make sure it doesn't lose in the global race to attract tech listings.

The Business Cycle Is Different This Time---Thank China

The business cycle hasn't evaporated—it's just at different points in the world's two largest economies. That explains the mixed signals on global growth which are befuddling investors.

The Fed: Banter between Kashkari and corporate executive shows dilemma Fed is facing

The dilemma facing the Federal Reserve was on display Tuesday when a senior Cargill executive suggests the firm might do more investing if the Federal Reserve raised the cost of borrowing.

Trump Today: Trump Today: President says Congress should bring back earmarks and calls for 'bill of love' on immigration

President Donald Trump told Congress it should bring back what are known as earmarks, said an immigration measure should be a "bill of love," and said he didn't believe Oprah Winfrey would run for president.

The Number One: Jeff Bezos's vast wealth has reached uncharted territory

At the peak of the dot-com bubble in 1999, Bill Gates rode Microsoft riches to a net worth in excess of $100 billion, setting a new high-water mark on the Bloomberg Billionaires Index that would stand for almost two decades. Then Bezos came along

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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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