Written by Gary
SP 500 most overbought since VIXmageddon (SPY +0.2%), right before the world fell out of the bottom of VIX shorts.
The Market in Perspective
Here are the headlines moving the markets. | |
Toyota to produce Lexus NX for North America at Canada plantToyota Motor Corp will build its Lexus NX luxury crossover vehicle at a Canadian plant starting in 2022, the company said on Monday, a decision that Prime Minister Justin Trudeau said demonstrated the value of the country’s international trade agreements. | |
Boeing CEO keeps job intact after facing questions on 737 MAX crashesBoeing Co CEO Dennis Muilenburg emerged with his job intact at an annual meeting on Monday and promised to win back the public’s trust after facing tough questions in the wake of two fatal crashes of the 737 MAX plane. | |
Oil climbs, shaking off Trump calls for OPEC to offset Iran sanctionsOil prices edged higher on Monday, as the market attempted to resume a weeks-long rally that was halted on Friday when U.S. President Donald Trump demanded that producer club OPEC raise output to soften the impact of U.S. sanctions against Iran. | |
Canadian farm exports hit new Chinese obstacles amid diplomatic disputeAn expanding list of Canadian farm exports is hitting obstacles at Chinese ports, leaving sellers of soybeans, peas and pork scrambling amid a bitter diplomatic dispute. | |
Tesla says may seek new funding; shares up after SEC agreementTesla Inc said on Monday it could seek alternative sources of financing, days after Chief Executive Officer Elon Musk reached a deal with U.S. securities regulators to settle a dispute over his Twitter use, removing an overhang on the stock. | |
Amazon starts recruiting and leases office for Virginia ‘HQ2’Amazon.com Inc on Monday said it had leased office space and posted several jobs for its second headquarters outside Washington, D.C., the start of more than a decade of investment and hiring that cities across North America had sought. | |
Wall St. gains after tame inflation data; S&P 500 hits highU.S. stocks were higher in Monday afternoon trading, with the S&P 500 and the Nasdaq hitting record highs, as consumer spending rose in March and benign inflation data underscored the Federal Reserve’s accommodative stance on interest rates. | |
Global stocks climb as S&P 500 hits record, oil rises after selloffA jump in U.S. consumer spending pushed U.S. shares to an intraday record on Monday and global equities edged higher, offsetting a weak euro zone sentiment survey and political uncertainty over Spain’s elections. | |
Colombia’s Avianca says bankruptcy of Avianca Brasil causing ‘reputational harm’Colombia’s Avianca Holdings SA said on Monday it is experiencing “reputational harm” from its association with Avianca Brasil, an air carrier that licenses its name and has canceled over 1,000 flights amid a bankruptcy restructuring. | |
S&P Hits Record High, Most Overbought Since VIXmageddonThe last time the S&P 500 was at a record high and this overbought was January 2018 – right before the world fell out of the bottom of VIX shorts… | |
IMF’s Lagarde Laments “Highly Mysterious” Low Inflation, Says “Everybody” Would Like It To Be HigherWithout skipping a beat, IMF Director Christine Lagarde left President Xi’s Belt and Road initiative conference and traveled to sunny southern California to make an appearance at the Milken Institute Conference, where she sat for an interview with former WSJ editor-in-chief (now editor-at-large) Gerry Baker. Given that Friday’s surprisingly robust (at least on the surface) GDP print has revived speculation among some economists about ‘divergence’ between the US and the global economy, Baker led with a question about whether Q1 GDP had impacted the view on US growth over at the IMF. | |
Trump: NRA Under ‘Illegal Investigation’ By Cuomo And New York AGPresident Trump on Monday said that the National Rifle Association (NRA) is “under siege by Cuomo and the New York State A.G.,” who he accused of “illegally using the State’s legal apparatus to take down and destroy this very important organization.” | |
Globally Synchronized…Authored by Jeffrey Snider via Alhambra Investment Partners, The economic sickness is predictably spreading. While unexpected in most of the world which still, somehow, depends on central banking forecasts, it really has been almost inevitable. From the very start, just the utterance of the word “decoupling” was the kiss of death. What that meant in the context of globally synchronized growth, 2017’s repeatedly dominant narrative, wasn’t the end of synchronized as many tried to say but the end of growth. This was more than an economic factor. A fixed system leading into full, meaningful recovery was supposed to heal more than economy. Those political extremists who had multiplied and spread while waiting for it would be revealed as illegitimate, their complaints nothing more than some form of evil “ism.” The New York Times in January 2018 succinctly described its wider significance:
Well, purported significance anyway. If globally synchronized growth was “tempering fears of popular discontent”, the risks are pretty clear should there not be any. I wrote last September what wasn’t any sort of special insight:
| |
Earnings Watch: Insulin-maker Eli Lilly is scheduled to report earnings Tuesday. Here’s what to expectPharmaceutical giant Eli Lilly is scheduled to report earnings on Tuesday ahead of the market open, and analysts are bullish on the stock. | |
Alphabet stock drops after earnings show disappointing Google sales growthAlphabet Inc. revenue came up short of expectations as all of its major sales categories performed slightly worse than projected in the first quarter, and yet another big fine out of Europe dinged the company’s earnings, according to an earnings report Monday afternoon that sent shares down in late trading. | |
Project Syndicate: Why I forecast an acceleration in economic growth while others saw a recessionI thought the Trump tax cuts would have long-lasting effects — plus, some of my colleagues were tainted by politics. |
Summary of Economic Releases this Week
Earnings Summary for Today
leading Stock Positions
Current Commodity Prices
Commodities are powered by Investing.com
Current Currency Crosses
The Forex Quotes are powered by Investing.com.
To contact me with questions, comments or constructive criticism is always encouraged and appreciated: