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31Jan2018 Market Update: Wall Street Slides Off Opening Session Highs, DOW Up 140 Points At Noon Lead By Boeing, Tom Kloza: Oil Market On Brink Of Correction

Written by Gary

US equities markets opened moderately higher this morning, but has trended down after losing steam (SPY +0.1%). The DOW climbed more than 200 points boosted by a surge in Boeing.

Here is the current market situation from CNN Money

North and South American markets are mixed today. The Bovespa is up 1.21% while the S&P 500 gains 0.19%. The IPC is off 0.22%.

Traders Corner - Health of the Market

What Is Moving the Markets

Here are the headlines moving the markets.

Boeing leads Wall Street out of two-day slump; Fed awaited

(Reuters) - U.S. stocks rose in late morning trading on Wednesday, with the Dow climbing more than 200 points after two days of steep losses, boosted by a surge in Boeing .

Fed expected to keep interest rates steady as Yellen era ends

WASHINGTON (Reuters) - The Federal Reserve is expected to leave interest rates unchanged on Wednesday while signaling a gradual tightening of monetary policy later this year as the U.S. economy continues to expand and job gains remain solid.

Boeing forecasts sharp rise in profit, jet output in 2018

NEW YORK (Reuters) - Boeing Co on Wednesday forecast full-year profit well above Wall Street estimates as it looks forward to its busiest year ever for plane deliveries, sending its shares up almost 6 percent.

Japan's Fujifilm to take over Xerox in $6.1 billion deal, create joint venture

(Reuters) - Japan's Fujifilm Holdings is set to take over Xerox Corp in a $6.1 billion deal, combining the U.S. company into their existing joint venture to gain scale and cut costs amid declining demand for office printing.

Trump vows to protect U.S. intellectual property, without directly blaming China

WASHINGTON (Reuters) - U.S. President Donald Trump vowed on Tuesday to protect American intellectual property, but made little mention of China, which his administration has accused of trade abuses, in his first State of the Union speech to Congress.

Market services business boosts Nasdaq's quarterly profit

(Reuters) - Exchange operator Nasdaq Inc posted a fourth-quarter profit, helped by higher revenue at its market services and non-trading related businesses.

Silver (haired) lining? Alibaba lures older shoppers as market slows

BEIJING (Reuters) - Online shopping may not be the typical domain of the elderly, but when it comes to buying groceries with a smartphone, Xiang Jiang, 70, considers herself rather savvy.

South Korea says no plans to ban cryptocurrency exchanges, uncovers $600 million illegal trades

SEOUL (Reuters) - South Korea's finance minister said the government has no plans to shut down cryptocurrency trading, welcome news for investors worried that authorities might go as far as China's tough action in blocking virtual coin platforms.

Daimler suspends employee linked to emissions research group

MUNICH (Reuters) - German carmaker Daimler said it had suspended an employee and hired an external law firm to investigate the activities of a controversial research group which funded experiments that forced monkeys to inhale toxic emissions.

"It's Time To Go" - Trey Gowdy Won't Seek Re-Election

Rep. Trey Gowdy (R-S.C.), chair of the House Oversight Committee, announced Wednesday that he will not run for reelection.

"There is a time to come and a time to go. This is the right time, for me, to leave politics and return to the justice system," he said in a statement on Twitter.

Full Statement:

"Words cannot adequately express my gratitude to the people of South Carolina for the privilege of representing them in the House of Representatives. The Upstate of South Carolina has an incredible depth and breadth of assets including numerous women and men capable of representing us. I will always be grateful for the opportunity to serve in the People's House and—prior to Congress—to advocate on behalf of justice in our court systems.

I will not be filing for re-election to Congress nor seeking any other political or elected office; instead I will be returning to the justice system. Whatever skills I may have are better utilized in a courtroom than in Congress, and I enjoy our justice system more than our political system. As I look back on my career, it is the jobs that both seek and reward fairness that are most rewarding.

There is no perfect time to make this announcement, but with filing opening in six weeks, it is important to give the women and men in South Carolina who might be interested in serving ample time to reflect on the decision.

To my wife, Terri, and our two children, Watson and Abigai ...

One Dead After Train Carrying Republican Lawmakers Collides With Dump Truck

Update: Of the three passengers that were aboard the dump truck, one has died, according to Fox News and the Washington Post.

BREAKING: Sen. Jeff Flake (R-Ariz.) tells me 3 passengers aboard the hit truck. 1 is dead. 2 injured. He and other lawmakers helped carry one of the injured truck passengers to an ambulance with local medical personnel.

— Ed O'Keefe (@edatpost) January 31, 2018

According to CNBC, one member of Congress has been sent to the hospital, but their identity has not yet been revealed.

* * *

A chartered train carrying dozens of Republican lawmakers to a Republican retreat in West Virginia collided with dump truck near Charlottesville, Virginia on Wednesday - but fortunately no lawmakers are believed to have been injured in the accident.

"We're fine, but our train hit a garbage truck. Members with medical training are assisting the drivers of the truck," Rep. Greg Walden, R-Ore., wrote on Twitter.

We're fine, but our train hit a garbage truck. Members with medical training are assisting the drivers of the truck.

— Rep. Greg Walden (@repgregwalden) January 31, 2018

According to the Associated Press, a GOP aide said the train is partially derailed. GOP Rep. Tom Cole told the AP that a person in the truck may have been seriously injured.

Co ...

The Next Maestro?

Authored by Michael Lebowitz via,

The following article emphasizes that the perceived economic prosperity of recent decades is largely the result of political expediency. Those in charge of monetary policy have repetitively failed to act in the best interests of the public in an effort to either avoid criticism or preserve their individual status. While often ignored, this dynamic is crucial to understand to form longer term expectations for asset prices.

"I'm making records, my fans they can't wait

They write me letters, tell me I'm great" - Joe Walsh

The modern day printing of digital dollars from thin air, literally from nothing, brings to mind a Latin phrase "ex nihilo, nihil fit" which means out of nothing, nothing comes. If that statement is true, and a moment of reflection surely produces the logical conclusion that it is true, then what do central bankers hope to accomplish by means of conjuring currency from, well, nothing? What does it further say about setting interest rates at less than nothing? If nothing can come from nothing then there is no solution in the idea that by printing dollars and inflating asset prices you can create something (a durable organic recovery).

Although the net result for the economy will be nothing, the net result of those actions for individuals appear ...

Jack Dorsey: "We Support Bitcoin; It Is A Path Towards Greater Financial Access For All"

While Facebook has decided to close the page on bitcoin and cryptocurrencies, banning ads about bitcoin, ICOs and other "alternative" financial products, Square is delighted to pick up the market share that Facebook does not care about, and as Jack Dorsey, who is the CEO of both Twitter and Square, tweeted moments ago (in his capacity as boss of the latter), he "supports Bitcoin because we see it as a long-term path towards greater financial access for all."

"Instant buying (and selling, if you don't want to hodl) of Bitcoin is now available to most Cash App customers. We support Bitcoin because we see it as a long-term path towards greater financial access for all. This is a small step." Dorsey tweeted.

Instant buying (and selling, if you don't want to hodl) of Bitcoin is now available to most Cash App customers. We support Bitcoin because we see it as a long-term path towards greater financial access for all. This is a small step.

We also made this!

— jack (@jack) January 31, 2018

And with that one tweet, which put Dorsey on the other side of the room from Zuckerberg who has explicitly opined against crypto - and the millions of Millennials who are addicted to the digital currency - Twitter may have just bought itself several more days of interrogation in Congress where it will have to explain again, and again, and again why a few thousands "Russian" retweets cost Hillary Clinton the election.

Meanwhile, the acceptance of cryptos in society continues, with Line - the chat and payment app with over 40 million users (compared to 13 million for Coinbase) - announcing overnight that it is also starting a cryptocurrency exchange.

Electronic Arts: On to the Next Battle(field)

In the videogame business, there's always the next battle. That works out particularly well for Electronic Arts.

Samsung Still Saying Thanks for the Memories

South Korean tech giant will have to show there's life left in the chip cycle for its shares to advance

Watch Out: The 'China Price' Is Weakening Again

Faltering price gains in China, along with weakening global trade momentum, could deliver a one-two punch to exuberant global markets.

The New York Post: Train carrying Republican lawmakers to retreat crashes

An Amtrak train carrying members of Congress to a GOP retreat in West Virginia slammed into a truck Wednesday, according to reports.

The Tell: Here's how the stock market and other assets perform on Fed decision days

Wednesday's Federal Open Market Committee meeting isn't expected to make big waves, in part because there won't be a news conference. But change could be in the air, as the Fed under new leadership could shake up its predictable pattern, an analyst said.

Recruitment company On Assignment shares surge to 26-year high

Shares of On Assignment Inc. surged to a record Wednesday, after the IT staffing company said it is buying ECS Federal LLC, a privately held government services contractor, for $775 million in cash.

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