Written by Gary
Wall Street took a breather today and markets slid into the red moderately were the Spooz is trading just below the S1 line (2051) and may have a comeback of sorts before the close. WTI crude remains at its support apparently going nowhere for the time being.
Here is the current market situation from CNN Money | |
 | North and South American markets are mixed. The Bovespa is higher by 1.05%, while the S&P 500 is leading the IPC lower. They are down 0.86% and 0.77% respectively. |
Traders Corner – Health of the Market
| Index | Description | Current Value |
| Investors.com Members Sentiment: | % Bullish (the balance is Bearish) | 77% |
| CNN’s Fear & Greed Index | Above 50 = greed, below 50 = fear | 69% |
| Investors Intelligence sets the breath | Above 50 bullish | 56.9% |
| StockChart.com Overbought / Oversold Index ($NYMO) | anything below -30 / -40 is a concern of going deeper. Oversold conditions on the NYSE McClellan Oscillator usually bounce back at anything over -50 and reverse after reaching +40 oversold. | -14.56 |
| StockChart.com NYSE % of stocks above 200 DMA Index ($NYA200R) | $NYA200R chart below is the percentage of stocks above the 200 DMA and is always a good statistic to follow. It can depict a trend of declining equities which is always troubling, especially when it drops below 60% – 55%. Dropping below 40%-35% signals serious continuing weakness and falling averages. | 52.63% |
| StockChart.com NYSE Bullish Percent Index ($BPNYA) | Next stop down is ~57, then ~44, below that is where we will most likely see the markets crash. | 64.02% |
| StockChart.com S&P 500 Bullish Percent Index ($BPSPX) | In support zone and rising. ~62, ~57, ~45 at which the markets are in a full-blown correction. | 77.60% |
| StockChart.com 10 Year Treasury Note Yield Index ($TNX) | ten year note index value | 17.05 |
| StockChart.com Consumer Discretionary ETF (XLY) | As long as the consumer discretionary holds above [66.88], all things being equal, it is a good sign for stocks and the U.S. economy | 78.24 |
| StockChart.com NYSE Composite (Liquidity) Index ($NYA) | Markets move inverse to institutional selling and this NYA Index is followed by Institutional Investors | 10,63 |
What Is Moving the Markets
| Here are the headlines moving the markets. | |
| JPMorgan urges investors to vote down break-up proposal (Reuters) – JPMorgan Chase & Co urged shareholders on Thursday to vote against appointing a committee to explore a break up of the bank, reiterating that splitting its businesses would not be in investors’ best interests. |
| Europe’s banks under scrutiny as regulators look into Panama Papers BERN/GENEVA (Reuters) – Banking watchdogs across Europe have begun checking whether lenders have ties to a massive document leak from Panama that showed how offshore companies are used to stash clients’ wealth. |
| Boeing CEO says sales at risk due to U.S. Ex-Im paralysis (Reuters) – Boeing Co is on the verge of losing sales due to the lack of a quorum on the U.S. Export-Import Bank, a situation that prevents it from providing financing for sizeable transactions, Chief Executive Officer Dennis Muilenburg said on Thursday. |
| Wall Street weighed by global growth fears, oil slips (Reuters) – Wall Street was lower on Thursday as oil prices slid and minutes from the U.S. Federal Reserve’s meeting sparked fresh worries about the risks from a weakening global economy. |
| Election stirs debate about Fed’s handling of political pressure WASHINGTON (Reuters) – Donald Trump says the Federal Reserve has stoked asset bubbles and backs a congressional review of its decisions. Bernie Sanders also wants to “audit” the Fed to make it less beholden to Wall Street. Ted Cruz calls for a return to a gold standard abandoned in 1933. |
| Tesla says gets over 325,000 reservations for new Model 3 sedan (Reuters) – Electric car maker Tesla Inc said on Thursday it has received more than 325,000 reservations for its new Model 3 sedan. |
| U.S. job market firming despite anemic economic growth WASHINGTON (Reuters) – The number of Americans filing for unemployment benefits fell more than expected last week, suggesting the labor market continued to strengthen despite tepid economic growth. Initial claims for state unemployment benefits declined 9,000 to a seasonally adjusted 267,000 for the week ended April 2, the Labor Department said on Thursday. |
| Pacific Sunwear files for bankruptcy protection (Reuters) – Struggling teen apparel retailer Pacific Sunwear of California Inc filed for Chapter 11 bankruptcy protection on Thursday, succumbing to mounting losses and intense competition in the industry. |
| Treasury Yields Tumble Near Feb ‘Flash-Crash’ LowsIt appears the search for a safe-haven has left Biotechs and FANGs as investors’ flight to quality sparks a bid under bonds & bullion. US Treasury yields are tumbling with 10Y and 30Y near the low close from mid-February’s “flash-crash” lows. 7Y yields are outperforming for now and 2Y underperforming
And with aggregate speculative positioning still notably short…
We suspect there is a lot more pain to come as The Fed folds to China’s pressure. |
| So Called “Trusted Parties”, Bank Collapse, the ECB and Blockchains: Watch as I Call the Next Bear Stearns, Again!The vendors and proprietors of blockchain solutions have almost all traveled the private blockchain route. We, at Veritaseum, have decided to go in the opposite direction. Call it a yearing for our macro and fundamental analysis roots, but the risk of trusting untrustworthy parties is just too great. The only way to eliminate the need for tirust is to open the network to many parties. Think the power of the Internet vs the utility of an intranet. Ths is the third in a series of articles that show, hopefully wihtout a shadow or a doubt, that Veritaseum is on the true and righteous path. The previous two, for your convenience, are:
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| European Banks Crash Most In 4 Years As Default Risk Spikes To Pre-Draghi LevelsAll the gains post-Draghi’s bazooka-est efforts in March have gone as bank credit risk is spiking…Today was the biggest jump in EU bank credit risk in 2 months…
And the last 4 weeks have seen the biggest collapse in European banking stocks since April 2012.
Having blown his wad in March and been front-run by every Tom, Dick, and Harry trader, “whatever it takes” appears to be failing hard and with nothing left up his sleeves, Mario may not be so super anymore. |
| Valeant: Stepping Back from the AbyssA new debt deal rightly sent Valeant shares rocketing. Maintaining the stock’s newfound momentum will get tougher from here. |
| China’s Currency Victory Hides Scars of WarBeijing may want to declare œmission accomplished in its war over the yuan. But the tactics it used may obfuscate the price it paid to get there. |
| What Is the Point of the ECB Buying Corporate Debt?ECB corporate bond purchases help the central bank expand its reach, but might not boost investment. |
| Can the government force student-debt collectors to actually help borrowersHow the contracts are written and who is picked will help determine how collectors treat them. |
| Brett Arends’s ROI: America’s super-rich are hiding trillions of dollars in plain sightThey don’t need Panama because the U.S. tax code is written for them, says Brett Arends. |
| There are too many sporting goods stores and not enough customersCredit Suisse analysts say there are too many sporting goods stores in that retail space. |
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