Written by Gary
Wall Street fell more than 1% and the benchmark S&P 500 hit a near one-month low on Tuesday, as comments from President Donald Trump and Commerce Secretary Wilbur Ross stoked fears of a significant delay in resolving a trade dispute with China. A federal appeals court ruled Deutsche Bank and Capital One must hand over years of President Trump’s financial records in compliance with House Democrats’ subpoenas. The 10-year treasury yield dropped below 1.7% for the first time in almost a month. Gold and silver jumped more than 1%. WTI moved up nearly 0.5%.
Here is the current market situation from CNN Money | |
North and South American markets are lower today with shares in U.S. off the most. The S&P 500 is down 0.96% while Mexico’s IPC is off 0.39% and Brazil’s Bovespa is lower by 0.39%. |
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Traders Corner – Health of the Market
Index | Description | Current Value |
Investors.com Members Sentiment: | % Bullish (the balance is Bearish) | % |
CNN’s Fear & Greed Index | Above 50 = greed, below 50 = fear | % |
Investors Intelligence sets the breath | Above 50 bullish | % |
StockChart.com Overbought / Oversold Index ($NYMO) | anything below -30 / -40 is a concern of going deeper. Oversold conditions on the NYSE McClellan Oscillator usually bounce back at anything over -50 and reverse after reaching +40 oversold. | |
StockChart.com NYSE % of stocks above 200 DMA Index ($OEXA200R) | $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%. Following a major market correction, the conditions for safe re-entry are when: a) Daily $OEXA200R rises above 65% Secondary Bullish Indicators: a) RSI is POSITIVE (above 50) b) Slow STO is POSITIVE (black line above red line) c) MACD is POSITIVE (black line above red line) | % |
StockChart.com NYSE Bullish Percent Index ($BPNYA) | Next stop down is ~57, then ~44, below that is where we will most likely see the markets crash. | % |
StockChart.com S&P 500 Bullish Percent Index ($BPSPX) | In support zone and rising. ~62, ~57, ~45 at which the markets are in a full-blown correction. | % |
StockChart.com 10 Year Treasury Note Yield Index ($TNX) | ten year note index value | |
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 | |
StockChart.com NYSE Composite (Liquidity) Index ($NYA) | Markets move inverse to institutional selling and this NYA Index is followed by Institutional Investors |
What Is Moving the Markets
Here are the headlines moving the markets. | |
Fear of expanding trade war sinks global equities; bonds rallySigns that a deal to end the U.S.-China trade war might not come until after the November 2020 elections weighed on global equity markets on Tuesday as investors sought out the perceived safety of bonds. | |
Fidelity Investments names new head of $3 trillion asset management divisionFidelity Investments on Tuesday named Bart Grenier, who was at the center of a tickets scandal at the mutual fund company more than a decade ago, to lead its nearly $3 trillion asset management division. | |
Goldman Sachs to launch new products and services on Amazon’s cloudGoldman Sachs Group Inc will be launching new technology-based products and services for its institutional clients on Amazon’s cloud next year, bank Chief Executive David Solomon said at a conference on Tuesday. | |
Wall Street sinks as Trump hints at delay in trade deal with ChinaWall Street fell more than 1% and the benchmark S&P 500 hit a near one-month low on Tuesday, as comments from President Donald Trump and Commerce Secretary Wilbur Ross stoked fears of a significant delay in resolving a trade dispute with China. | |
Trump says China trade deal may have to wait amid sticking points in talksPresident Donald Trump said on Tuesday a trade deal with China might have to wait until after the U.S. presidential election in November 2020, denting hopes that the two largest economies would soon reach an initial deal to ease their damaging trade war. | |
U.S. shoppers, mostly online, spend 16% more over holiday weekendA record number of U.S. consumers spent more online and in stores over the holiday weekend for everything from clothing to toys, the National Retail Federation said on Tuesday. | |
PG&E says its distribution lines caused no deadly fires in 2019California utility PG&E Corp has determined there were no lives or structures lost in 2019 wildfires that may have been caused by its distribution lines, according to a Friday court filing. | |
Federal Reserve terminates 2015 forex enforcement action against Bank of AmericaThe U.S. Federal Reserve announced Wednesday it had terminated a 2015 enforcement action against Bank of America over its shortcomings in preventing traders from manipulating foreign exchange rates. | |
Volkswagen headquarters raided again over diesel scandalGerman public prosecutors raided the Wolfsburg headquarters of Volkswagen on Tuesday in the latest investigation into the carmaker’s diesel emissions scandal. | |
“It Would Be A Huge Shock To The Market” – What Happens If The Dec 15 Tariffs Kick In“It Would Be A Huge Shock To The Market” – What Happens If The Dec 15 Tariffs Kick In Now that it appears that the December 15 tariffs are “going forward” despite weeks and weeks of “optimism” that they had been indefinitely postponed, Wall Street is starting to get very unpleasant flashbacks to last December, when the S&P plunged so much, it was the worst December since the Great Depression. Will Trump risk it all again? Well, with the S&P starting its descent at 3,150, and with the Fed actively engaged in QE4, he certainly has far more “buffer room” to engage China much more forcefully this time around, and instead of kicking the can again, actually impose the 15% tariffs on $160 billion in Chinese imports on December 15. | |
Hillary Clinton Still Refuses To Rule Out Running For PresidentHillary Clinton Still Refuses To Rule Out Running For President Authored by Paul Joseph Watson via Summit News, Hillary Clinton is still refusing to rule out running for president despite already missing the filing deadline for the New Hampshire primary. | |
Mystery S&P Put Buyer Makes $31 Million Profit In 24 Hours, Covers Half Of PositionMystery S&P Put Buyer Makes $31 Million Profit In 24 Hours, Covers Half Of Position Yesterday we reported that a mystery trader, who was expecting a sharp drop in the market over the next 6 weeks, bought 16,000 January 2,980 S&P puts, spending $32 million to protect against a 4.5% drop in the index at 9:44am on Monday morning, about 15 minutes before the latest dismal Manufacturing ISM sent stocks tumbling. | |
Meet The Biggest Losers Of The US Shale BustMeet The Biggest Losers Of The US Shale Bust Authored by Anes Alic via OilPrice.com, After a decade of unprecedented growth and seemingly endless investments, the writing is now on the wall: the Great American Shale Boom is slowing down and this could have some grave consequences both the industry and the financial markets. | |
A ten-step guide for India to reach $5-tn economy goalA ten-step guide for India to reach $5-tn economy goalIndia should have joined RCEP. The deal on offer was a good one and many of our fears had been allayed. | |
Govt may soon tweak a rule to sell Air IndiaGovt may soon tweak a rule to sell Air IndiaThe govt may tweak “substantial ownership and effective control clause that’s keeping foreign suitors at bay. | |
HDFC Bank sees revival signs in rural areasHDFC Bank sees revival signs in rural areasFor HDFC Bank, the weaker economy had led to a slump in loan growth, which eased to 15% in the Sep quarter. | |
Oil, Gas, And Fracking News Reads: 01December 2019 – Part 1Written by rjs, MarketWatch 666 Here are some selected news articles from the week ended 30 November 2019. This article is a feature every Monday evening on GEI. | |
Oil, Gas, And Fracking News Reads: 01December 2019 – Part 2Written by rjs, MarketWatch 666 Here are some more selected news articles about the oil and gas industry from the week ended 30 November 2019. Go here for Part 1. This is a feature at Global Economic Intersection every Monday evening. | |
The Technical Indicator: Charting a bearish December start, S&P 500 ventures under major supportTechnically speaking, each big three benchmark has ventured under major support amid an early-December market downdraft, writes Michael Ashbaugh. | |
Capitol Report: Compromise robocalls bill that appears headed for passage lacks bite of earlier House measureThe Pallone-Thune TRACED Act is drawing only measured praise from one consumer advocate, while representatives of companies involved in robocalls are sounding somewhat relieved. | |
IPO Report: 5 things to know about J. Crew spinoff Madewell and its upcoming IPOMadewell, the denim specialist in the J.Crew portfolio, has filed to go public, an expected part of the parent company’s reorganization. |
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