Written by Gary
The Dow and S&P 500 set record closing highs on Wednesday helped by gains in industrial stocks, but losses in technology shares limited the advance and weighed on the NASDAQ Composite. Oil edged higher on U.S. inventory declines. Gold hit 6-month lows, closing near $1185. The U.S. dollar soared to a 13-year high.
Todays S&P 500 Chart
The Market in Perspective
| Here are the headlines moving the markets. | |
 | Fed policymakers confident of need for rate hikes on eve of Trump winWASHINGTON, Nov 23 (Reuters) – Federal Reserve policymakers appeared confident on the eve of the U.S. presidential election that the economy was strengthening enough to warrant interest rate increases soon, minutes from the Fed’s Nov. 1-2 meeting showed. |
| Industrials lead S&P, Dow to record highsNEW YORK (Reuters) – The Dow and S&P 500 set record closing highs on Wednesday helped by gains in industrial stocks, but losses in technology shares limited the advance and weighed on the Nasdaq Composite. |
| Data shows U.S. economy strengthening on eve of Trump presidencyWASHINGTON (Reuters) – New orders for U.S. manufactured capital goods rebounded in October, driven by rising demand for machinery and a range of other equipment, the latest indication of an acceleration in economic growth early in the fourth quarter. |
| U.S. Senate panel postpones Mylan hearingWASHINGTON (Reuters) – The U.S. Senate Judiciary Committee on Monday postponed a hearing planned for next week to discuss Mylan NV’s pending $465 million settlement to resolve charges that it underpaid government healthcare programs by misclassifying its EpiPen emergency allergy treatment. |
| EU regulator conditionally approves Abbott’s purchase of St JudeBRUSSELS (Reuters) – The European Commission on Wednesday said it has given its conditional approval to U.S. medical device maker Abbott Laboratories’ bid for peer St Jude Medical Inc . |
| Argentine business leaders agree to freeze layoffs until MarchBUENOS AIRES (Reuters) – Argentine business leaders agreed on Wednesday not to lay off workers without justifiable cause until March 2017, after unemployment rose amid a prolonged recession. |
| Big banks’ relationship with Dodd-Frank: it’s complicated(Reuters) – Having spent billions of dollars on post-crisis U.S. financial industry reforms they once scorned, bankers are concerned the Trump administration, joined by a like-minded Congress, will scrap or significantly change the rules. |
| Dow hits record; U.S. yields, dollar at multi-year highsNEW YORK (Reuters) – The Dow Jones industrial average hit a record high for a third straight day on Wednesday, while U.S. two-year Treasury yields and the dollar hit multi-year peaks after upbeat U.S. economic data reinforced expectations of interest rate increases. |
| BNDES to repay Brazil Treasury debt with mix of cash, securitiesRIO DE JANEIRO (Reuters) – Brazil’s state development bank BNDES plans to repay up to 100 billion reais ($29 billion) in loans owed to the federal government using a mix of cash and securities, Chief Executive Officer Maria Sílvia Bastos Marques said, helping to curb rapid public debt growth. |
| Another Earthquake Strikes Japan Off Fukushima CoastTwo days after a strong 6.9 magnitude struck Japan, just off the coast of Fukushima, moments ago JMA reported that another earthquake has hit Japan, once again off Fukushima, which according to NHK reports was modestly weaker, with a preliminary measurement of 6.1 on the Richter scale. EARTHQUAKE REPORTED IN JAPAN, OFF FUKUSHIMA, JMA SAYS JAPAN EARTHQUAKE MAGNITUDE 6.1, NHK SAYS NHK reports that there is no tsunami risk.
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| Major Media Crash: They Need A ScapegoatSubmitted by Jon Rappoport via Strategic-Culture.org, They kept telling the American people Hillary Clinton was going to win the election; and in every way they could think of, they told the American people this was a good idea. Then, on election night, they, the media, crashed. The results came in. The media went into deep shock. As protests and riots then spread across America, the media neglected to mention a) they’d been bashing Trump because he said he might not accept the outcome of the vote, and b) here were large numbers of people on the Democrat side who weren’t accepting the outcome of the vote. A new campaign had to be launched. Suddenly, on cue, it was: Hillary Clinton lost because “fake news” about her had been spread around during the campaign. Fake news sites. That was the reason. These “fake sites” had to be punished. Somehow. They had to be defamed. Blocked. Censored. Here is an excerpt from a list of “fake news” sites suggested by one professor. The list is circulating widely on the Web: Project Veritas; Infowars; Breitbart; Coast To Coast AM; Natural News; Zero Hedge; The Daily Sheeple; Activist Post; 21st Century Wire. Free speech? Bill of Rights? Never heard of it. Excuse me. “We won’t know what to protect?” Meaning what to favor, what to promote, what to lie about? Meaning only some speech is free? Obama is way, way behind the curve. Thousands of websites and blogs have been exposing major media as fake for years. I started |
| The Gold Bears Are in For a Massive SurpriseIf you’re serious about making money from investing in the financial markets, you need to be able to read the crowd… and go against it. Let me give you an example… Currently one of the biggest consensus views is that the Gold rally is over and Gold is dead as an investment. Right off the bat, you know this sentiment is at an extreme and off-base. Despite its recent sell-off, Gold is still crushing stocks in terms of performance year to date.
This is a massive “tell”: people believe Gold is doing very badly when in reality it’s nearly doubling stocks’ performance year to date. Another “tell” is technical in nature. Investor sentiment is acting as though Gold is dead… when in reality Gold is both oversold and about to stage a bullish crossover (when the 50-wma breaks above the 200-wma).
Put another way, Gold is due for a snapback bounce at the very least… at the exact same time that it’s about to trigger a massively bullish long-term buy signal. This is a textbook recipe for a “rip your face off” rally. Again, with Gold today we’ve got: 1) Extremely bearish sentiment. 2) An oversold security. 3) A massively bullish long-term buy signal about to trigger. You can ignore this all you like. But all of the above suggest Gold will be much higher in the coming weeks. If you’re looking for a high-octane means of playi … |
| Another Day, Another Record High… “This Is A No Brainer”Some thoughts for tomorrow… First things first… Small Caps were up again today – of course – the 14th straight day of gains and the longest streak since Feb 1996. Russell 2000 is the most overbought since 2003…7th Intraday recod high in a row… 8th record close in a row, most since 1996
The nasdaq closed red today as S&P scrambled into the green at the close…
With that silliness out of the way… As Americans give thanks for Donald Trump’s wealth creation miracle, we thought some context for the last few weeks might be useful… The US Dollar spiked today near 102.00 – and is at almost 14 year highs…
China’s Yuan has crashed as the dollar soars – breaking above 6.95/$ today – 8 year lows… |
| Hewlett Packard Enterprise’s Diet Plan Gets Early ResultsHewlett Packard Enterprise is thinner and more attractive, but that is reflected in its valuation. |
| Commodities Still Face Iron Laws of Supply and DemandInvestors should watch miners’ 2016 results carefully to see whether firms take the bait of higher prices and let capital expenditures drift up again. |
| Lilly Alzheimer’s Drug Can Save Dismal Year for PharmaUpcoming Alzheimer’s disease results from Eli Lilly will have major impact on biotech and pharma stocks. |
| 02 November 2016 FOMC Meeting Minutes: Will the Rate Be Increased At the December Meeting?
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| Final November 2016 Michigan Consumer Sentiment Increases, Greater Optimismby Doug Short / Jill Mislinski, Advisor Perspectives/dshort.com The University of Michigan Final Consumer Sentiment for November came in at 93.8, up from the October Final reading. Investing.com had forecast 91.6.
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| The Wall Street Journal: Trump picks Ben Carson as HUD secretaryPresident-elect Donald Trump has selected former GOP presidential candidate and retired neurosurgeon Ben Carson as the head of the Department of Housing and Urban Development, a spokesman for Carson said. |
| What Eli Lilly’s hard fall in Alzheimer’s treatment race means for its competitorsAlzheimer’s disease currently has no treatment. |
| Market Extra: These ETFs are a play on millennial spending habitsTwo exchange-traded funds launched this year attempt to tap into what could be called the millennial market, arguing that the generation’s unique tastes and consumer habits—as well as its growing numbers and purchasing power—has created a profitable opportunity. |
The 02 November 2016 meeting statement presented the actions taken. This post covers the economic discussion during this FOMC meeting between the members (minutes were released today). There was a significant amount of discussion about inflation. The continued division between the FOMC members on when to raise the federal funds rate:
Summary of Economic Releases this Week
Earnings Summary for Today
leading Stock Positions
Current Commodity Prices
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Current Currency Crosses
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