On top of: -Banking and housing bubbles -Interest rate imbalances -Shrinking current accounts
-Declining excess FX reserves -Communist corruption and oppression -Capital flight $USDHKD $USDCNY
Archives of “July 3, 2019” day
rssCopper is now diverging from the S&P 500 by over 35%!
Last time this distortion reached similar extremes was at the September 2018 market peak. A day of reckoning for stocks should soon be upon us.
Macron: Lagarde’s experience at IMF and during financial crisis give her credibility
Macron on Lagarde’s nomination
Europe is a strange place. Lagarde was the finance minister in a party that’s the rival to Macron and yet he’s put her forward for his biggest European nomination.
Maybe he’s way out ahead of me and just trying to keep her from returning to French politics for the next 8 years.
The bottom falls out of oil again
Fresh lows for WTI
It’s turned into a brutal day for oil. WTI is now down nearly 5% as another wave of selling hits into the settlement.
It’s legged lower in another quick move to $56.30 from $57.15. It had been propped up by some laughably bad geopolitical rumors but it’s rolled over again into the floor.
The settlement is $56.25, down just shy of $3 per barrel.
As traders we often fret about the markets humbling us, but the same market just humbled OPEC, who ostensibly has more control over it than anyone.
S&P closes higher. That means it is another record close.
Major indices rise modestly on the day in up and down session
The S&P is closing higher. Since yesterday was a record high, that means today is a record as well (that analysis is pretty simple).
The Nasdaq remains below it’s record close at 8163.99. The high today reached 8109.36 – near the closing level for the day.
The final numbers are showing:
- The S&P index rose 8.68 points or 0.29% at $1413.56
- The Nasdaq index rose 17.931 points or 0.22% at 8109.09
- The Dow rose by 69.25 points or 0.26% at 26786.68
Looking at the % changes and % high/low levels, the major US stock are all closing at/near the highs for the day. European shares (apart from the Portugal PSI20) closed higher as well.
Some winners today:
- Verizon, +2.61%
- Cisco, +1.95%
- McDonald’s, +1.53%
- Gilead, +1.49%
- MasterCard, +1.41%
- Delta Airlines, +1.33%
- alphabetic, +1.15%
- Facebook, +1.04%
- Pfizer, +1.03%
- Intuit,, 0.81%
- visa, +0.78%
- Microsoft, +0.66%
- Walt Disney, +0.64%
- Amazon, +0.63%
- Apple, +0.59%
Some losers on the day include:
- Nvidia, -2.37%
- Beyond Meat, -1.88%
- Chewy, -1.87%
- Broadcom, -1.67%
- Chevron, -1.52%
- Charles Schwab, -1.42%
- Dow DuPont, -1.31%
- micron, -1.27%
- Tesla, -1.15%
- Exxon Mobil, -1.06%
- Wells Fargo, -0.96%
- Bank of America, -0.95%
- Box, -0.91%
- QUALCOMM, -0.66%
- Boeing, -0.62%
Thought For A Day
