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Post by huh on Mar 2, 2015 8:14:00 GMT -5
10 things you need to know before the opening bell Warren Buffett published the 50th annual letter to Berkshire shareholders. The conglomerate announced earnings of $2,412 per Class A share, missing analyst expectations of $2,702. The company has returned 1,826,163% since Buffett first began the letter in 1965. There was a lot of stuff in Buffett's letter. Among other things, Buffett admitted regretting that he didn't sell the textile company (with the name that inspired the better-known holding company) Berkshire in 1964, he revealed a blundered insurance acquisition that cost him $100 billion, he took a huge shot at the private equity business, and he gave an endorsement to Airbnb. China cut rates. The People's Bank of China lowered both its one-year loan rate and one-year deposit rate 25 basis points to 5.35% and 2.5%, respectively. The action comes after last week's data showed Chinese home prices were off 3.8% year-over-year. China's Purchasing Managers Indices outpaced estimates. Beijing saw a trio of numbers that were better than expected as Manufacturing PMI, Non-Manufacturing PMI, and HSBC Final Manufacturing PMI all topped forecasts. Notably, the Manufacturing PMI reading remained in contraction with a 49.9 print. China's yuan fell to 6.2729 versus the dollar, its lowest since October 2012. India passes Modi's budget. Borrowing within the budget was below market expectations as Prime Minister Modi's government looks to improve infrastructure and crack down on the black-market economy. India's rupee is little changed at 61.85 against the dollar. European data mostly impressed. CPI Flash Estimate ticked up to -0.3% year-over-year from -0.6%, and the region's unemployment improved to 11.2% (11.3% previous). Spain's Manufacturing PMI was the only disappointment, sliding to 54.2 from 54.7. The euro is on session highs, up 0.3% at 1.1230. Britain's Manufacturing PMI hit its best level since August. The reading climbed to 54.1, outpacing the 53.5 that was expected. The British pound is down 0.2% at 1.5410. Samsung launched its new line of Galaxy phones. The Galaxy S 6 and Galaxy S 6 Edge were unveiled in Barcelona, Spain. The company also announced its new payment platform, which is expected to compete with Apple Pay. Global stock markets are higher. China's Shanghai Composite (up 0.8%) led Asian stock markets higher. In Europe, Britain's FTSE (up 0.3%) paces the advance. US economic data remains heavy. Core PCE Price Index, personal income, and personal spending are all due out at 8:30 a.m. ET. Those numbers will be followed by Final Manufacturing PMI at 9:45 a.m. ET, and ISM Manufacturing PMI and construction spending at 10 a.m. ET. Read Business Insider's preview of the data in the Monday Scouting Report. Read more: www.businessinsider.com/10-things-before-the-bell-mar-2-2015-3#ixzz3TEYQuUcu
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Post by huh on Mar 2, 2015 8:14:46 GMT -5
10 things in tech you need to know today Good morning! It won't be all that cold in New York today, relatively speaking. Here's all you need to know from the world of tech today. 1. Twitter founder Jack Dorsey has been threatened by ISIS terrorists. The militants are angry that the social media site blocks its soldiers from tweeting about the religious cause. 2. Apple has changed its homepage to promote a "World Gallery." The aim is to showcase some of the best photographs taken by the iPhone 6. 3. Samsung has given the world a first look at its new smartphones. The company unveiled its Galaxy S 6 and Galaxy S 6 Edge at Mobile World Congress at the weekend. 4. Criminals in the US are using Apple Pay to buy expensive goods with stolen identities, the Guardian reports. Banks have been surprised by the level of fraud. 5. The Apple Watch has appeared in a UK magazine for the first time. The Space Gray Sport version had a three-page spread in Style. 6. Anonymous hacker Matt DeHart has been denied asylum in Canada. The National Post reports that he was taken from his Ontario prison cell on Sunday and delivered to US agents. 7. David Besbris has left his position as head of identity and product at Google. TechCrunch says that he's been replaced by Bradley Horowitz, who was a VP of product for Google+. 8. SanDisc has created a 200GB microSD card. It is expected to be available later this year. 9. TorrentFreak says that NBC has tried to remove some of its articles about pirated movies. The blog reports that NBC attempted to stop them from appearing on Google Search. 10. Smartphone maker HTC is launching a fitness band for athletes. The company announced its new "Grip" product at Mobile World Congress. Read more: www.businessinsider.com/10-things-in-tech-2-march-2015-2015-3#ixzz3TEYdj8Sm
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Post by huh on Mar 2, 2015 8:15:15 GMT -5
Frontrunning: March 2 Submitted by Tyler Durden on 03/02/2015 - 07:30 Hilsenrath: Fed Ushering in New Era of Uncertainty on Rates (WSJ) Is Supreme Court's chief justice ready to take down ObamaCare? (The Hill) Netanyahu arrives in U.S., signs of easing of tensions over Iran speech (Reuters) Nemtsov Murder Fuels Suspicion, Fails to Spur Russia Selloff (BBG) ECB uncomfortable with leading role in Greek funding drama (Reuters) Video shows Los Angeles police shooting homeless man dead (Reuters) Iraq Military Begins Campaign to Reclaim Tikrit (WSJ) How Billionaires in London Use Secret Luxury Homes to Hide Assets (BBG) European Banks’ Reciprocity Draws Scrutiny (WSJ) Berkshire insurance 'superstar' could fill Buffett's shoes (Reuters) RadioShack Gifts That Don't Keep On Giving (BBG) HSBC Whistleblower Says He Can Prove HSBC Knew of Tax Abuses (BBG) 1 semiconductor + 1 semiconductor = 1 conductor? NXP to buy Freescale, create $40 billion company (Reuters) Apple’s Looming Watch Spurs Frenzy of Upgrades for Android Timepieces (BBG) www.zerohedge.com/news/2015-03-02/frontrunning-march-2
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Post by clinton on Mar 2, 2015 8:33:47 GMT -5
Wells Fargo ringing a bell for subprime auto lending? One of this country's largest participants in the bubbly subprime auto lending market, Wells Fargo (NYSE:WFC), reports the NYT, for the first time is imposing a cap on the amount of subprime loans it will offer - no more than 10% of overall auto loan originations, which last year was about $30B.The move could have big effect as Wells Fargo - having sidestepped the worst of the mortgage mess - has earned a reputation for knowing something about managing risk.The cap is already being felt across the auto market, and dealers are noting the bank increasingly rejecting loans which previously might have been accepted.Capital One (NYSE:COF), Santander Consumer (NYSE:SC), Ally Financial (NYSE:ALLY) ... ball's in your court now.
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Post by clinton on Mar 2, 2015 8:43:49 GMT -5
text book rolling over on dj30 time to test the 200ma
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Post by huh on Mar 2, 2015 8:44:06 GMT -5
Wells Fargo ringing a bell for subprime auto lending? One of this country's largest participants in the bubbly subprime auto lending market, Wells Fargo (NYSE:WFC), reports the NYT, for the first time is imposing a cap on the amount of subprime loans it will offer - no more than 10% of overall auto loan originations, which last year was about $30B.The move could have big effect as Wells Fargo - having sidestepped the worst of the mortgage mess - has earned a reputation for knowing something about managing risk.The cap is already being felt across the auto market, and dealers are noting the bank increasingly rejecting loans which previously might have been accepted.Capital One (NYSE:COF), Santander Consumer (NYSE:SC), Ally Financial (NYSE:ALLY) ... ball's in your court now. I wonder why now, after all these years since the crisis?
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Post by clinton on Mar 2, 2015 8:44:52 GMT -5
Wells Fargo ringing a bell for subprime auto lending? One of this country's largest participants in the bubbly subprime auto lending market, Wells Fargo (NYSE:WFC), reports the NYT, for the first time is imposing a cap on the amount of subprime loans it will offer - no more than 10% of overall auto loan originations, which last year was about $30B.The move could have big effect as Wells Fargo - having sidestepped the worst of the mortgage mess - has earned a reputation for knowing something about managing risk.The cap is already being felt across the auto market, and dealers are noting the bank increasingly rejecting loans which previously might have been accepted.Capital One (NYSE:COF), Santander Consumer (NYSE:SC), Ally Financial (NYSE:ALLY) ... ball's in your court now. I wonder why now, after all these years since the crisis? defaults must be rising
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Post by huh on Mar 2, 2015 9:00:46 GMT -5
I see FIB supports in NBG at 1.60, 1.48 & 1.33. 1.25-1.27 would be a gap fill, and if that were somehow to get hit, NBG would become very bullish if >1.33 again. NBG too risky right now for my blood. But if it were to see 1.04 again, well... 1 little, 2 little, 3 major supports...
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Post by huh on Mar 2, 2015 9:03:47 GMT -5
Even though the dollar's rising and oil falling some, XLE's chart still has the potential for a large squeeze. Need to keep a close eye on this one over the next few days.
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Post by huh on Mar 2, 2015 9:54:53 GMT -5
I would think ~2110.65 would be about the maximum gas SPX might have today. <2103.75 = 2095.
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Post by crumbdon on Mar 2, 2015 10:08:03 GMT -5
First-of-Month money rolling in.
Will it be enough to stop the rollover that's happening in the major indices right now?
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Post by huh on Mar 2, 2015 10:08:05 GMT -5
Wow. Where did that spike in oil come from? Dollar rose with it.
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Post by huh on Mar 2, 2015 10:08:56 GMT -5
I would think ~2110.65 would be about the maximum gas SPX might have today. <2103.75 = 2095. Oops, sorry, forgot about the +7. That seems to ignore all FIBs at times.
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Post by huh on Mar 2, 2015 10:12:15 GMT -5
I would think ~2110.65 would be about the maximum gas SPX might have today. <2103.75 = 2095. Oops, sorry, forgot about the +7. That seems to ignore all FIBs at times. Ohhh, I give up.
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Post by Herceg on Mar 2, 2015 10:18:55 GMT -5
NXPI, FSL, LPI and LL of course once it opens..........
JMO and BOL............
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Post by crumbdon on Mar 2, 2015 10:20:51 GMT -5
Most numbers missing expectations, but equities look to be taking cues from weaker bonds/notes.
Not much making sense so far *shrug*
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Post by huh on Mar 2, 2015 10:34:35 GMT -5
Most numbers missing expectations, but equities look to be taking cues from weaker bonds/notes. Not much making sense so far *shrug* SPX FIBbing from Wednesday's all time high. I figured at this point it would only FIB from Friday's high. I always underestimate how desperate MM's can be with these squeezes. But it's Monday, and first of the month. Gotta grab every one of those 401k dollars I guess. Every single penny. >2116 and it could become more than only FIB retracements.
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Post by huh on Mar 2, 2015 10:37:58 GMT -5
I still think SPX will see under 2090 this week. If that happens, need to watch then for a possible H&S-RS-squeeze-to-new-highs set-up.
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Post by huh on Mar 2, 2015 10:42:26 GMT -5
Wow. Where did that spike in oil come from? Dollar rose with it. 50.50 the major FIB resistance in oil, 49.75 the major support. Lose that support & minimum downside target would be ~47.00, but perhaps as low as 45's again.
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Post by huh on Mar 2, 2015 10:47:50 GMT -5
BAC filled a gap with HOD, C about to hit heavy resistance in mid-53's, V very near it's top BB.
Most of the things I'm watching for potential buy targets are falling & nearing those targets. But unless this market pulls back at least a percent or so, I won't be buying anything. All noise until then.
BBL & BOL all.
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